Starting from the problems of non-payment of housing loans (subprime mortgage defaults) in the United States, the crisis then broke out and caused damage to the banking system not only in America , but has spread to Europe and Asia. The successive causes had a domino effect on the solvency and liquidity of financial institutions in these countries, which led, among other things, to the bankruptcy of hundreds of banks, securities houses, mutual funds, pension funds and insurance companies. The crisis then spread to parts of Asia, including countries such as Japan, Korea, China, Singapore, Hong Kong, Malaysia, Thailand, including Indonesia, which has since long in possession of precious letters to these companies. Among the various criticisms from experts is that the problem was triggered by rampant price manipulation in the United States. Real estate policies have encouraged the U.S. Federal Reserve (the Fed) to be less cautious in stabilizing the financial system for many years. This condition is driven by the desire to keep the demand for residential properties high, which is why banks in the United States provide many housing loans primarily to low-income people who do not have adequate financial capacity (the loan ninja is a loan against the customer who has no income, no job and no assets). This housing loan and a hybrid disekuritisasi to make it more attractive to investors consisting of banks, securities companies, mutual funds, pension funds and insurance. Unfortunately, many bad loans are numerous and fair. As a result, banks and hard-to-pay investors are rapidly withdrawing cash from banking products while prices are still high, blocking the velocity of money in the mortgage market. This results in the structure of product markets, which are interdependent with each other, being dissipated...... middle of paper ...... gic impact on the community. The poor state of the global economy punctuated by the publication of the International Monetary Institute (IMF) on November 6, 2008, which forecasts negative economic growth for the United States (-0.7), four European countries ( -0.5) and the United Kingdom (-1.3) for the year 2009. There was a decreasing trend growth of these countries since 2007 until 2009. Asian countries like China, Japan and India, as an icon of economic growth in Asia, have not escaped the crisis either. According to the IMF forecast of November 6, 2008, Japan experienced negative growth (-0.2) in 2009. While China declined from 11.9% in 2007 to 9.7% in 2008 and is expected to continue to decline to 8.5% in 2009. Likewise with India which has experienced a successive downward trend in economic growth is from 9.3% in 2007 to 7.8% in 2008 and dipredikisi continues to fall to 6 .3% in 2009.