Historically, it was a momentous week - the one in which we edged closer to the first recession of the 21st century - but it's been on the cards for so long you could be forgiven for being unfazed. Stockmarkets did react, falling steeply on Friday and again today, and there were more signs we are all feeling the pinch …
First up, news in The Telegraph that hard-up consumers are raiding their jewellery boxes to raise a quick buck. The paper said pawnbrokers had seen business boom in recent months with customers increasingly opting to sell items, rather than just raise a loan against them.
At The Mirror, Sarah Richardson warned that the economic downturn could have a negative impact on our health, with gym membership and organic food going out the window as we seek to cut costs. To counter this she offered 21 ways to "feel better than ever for less than £1", including eating eggs for breakfast and washing your hands. Suddenly a recession looks a lot less fun.
The downturn in the housing market has hit many investors who were persuaded to buy second (and in many cases third and fourth) homes by the now defunct property investment firm Inside Track. The Mail on Sunday tracked down its former head, Jim Moore, to Geneva where he lives for tax reasons. Asked about customers who stand to lose thousands of pounds through their failed investments he said: "These people are adults … There seems to be a loss of memory when things go wrong. I find it distasteful when people point a finger at me."
The property downturn is also causing pain to this week's Daily Mail Celebrity(-ish) Victim of the Credit Crunch, who this week might actually qualify as a celebrity. According to the paper, quiz show presenter (and everyone's favourite consolidated loan saleswoman) Carol Vorderman "is facing a countdown conundrum of her own" after failing to find a buyer for her flat, despite reducing the asking price by £800,000. The penthouse property, which is now on the market for £4.95m, still isn't attracting a serious offer. Could the real reason be buried in a line further down the article: "Neighbours include Lord Archer and Frank Skinner, the comedian"?
