Do not panic!! You still have a chance to enroll in fall 2011. Your background is not bad, maybe you'll get offer in 11th or 12th school.
if you want to do PhD, why not consider MA/MSc programs in Canada and Europe?
eg: UBC MA Econ, UBC MSc Finance, Queens MA Econ, Queens MSc Finance, UWO MA Econ, Tillburg MSc Finance, LSE MSc anything.
$$$$ Schools that may still open for fall 2011 application:
LSE MSc is on rolling basis, and you have British recommendation, should not be hard to get in. Try it now!! You may still have chance to enroll in the fall.