From the Telegraph:
Rising fuel costs send Aer Lingus plummeting
Irish carrier Aer Lingus has flagged "fundamental changes" to its cost base after plunging into the red in a move that analysts say paves the way for a radical staffing overhaul.
The airline, formerly majority owned by the Irish government, revealed yesterday that soaring fuel costs were behind a €20.2m (£16.3m) first-half loss and warned that the deficit could worsen next year.
Rising fuel costs send Aer Lingus plummeting - Telegraph
Also
Concerns for Spanish banks after downgrade on mortgage securities
Fitch Ratings has downgraded six sets of Spanish mortgage securities issued by Banco Santander, heightening concerns that the damage from Spain's property crash is spreading to the country's strongest lenders.
The loans were "sliced and diced" and packaged in an identical way to sub-prime mortgage bonds in the US, belying claims by the Spanish government that the country had avoided the sort of lending practices seen in Anglo-Saxon economies.
The cluster of residential property securities, worth €4.06bn (£3.27bn), were all based on mortgages that exceeded 80pc of the house value, and many were 95pc or even 100pc. They were all issued in 2007 at the height of the property boom. Fitch downgraded the lower tier A, BBB, and BB tranches of the securities.
Concerns for Spanish banks after downgrade on mortgage securities - Telegraph
The Irish and the Spanish are both seeing house price crashes a little deeper and a little ahead of the UK one. Their airlines are in trouble. It is getting worse there and worse in the UK. The scandanvians are in trouble (SAS is bleeding money profusely) the Italians are just about to bankrupt Alitalia, the German economy is shrinking, Estonian and Latvian fiscal system is about to implode and Holland and Denmark are in recession with house price crashes.
Do we really think that no UK airline will go under this winter? When that happens we Wannabes are going to be at the back of a long queue I reckon.
Whilst The Sun has...
House price fall fastest for 18yrs | The Sun |News|Sun Money
HOUSE prices are falling at the fastest rate for 18 years, it was revealed yesterday.
They tumbled another 1.9 per cent this month.
And that took the annual rate of decline to 10.5 per cent — not seen since the 1990 property crash.
Over at the Guardian they have...
House price plunge fuels recession fear | Business | The Guardian
House price plunge fuels recession fear
Warning that two million may be out of work by Christmas
Fears of recession this winter intensified yesterday after the CBI reported the weakest high street activity in 25 years, the Nationwide building society said house prices were falling at £150 a day and a Bank of England policymaker warned of two million unemployed by Christmas.
When the Sun and the Guardian are both telling you its a crash and a recession then I think its pretty much happened. As WWW has pointed out - you need to learn about the last time this happened in 1991 if you want to understand the present. Those that refuse to learn from history are doomed to repeat its mistakes and all that jazz.
Lets start a book on which UK airline will cease trading first..
Converted.