House votes down bail-out package (BBC)

Houston, we have a problem. Its not really one of those small problems its a huge global catastrophe.

The business news was fairly scary at the moment but at least there was vague hope and then a story like this gets out. This is why the Bank of England is independent from politicians. Sometimes some things are too important to get right to allow for political positioning and point scoring.

I think it would be fair to say that we are witnessing the beginnings of a global economic meltdown. I really, really hope that we are not about to go into an economic dark ages but with stories like this the outlook is looking very black.

President Bush has two choices, try and amend the plan and resubmit it or go back to the drawing board. Either way he better do it quick cos things are turning bad fast.

On the other hand here in the UK we are doing ok, with another small bank nationalised most of the structural changes in UK banks should be finalised. Plus the politicians are on holiday so they cant really meddle. However, given that the world economy is directly linked to the American economy all eyes are across the pond waiting with bated breath for someone, anyone to come up with a rescue plan.

Has anyone perhaps suggested to the UK MP's that at a time like this it might be useful if they could get back to work?