Everything that starts with C ...

So just what is the credit crunch?
A breakfast cereal or something for lunch?
It could be something far far worse
So lets put it all into verse.

Across TV screens grim financial figures fly
From Reuters, CNN, Bloomberg and Sky
Doom and gloom announced with a frown
As experts pontificate on financial meltdown

America's sneezed and we've all caught cold
High risk mortgages possibly mis-sold
So who do we blame at the end of the day?
Perhaps Freddie Mac and Fannie Mae

Loans agreed without brains engaged
It seemed anyone could have a mortgage
Their lending strategies weren't too slick
So much debt that's now turned toxic

The Wall Street malaise crossed the Atlantic
And round Threadneedle Street its gotten frantic
Dow Jones slipped and groaned and grumbled
So FTSE tripped and fell as share prices tumbled

Markets no longer bullish, now a bear
Nosediving prices on every share
Derivatives, commodities and short selling
Of roses, the traders certainly weren't smelling

But should we really have any pity
For the slickers from The City
But perhaps there's some news to cheer you
All they'll be selling soon is Big Issue

Were we given an early indication
As queues formed around the nation
Panic withdrawals in a state of shock
From every branch of Northern Rock

Bradford & Bingley and also HBOS
Several others were almost lost
It could have been a catastrophic rout
Without the taxpayers financial bale out

And if they're overdue paying it back
The fiscal whip we should crack
Sending letters to the banks laced with glee
Demanding our late payment fees

Haven't some local authorities been rather thick?
Investing council taxpayers money in Reykjavik
Now the cash is frozen, the plans aren't so grand
It's not Mum, it's your money that's gone to Iceland

The current crisis touches us all
We're not exactly having a ball
Rising heating costs and prices for food
It's really not looking very good

If you have savings where's best to invest?
Under the mattress might just be best
And if you're struggling to make ends meet
The next few months won't be a treat

This credit crunch ode has come to an end
To anyone reading it's not meant to offend
Now hopefully I've kept it brief
It's only intended as a bit of light relief.