Friday, Dec 14, 2007
... and if you think problems are over, this is just the beginning
Guardian: Counting on trouble
"We do not yet know the full effects of this banking crisis. But they will be widespread. And they will affect all of us. I never thought I would see people removing money from a bank and taking it home for safe-keeping. This is extremely risky and yet that is what happened in the early days of Northern Rock. I'm sure there are more surprises to come."
Posted by confused76 @ 09:35 AM (297 views) Add Comment
2 Comments
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1. japanese uncle said...
As a longstanding financial reporter, it is not often that I find a story truly surprising. Even big corporate developments often follow a familiar pattern. But the run on Northern Rock is something I never expected to see in my career.
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Remember in this forym, we were discussing about the real danger of a bank run in the UK last year or even earlier. It did not take rocket science to realize how serious the problem was when banks were offering gynormous amount of cash for a fiction (bloated values of houses) as security. I should like to question if all those 'longstanding financial experts' were so dumb not to realize such a sparkling-clear course of events. Or were they owned by those benefit the greatest from such boom and bust? If the latter, they really must hung themselves as their crime is so serious.
2. wdbeast said...
jap unc, you are so right.
But journalists are not payed to get things right, or even report accurately, they are payed to sell papers.
That is why I enjoy reading this blog so much, informative, if a little scary at times.