Friday, January 18, 2008

Are you ready?

One of Britain's biggest property funds was forced to shut its doors
to withdrawals yesterday after the slump in commercial prices triggered
panic selling by small investors.

The move prompted fears of a
Northern Rock-style run on billions of pounds invested in once
high-flying funds which many savers have seen as a safe haven for their
This is from the Guardian.
So the US, it is suggested, is already in a recession, the TSX has lost--in three days--all the gains it made in 2007, one investment house in the US has already written down over 25 billion in sub-prime mortgage losses. We all assume that tomorrow will be like yesterday, only more so. But it's not always the case, is it? Regardless of all the talk, I expect us to be visited by one hell of a recession. Figure five years before any real recovery starts and you won't be too far off. Gonna be a mess.

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