Sub-prime and Credit Crunch (latest in RED)

"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%