Your Morning Bad News. And Chuckle.

Here ya go:

The current global recession is "the most serious for over 100 years", cabinet minister Ed Balls has said.

Mr Balls, a former economic adviser to Gordon Brown, said it was "more extreme and more serious than that of the 1930s", the Yorkshire Post reported.

The bad news is some British dude thinks the financial sky is falling.  The good news is nobody refers to you as "Mr. Balls."