Economics Update

It looks like concerns about GSEs are roiling the markets again, so one wonders when the government will nationalize Fannie and Freddie.

It won't happen under Bush and His Evil Minions^™, needless to say, but I see it as inevitable for the next president.

Meanwhile, energy is still trending downwards, with oil falling as the path of Fay becomes clearer, and gasoline falling fo the 32nd straight day.

The dollar is down a bit, but I'm not sure if this is a pause in a rally as people take profits, or a change in direction.

In any case, it looks like labor day air travel is going to be way down, yet another sign of the slowing economy, and the fact that airlines have become so bloody awful.

Finally, home prices in the UK fell by 4.8% year over year, showing again just how well the "Anglo Saxon Model" of capitalism works when things go bad.