First Casualties Of The Sub-Prime Market

The implosion of the sub-prime mortgage sector in the US is largely being credited for the financial down-turn we're seeing in Global markets.

The Irish Government are, as usual, asking us all to tighten our belts (while they add extra notches to theirs); but while we worry, the real damage of the current financial climate is already being seen- in the US.

Los Angeles has recently seen a number of shanty towns spring up due to the large number of houses being repossessed. This is pretty outrageous for the 'Richest Nation In The World'. Considering how much has already been spent on the war in Iraq, and how much more is likely to be spent in the future, this seems even more of a tragedy.

Check out this shocking BBC report:

Thanks to the watchful Oz for the heads up.

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