In quotes: UK economic growth stalls
They never seem to ask me for a quote! Anyway, here is my favourite:
"We've entered a period of quite acute weakness that's unlikely to be short-lived. There's a good chance we're facing at least two consecutive quarters of negative growth." Johathan Loynes, Capital Economics
How did we get into this debt black hole
"The British people now owe more money than our entire country generates in a year. "
British Families, Drowning in Debt
The Americans have just discovered our debt problems.
"It's 4:30 p.m., and the television in a government-subsidized apartment in Gravesend, south of London in Kent, is showing an advertisement for hair dye. Nearby, a baby is sleeping in a stroller. The TV and the stroller are among the few things that still belong to Maxine King, aside from a mountain of debt."
B&B underwriters left with ‘rump’ stock
So, we won't be seeing anymore troubled banks hawking around a rights issues for a while.
House buyers are demanding 20% discounts on homes as market continues to sink
"Buyers are demanding discounts of as much as 20 per cent on houses, according to the Bank of England. The huge reductions underline the dire state of the property market as the credit crunch shows no sign of abating. In a worrying report, the Bank warned that the dearth of mortgage lending is driving buyers and sellers even further apart when they haggle over prices.
'Uncertainty regarding valuations was discouraging potential buyers, some of whom were reported to require discounts of at least ten to 20 per cent off the asking price,' said the Bank"
Bernanke warning on US inflation
It looks like there will be more of it.
The Final Fate of Fannie and Freddie
Will the two failed GSEs be nationalized this weekend?
Investors quit Russia after Georgia war
"Investors pulled their money out of Russia in the wake of the Georgia conflict at the fastest rate since the 1998 rouble crisis, new figures showed on Thursday. Russian debt and equity markets have also suffered sharp falls since the conflict began on August 8, with yields on domestic rouble bonds increasing by up to 150 basis points in the last month."
The Russians still have a huge pile of reserves; we are a long way from a crisis.
Looking for a bright spot in the housing crisis
Frankly, I didn't feel any more optimistic after reading this post.
Ten Financial Entities On The Brink
Some familiar old names....
If Only Central Bankers Would Hit Bottom
"The credit crisis has been a massive indictment of financial deregulation. Yet the Fed remains a hostage of free market ideology and what Willlem Buiter calls "cognitive regulatory capture." The Fed is too close to banks and industry, and almost seems to lack belief in the importance of oversight."
Britain: Economy hit by inflation and threat of recession
From the world socialist website.