The ads were always hard to miss in America. “Been denied credit?” “Ever have trouble getting a loan?” Bad Credit? No problem!”

Seems there’s been a problem.

The multi-billion dollar write-offs for sub-prime lending have been made by the major USA banks this week. That’s exacerbated fears of a recession in the world’s largest economy. Today the markets are voting on President Bush’s economic stimulus plan - and they hate it. Markets in Europe and Asia fell 5 to 7 percent yesterday. Only Martin Luther King Day in America averted a catastrophe there.

Be on the look out for a day of record losses when the New York Stock Exchange opens today - led by banking and financial services stocks. 

Sad news for those “bad news borrowers” who suddenly find themselves with jacked-up interest rates and failing lenders. Sadder yet for the fixed income retirees who suddenly see their investments fall.

Seems there is no such thing as an easy loan…