return to tory boom and bust

austerity britain. times are bad in the uk. apart from the autumnal storm, times are so bad that gordon brown is telling everybody to save food, because we throw out so much food every year. this is what happens when you have an economy built on finance and very little else.

the pound has given up most of its gains against the us dollar and is performing abysmally against the sgd.

meanwhile, fannie and freddie are going to be nationalized. to be fair, these GSEs were FDR creations, so you can't blame the current administration for "nationalizing" them. they get preferred stock anyway, so there's some taxpayer protection. and the suspected endgame is not to keep them nationalized. it's to split them up into smaller organizations with more manageable risks (which makes sense). if mccain wins this should happen, i'm not so sure what obama has to say about this.

but there is a little spot of prosperity in the uk. the blue side of manchester. £900 billion!

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