THE CRASH

Alan Fisher tests the mood
in the City of London

Tuesday

It's seven in the morning in the city of London. It's grey and depressing, and so is the weather.
     I was due to be in Birmingham putting together a piece on David Cameron, the man who could be Britain's next Prime Minister. Instead, the financial crisis means I'm in London watching people make their way to work wondering what this day will bring. As one of the world's biggest financial centres, London has always tried to drive events. But with the failure of the deal in Washington and the far east financial markets falling fast, there's a feeling here people are just hanging on and reacting to the latest development. Few people want to speak. One woman tells me that she is angry with the Americans and thinks their self-interest has hit the world economies. Another man admits he's dreading going into work because he believes cuts are coming and he's on the hit list.
     But there's one man who'd fit into Tom Wolfe's 'Bonfire of the Vanities' description of men who work in the financial markets. This 'Master of the Universe' says he can't wait to get back behind his desk. 'What's happening now is a real adrenalin rush and a real test of your ability. It's hard but it's great.' His confidence is oddly infectious.
     We take refuge from the rain in a small cafe near St Paul's Cathedral. Not many of the 'suits' are speaking, prefering to pour over their newspapers. The few engaged in conversation are predictably talking about what America does next. 'It's really bad but Bush failed to sell it' and 'Kick the bankers, kick the markets', are just two of the comments I can't help but overhear.
     The market opens in London and immediately drops. Financial houses who are normally so keen to offer up someone to talk are reluctant because the market is just too volatile. Manoj Ladwa agrees to speak to me. He's a broker who says: 'Things are a bit crazy and even with a deal, they won't settle down until well into the new year'.
     It's going to be a long miserable winter - and I'm not talking about the weather.