Credit crisis diary: 13/01/2009

We're all pyramid sellers now, says Gross

The Bernard Madoff scandal has caught the attention of Bill Gross, right, the combative head of Pimco, but not in the way you might imagine. While Madoff will be this collapse's fall guy, Bill says, the whole credit bubble is one big Ponzi scheme. "We have met Mr Ponzi and he is us – all of us," he explains. From the US housing market bubble to "politicians who thought they could fight a war for free," adds Bill. "Ponzi, Ponzi, Ponzi." Stirring stuff.

Only 400 miles to the Big Apple

Ryanair says it has been talking to the good people of Niagara Falls airport in the US at their request, rather than because it has imminent plans to launch the transatlantic service about which the budget airline has been making noise for some time. But Niagara Falls would be a good option – it may be on the border with Canada, yet it's handily still in New York State. Expect Ryanair to start advertising cut-price Dublin to New York flights soon.

Time to bet the house, after all?

Worried about where to put your money as stock markets stagnate and savings rates plummet? Fear not, the housebuilder Taylor Woodrow has the answer. "It seems the old adage 'safe as houses' may be coming to the forefront," the company says in an attempt to puff the idea of investing in one of its Spanish properties. Never mind that Europe-wide house price meltdown – currently being led by Spain.

Cheap pocket money available here

If you're more worried about borrowing than saving, how about this tempting offer from Provident Financial, which pinged into the Diary email box yesterday. It is very generously offering cash loans of £50 to £500 with "no surprises" and "no hidden charges". All for a very reasonable "typical 183.2 per cent APR". What a bargain.

The fat cats running out of cream

Commiserations to the poor souls stuck on remuneration committees who face "a tough balancing act" this year, according to the recruitment consultancy New Bridge Street. While the world and his wife are standing by, ready to lambast fat-cat pay deals, the consultant says it will be crucial to "retain and motivatethe vital executive talent". Howabout pointing out they're lucky to still be in a job?