Wednesday, August 27, 2008
“Ding dong! This is your wake-up call. The final piece in the jigsaw of gloom is about to drop into place!”
"Until this year, the missing pieces in the doomsayer's jigsaw were falling house prices and rising unemployment. No matter that consumers on modest incomes were piling up credit-card obligations, taking out mortgages on five, even six, times their annual salaries, and redefining "affordability" to mean servicing rather than repaying debt, as long as house prices defied gravity and jobs were not vanishing, nobody wanted to hear alarm bells" "In case you missed Monday's news ... allow me to pass on a report in The Financial Times: employment lawyers and legal helplines are experiencing a sharp rise in businesses seeking advice on how to sack staff"