Britain is in Trouble

... and I blame George Bush!*

UK Housing Bubble has an amazing graph that shows that most of the UK mortgage industry from 2008 was based on garbage loans. And I do mean most. Meanwhile, Mish has a short post describing the budget deficit in the UK. It's jaw-dropping. Or it would be if it weren't for Obama's budget deficit which makes the UK's look puny.

* - err, maybe not.