Commentators suggest that sub-prime disasters only occur in the US. They allege that the UK has no such problem. They back that up with the supply-demand mumbo jumbo (forgetting the number of empty properties) and the ‘fundamentally strong UK economy”.

That will be news to GMAC which is cutting a quarter of its jobs in the UK. 

Looking at many brokers’ classified adverts, don’t they just scream out “are you finding it difficult to get a loan?” etc. etc. One must conclude that the readers of those ads are not sub-prime, since we don;t have a sub-prime problem…….  

One person likened this to saying we don’t have goats. We call them sheep.

A bit like they play soccer, we play football.