Smith says he became "obsessed" with marmalade during twice-yearly visits to a friend's house in Majorca, and the cake, embellished with homemade caramel ice cream, is indeed delicious.
The collateral damage from the housing market is already baked in the cake: Expect a continued slump in residential construction activity and employment, lower house prices that will force more subprime lenders to the wall and put strains on the most leveraged parts of the financial system and a slowdown in consumption expenditures.