Alice's bubble wrap

Gordon Brown believes there are no sub-prime loans in the UK

We will see about that.

UK manufacturing sees sharp fall

I've been banging on about this for months.

U.S. bailout essential for economy: Shiller

When Shiller talks, we all should listen.

Lehman's Fired Staff Get 800 Pounds, Bonus Doubtful

This has to be the top story of the day:

"The 750 Lehman Brothers Holdings Inc. U.K. staff that lost jobs today are guaranteed 800 pounds ($1,426) under law and must line up with other creditors if they hope to get any of their discretionary bonus."

Hedge Funds

Ed, over at creditwritedowns, examines the mysterious case of those highly leveraged hedge funds:

"For a few months now, I have been wondering where all the hedge fund fallout from global market turmoil was hiding. Now it seems that the turmoil in the hedge fund world is becoming more apparent -- hedge funds are imploding left and right."

Fortis and the need for urgent European reforms

"Europe’s universal banks were supposed to be immune to the fallout from the subprime crisis. But we are now discovering that any financial institution is vulnerable if its leverage is too high. The key issue for Europe is not only that its largest banks are vulnerable because they have high leverage, but that they have grown too big to be saved by any single government."

U.S. Economy: Manufacturing Contracts Most Since 2001 Recession

US manufacturers should count themselves lucky; their UK counterparts have been contracting for 20 years.

Bank turmoil sees many UK mortgage products vanish

"The number of British mortgage products on sale has slumped 12.4 percent so far this week after lender Bradford & Bingley exited the market and as the property sector buckles under global market turmoil."

This Game Of Financial Russian Roulette Could Ruin Our Life Savings

Could?

Spain Q2 house price fall first in over decade

It is now a race to the bottom; Ireland; the UK, the US, and Spain. My money is on Spain; it is the most bloated and overvalued housing market in the world.

Decision leads to significant cash inflows from UK corporations

The world is strange.

Irish banks are basically insolvent. The government provides a blanket guarantee and suddenly UK depositors are shifting their cash over the Irish sea. Doesn't worry anyone that those bankrupt banks could bankrupt the Irish government?

So, what would you do if the banks were ordered closed, and you had no access to your cash? Well, in 1933, that happened. And it can happen again.

This is the scary thing about the housingpanic blog. It poses a seemingly outlandish and implausible question. Later, you wished you thought more about the answer.

France Considering Bailout Of Its Own

If subprime was word of the year in 2007, it is bailout this year. Everyone is at it now.

Flowers In A Dovecot

The latest post from Rentergirl, one of my favourite blogs.

September: The cruellest month

I thought "April is the cruellest month, breeding lilacs out of the dead land, mixing memory and desire, stirring dull roots with spring rain. " But then again, TS Elliot didn't know about subprime.