Second, a further 12 per cent, were subsidiaries and branches of foreign controlled concerns dealing with the domestic economy. Third, accounting for a further 19 per cent, were foreign-owned concerns which provided mainly export services (not much connected to the domestic borrowers or funders) and which failed as a result of the subprime crisis.
Indeed, just recently, the National Bureau of Economic Research’s Business Cycle Dating Committee determined that the recession that began in March of last year ended in April, making it not only the deepest recession on record, but also the briefest.