Monday, Jan 14, 2008

The UK's very own subprime crisis

MoneyWeek: Britain's subprime problem is bigger than you think

There can't be many people who haven't heard about the US subprime mortgage crisis by now. But it's time to start focusing on what's coming next - faltering credit card companies and the UK's very own subprime surge.

Posted by mary @ 10:17 AM (1665 views) Add Comment


1. Icarus said...

Mortgages, credit cards and car loans - that's just the consumer part (about 50% in the US) of total debt. The other 50% is shared equally between the government and companies/corporations. A large proportion of company debt has been used not for productive investment but to cover unfunded liabilities and to buy back shares that companies printed to reward management (Google 'how debt money goes broke' and read Steven Lachance's article). It will be interesting when recession kicks in to see how much default there is in company debt.

Monday, January 14, 2008 11:17AM Report Comment

2. Colutd1 said...

how do think my grandad felt this morning walking through walsall to get to fellows park 14th jan 1933. the depression had set in the uk . 3 and a bit years after 1929.. GRIM. my family survived the depression on one mans action.. george leslie was walking to the football ground and preying the worlfd would notice him this afternoon because the next few years in this town are going to be awful. at 3.00 the teams came out walsall valued at 69 all in against the biggest team in the world valued at 40,000 . the gunners boots were worth 87. i think the depression had an impact on grandad. he marked the 1930s hard man alex james famed for his prowess. it was a mismatch . but to every one s surprise bar george. james was laid into time after time . followed like little red riding hood ,for the wolf needed to get on the bus to take him out of walsall . george my beloved grandad i am now 39. i worked ot out , they are out for us, the hardie s lansbury s bevan s foots or even lloyd georges have a died off long ago . they are not into their people no more. i still got your fire how do i use it . you were an energy force . how shocked was herbert chapman to bump into u. walsall 2 ar se nal 0 . ar senal scored 118 goals 1932 33 . when they came to wolves nov 7 32 they opened the tube station. they beat wolves 1 7 on their pitch.. 2 years later drake had 7 laid on a plate at villa park. villa 1 arsenal 7 james laid them all on. this was ans still is the biggest shock at football bar none. grandad saved over 5 a week back then from his boot money. his transfer fee monday morning 2500. he g injured before the villa transfer in 34 talk about fear . he was more than walsall just 1 leg. he paid for his food by becoming cochester united captain before war. . THE POINT IS THIS COLCHESTER ARE 24 TH OUT OF 24. THE UK ECONOMY IS 24 TH OF 25 it beats zimbabwe lol its going to a damn sight easier taking colchester up the table than it is the uk economy . i have asked myself why nobody goes on about tories or democrats the fact the money is getting printed and a lot of it . are they dumb no . when they get inpower they keep quiet now about money printing. how can the other side go on about it when they did loads themselves. so we have 2 countries with 2 lots of the same.. no government or back up. proof we are in bad trouble. put 10000 win tory next election or labour u choose u get itght u get back 18,333.33. if the print money at 18percent in 3 and half years it s worth half .. brown goes june 2010 2and half years . over half your money gone . so now a 3 and a half year anti post bet becomes get your money money back if u win . i am related to edward lear too his dad big over 6ft blue eyes yellow hair of danish ancestors who was with the derby at the 1st derby and locked up for gambling debts. so if i give you 2 to 1 on tories and labour for election 2015 u can back both horses have the winner and still lose all your money lol go colchester go

Monday, January 14, 2008 11:20AM Report Comment

3. alan said...

@ ColUTD1,
The country needs a saviour, that's for sure. Our economy has been through "a bad season". It could be relegation this year!

There is a difference between the UK and US policy approaches, which I posted this morning about 9.00am.

Like all good football supporters I'm wanting the home team to do the right thing, because that's where I live. Only time will tell.

Monday, January 14, 2008 01:24PM Report Comment

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