We did this in 2007 and later. Now it’s India’s turn to have their property bubble burst, to be soon followed by a crashing economy. Sucks to be poor in India for the next couple of years. Sucks worse than usual, that is, and maybe a few million (more) people will by starving to DEATH in India in the coming years.
Because in India, “poor” does not mean air conditioning and microwave ovens.