Along with all the snowballing recession articles (its getting worse,
and they are even giving poll results on Bernanke, with his "popularity"
going down like a lead brick) was an article about the UK. Lots of
details. Key items: their debt to GDP is higher (worse) than ours, they
have a housing bubble, too, and twenty percent (20%) of all jobs in the UK
are in the financial sector and, basically, the UK really doesn't export
much in the line of merchandise (it makes most of its money loaning out
money or selling insurance), whereas in the US only 6% of all jobs are in
the financial sector. And, they are expecting lots of layoffs over there
in the near future. They has sub-prime loans, too, but something like half
as many as in the USA.
Doom and gloom ahead.
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