more pain to come, page-17

Thanks Bruce - a bit of an eye opener especially the California numbers...

As well as walking away from their homes they may be caught in a double wammy as equity lines of credit are being suspended because their homes have dropped in value. And we have yet to see the impact of more structured products unwinding.

But no-one can poke the finger...

Things aren't so bright in UK as Northern Rock was nationised last week for 'a temporary period of public ownership' (whatever that means). France has it's own little Societe General scandal and the German Govt has just bailed out IKB (lender) to the tune of 1.5 bn Euro. China has horific inflation - and growing - now filtering into the sevices sector via energy.

Global economic decoupling, a theory I subscribed to :( is now really looking like a crock of sh*t.

live and learn
:)