Why are we in a recession

I am confused; Gordon Brown, Alistair Darling and the rest of the Labour cabal along with their propaganda wing the BBC have been telling us that the recession is due to the sub-prime problems in the US which have spread out and affected the rest of the world.

If this is true then why has the £ lost 8% in value against the $US this week alone? Do you think that maybe the truth is somewhat different and that there are more home-grown problems than we are being told?

Do you remember Gordon Brown and Alistair Darling trying to convince us that the UK is uniquely placed to weather the global recession, don't hear so much of that now do you? Anyone still believe it?