The BBC has a report on the shanty towns that are appearing outside Los Angeles because of the fall out in the credit market. One guy they interview says:

“I lost my home, settled my bills, sold it for nothing compared to what I bought it for and now I’m homeless.”

It’s got that painful look-what-the-world-is coming-to style BBC reporting but if you get over that, it’s a noteworthy development.

[via BB]

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