“We had some very good years but a lot of people over-capitalised,” he says. “They bought $300,000 new boats, $300,000 new houses, and new trucks, never putting anything away for a rainy day. But here it is, pouring rain.”

“Maine lobstermen suffer as prices fall,” by Rebecca Knight, FT.com, November 10 2008

More

• “A California town drowns as home values sink,” by David Streitfeld, International Herald Tribune, November 11, 2008
• “Bonus Jackpot Can Be Yours in Five Easy Steps,” by Michael Lewis, Bloomberg News, November 10, 2008
• Calculated Risk
• Nouriel Roubini’s Global EconoMonitor
• Case-Shiller index – from Wikipedia