The effects of all those billions fo dollars worth of subprime loans which went wrong over the past couple of years are really catching up with us. That bad credit has had dire consequences. Unemployment is rising in many countries and expected to continue to go up even after the recession is at an end. Banks are more reluctant to lend to businesses, cutting levels of their overdrafts, which has put some firms right on the brink of bankruptcy. Many people are having to tighten their belts, as they look for ways to economise, as car manufacturers cut back on production. The property market has slumped, as people can’t afford to buy houses.