Will the housing bubble burst hit India?

Presents his views on the topic One of the most revered thinkers in financial domain : Mr. Swaminathan Aiyer. Is the sub prime problem in the US/World markets a tip of an iceberg ? Experts have started giving their idea of chances of world economy going into depression, started by the housing bubble burst. Fed responding to the situation by cutting interest rates by 50 basis points (higher than expected) only an acknowledgment to the gravity of the situation. There are talks already about further cuts expected in January, 2008. Sure this means the stock markets are going to enjoy the party for now, but the question is how long is it going to last ? And if the fundamental issues of the economy are really getting addressed here.