The chart below gives a good relative comparison of some of the financial stresses that will come into play in 2009. Note that "subprime" has had catastrophic effects in 2008 and yet it is dwarfed by the other lending facilities that have yet to surface. No doubt PM's will have abundant fuel in 2009.
Regards - VHF
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click to enlarge: http://tinyurl.com/4fa9ts