When Ameica sneezes India catches cold

This topic sounds so interesting. I got this article from rediff.com. The analysis in that article was good. To sum it up it showed how American economy affects Indian economy. First it also showed me how borrowing economy works in America. It is called sub prime market. Due to bad credit history lot of people could not take loan from bank. So the people who has good credit history, then take loan from bank and give it to customer who cannot have loan. They have another interest rate so that their principal amount does not goes in to bad debt. Now if the people who have taken loan can not repay, the issue starts. Due to this issue has grown overwhelmingly, the housing loan market in US has seen a downfall. The people who has given loan to these people have also a part of money invested in growing Asian markets. SO to compensate the market these people has to get money from Asian market. So they sell their stocks in Asian markets and so the down fall of share markets in Asian countries, specially India. When dollar depreciates against dollar most IT company and people cry because the whole world knows Indians are plenty in IT companies. So people are unhappy. That's why they say when America sneezes India catches cold.