credit crunch blog closes

No, the landlord hasn't repossessed the site due to non payment of rent, it's just that all this credit crunch stuff gets a bit depressing after a while. So, the blog is evolving into something broader looking at the curious, bad and sometimes just plain odd decisions that are made by companies and brands everyday. Ryanair charging to go to the loo on their planes is a good example. You'll find my new blog - 'bizarrebusiness' by following this link to bizarrebusiness@blogspot.com

Bob is bankrupt

He went bust in September, and this month he began a blog chronicling his own economic recovery. Thanks to Freakonomics for this story.

Banksy gets credit crunched. His Moss prints failed to sell at Bonham's last night

We've spent £81bn bailing out the banks, what else could we have got for the money...?

Explaining the credit crunch to a 5 year old

"Once upon a time, there was a blameless girl called Consumerella, who didn’t have enough money to buy all the lovely things she wanted. She went to her Fairy Godmother, who called a man called Rumpelstiltskin who lived on Wall Street and claimed to be able to spin straw into gold. Rumpelstiltskin sent the Fairy Godmother the recipe for this magic spell. It was written in tiny, tiny writing, so she did not read it but hoped the Sorcerers’ Exchange Commission had checked it.

The Fairy Godmother carried away armfuls of glistening straw-derivative at a bargain price. Emboldened by the deal, she lent Consumerella – who had a big party to go to – 125 per cent of the money she needed. Consumerella bought a bling-bedizened gown, a palace and a Mercedes – and spent the rest on champagne. The first payment was due at midnight.

At midnight, Consumerella missed the first payment on her loan. (The result of overindulgence, although some blamed the pronouncements of the Toastmaster, a man called Peston.) Consumerella’s credit rating turned into a pumpkin and Rumpelstiltskin’s spell was broken. He and the Fairy Godmother discovered that their vaults were not full of gold, but ordinary straw.

All seemed lost until Santa Claus and his helpers, men with implausible fairy-tale names such as Darling and Bernanke, began handing out presents. It was only in January that Consumerella’s credit card statement arrived and she discovered that Santa Claus had paid for the gifts by taking out a loan in her name. They all lived miserably ever after. The End"

So simple, yet so true, for more from the original author of this story go to the Undercover Economist blog.

Smart loophole showing how to get luxury hotel rooms for a fraction of their normal price

Diamonds aren't forever after all

After enjoying more than two decades of almost uninterrupted price increases amid buoyant demand, the global diamond business is suffering along with many other luxury businesses. The New York Times reports retail sales dropped as much as 20 percent over the year-end holidays in the United States, which is responsible for about half of the world’s demand for diamonds.

Visualization of the current credit crunch by Jonathon Jarvis found on the psfk blog by Gorse (@Gorsie on twitter). By the end of it, terms like sub-prime mortgages, collateralized debt obligations, frozen credit markers, and credit default swaps actually make sense.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Dressing for the Oscars - at Oxfam...

Oxfam's PR machine are clearly at work in this BBC piece about achieving Oscar glam via charity shops.

New 2-4-1 Pizzaexpress voucher

The voucher is here, just print and munch.

Dig for recovery: allotments boom as thousands go to ground in recession

As recession bites, the growing enthusiasm for homegrown veg has seen more than 100,000 people join waiting lists for a patch of land as demand hits an all-time high. Read more at guardian.co.uk

Marks and Spencer launch 75p jam sandwich. Lovely.

This is not just a jam sandwich... Oh, actually, it is. Marks and Spencer is offering a jam sandwich for 75p, saying it is ‘one of the greatest simple pleasures of life’ and that it will evoke memories of yesteryear. Thanks to Sarah Clark for spotting this one.

The ten cheapest countries to holiday - and the ten priciest

A bottle of beer in Rome is now likely to set you back £3.37, whilst a cup of coffee in Cyprus will cost you almost £4. Money Central shows us where to go and where to avoid...

Just how much IS a TRILLION Dollars?

Well, it would be a solid stack of thousand dollar bills, 67.9 miles high! Start watching this vid at 2.24mins to get your head around a trillion:

Apparently the credit crunch is just an illusion...

Children worry about credit crunch

One in five of 11 to 16 year olds say they are concerned about the economy, according to a report by The Children's Society. Watch the BBC video here.

Top 10 Russian billionaires

The number of Russian billionaires was cut to 49 from 101 in 2008 by the global downturn, according to Russian business magazine Finans.

The BBC reports Mikhail Prokhorov, 43-year old technology and mining tycoon, tops the rich list with $14.1bn (£9.9bn).

He sold most of his assets last year just before the financial crisis.

Chelsea owner Roman Abramovich is second with $13.9bn, while last year's richest Russian, Oleg Deripaska, fell to eighth place with $4.9bn.

The financial crisis has cut the combined fortune of the 10 richest Russians by 66% to $75.9bn, the magazine says.

Top 25 Careers to Pursue in a Recession

If you want to recession-proof your career, the key is to focus on work that continues even when most people don't have disposable income to spend. Here are a few of the careers and industries that can be expected to thrive in a down economy.

Ministers harden stance on bankers’ bonuses

The FT reports the government hardened its stance on bank bonuses on Sunday with ministers suggesting the state would veto payments to senior staff in lenders partly or wholly owned by the taxpayer.

David Cameron, the Conservative leader, said it would be “completely wrong” to pay any employee a bonus of more than £2,000 at banks where the taxpayer has a significant stake.

Most of them used to spend more than £2,000 on lunch!

10 tips to have a cheap but romantic Valentine's Day

The best things in life may be free, but that probably does not stop your partner expecting something on this recession-hit Valentine's Day. Money Central is on hand to offer some advice, however small your budget.