Monday, January 21, 2008

Tick, Tock, Tick, Tock-Time is running out

All signs point to U.S. consumers hunkering down in recession bunkers:
'I'm walking down Fifth Avenue the other day, and all the stores have big signs saying 50 to 70 per cent off everything, and the only people in there doing any actual buying are, like, from Canada or Europe." -
Biggest drop in US housing starts since 1980 :
New residential building in the US last year suffered its biggest drop in nearly three decades, according to government data published on Thursday that highlighted the dramatic downturn in US housing.
MBIA, Ambac Bond Default Risk Exceeds 70%,:
MBIA Inc. and Ambac Financial Group Inc., the two biggest bond insurers, have a more than 70 percent chance of going bankrupt, credit-default swaps show
Panic selling shuts £2bn fund:
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.
Shares in freefall amid fears of a global downturn:
THE Australian share market has made a grim start to the year. The market continued to haemorrhage this morning, plunging 2.65 per cent in the first 15 minutes of trading amid growing fears of a US recession.
No need to panic, says RBA:
RESERVE Bank governor Glenn Stevens has played down the effects of massive falls on the Australian and international stock markets. The local market has endured one of its worst performances in its history this week, notching up its biggest losing streak in more than 17 years.,23600,23075733-462,00.html
Bread, milk, meat prices tipped to soar:
AUSTRALIAN consumers are facing another sharp rise in meat, dairy and bread prices, stretching budgets already under pressure from rising mortgages, rents and petrol.,23599,23075181-421,00.html

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