"IMF states that the UK is particularly exposed to the current crisis"
"Not until total debt comes down to a realistic number can a real recovery take place. If debt is to be destroyed to that magnitude the deflation will be monstrous."
Mish: "Germany fears global meltdown"
Hutchinson: new financial system by 2013
Derivatives: Banking capital "insufficient to handle even one per cent of potential losses."
California realtors report house prices collapsing (htp: Drudge Report, LA Times)
KPMG criticised for allegedly poor auditing of failed US mortgage firm (htp: Drudge Report)
More on the "sucker clause"
Denninger: JPM may have been forced to bid more for Bear Stearns by trick clause
Subprime explained using stickman cartoons (htp: Neatorama)
"Wat Tyler": UK GDP to fall 1.3%
Wagner: Goldman thinks recession means 30% house price drop, 39% mortgages in negative equity
Amerman: 2007 subprime a prelude to much bigger potential crisis
Denninger: house prices to fall 15% - 50%
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