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Newsnight 10.30: Credit Crunch Special Programme:

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http://www.bbc.co.uk/blogs/newsnight/2007/...ember_2007.html

CREDIT CRUNCH

Northern Rock

The UK's fifth largest mortgage lender, Northern Rock, has urged customers not to panic as a result of the announcement that it's to receive emergency funding from the Bank of England. The price of Northern Rock's shares have plunged - queues of people have formed outside many of the bank's branches; some have withdrawn their savings.

Our Business Correspondent, Paul Mason will examine how and why this has happened. He'll see what the implications are for Northern Rock. And he'll ask could other banks and building societies follow?

We'll be getting reaction to events today from the Chief Executive of Northern Rock.

Bad money

Our Economics Editor, Stephanie Flanders is just back from the US where she's been investigating the roots of this credit crunch problem.

We hope to be debating the fate of Northern Rock and what can be done to resolve the credit crunch with a City regulator and senior politician live.

Edited by Saving For a Space Ship

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Thanks for the headsup!

The NR CEO on C4 news seemed to be quite sanguine about the possibility of a take-over. He gave me the distinct impression that something is already underway.

Wonder who the "senior politician" will be? Would love to see Darling getting some tough questions, but suspect it will be his short scottish mate whose name escapes me (not Brown, the other one). You can almost script the entire program. No need to panic, contained, US sub-prime is the problem, UK banking system is very robust...yada yada.....

Doesn't matter much what they say now, HPC is going to happen regardless.

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What we really need, and probably won't get, is serious investigative reporting mixed with some leaks from those 'in the know'.

Are there any journalists out there that want to make a name for themselves?

I'll tune in nonetheless, being an optimistic soul.

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banks go bust all the time. I cant confrim this but think that the Hibernia Bank (based in new orleans) was taken over by Capital One because Hibernia had lent money for mortgages on houses in the crescent city. The hurrcane must have wiped billions off their books. Four days after Katrina I checked my money market account and $100k had disappeared. I spent two frantic days trying to find out what had happened and after two weeks the money reappeared in my account.

The lesson is beware of banks - your money is less safe than you think.

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Several BBC news programmes this evening including Newsnight have asked the question "who's next" and then go on to pinpoint Bradford and Bingley and Alliance and Leicester.

Are these two heading for 30% share price falls and thousands of savers queueing to cancel savings accounts on Monday?

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The bags of repacked debt .....in front of the bull :lol:

Quite liked the bags of debt demo :lol: but why have they been talking about Northern Rock and it's activities in the past tense throughout the programme.. "the way they raised funds was.." is this the BBC actually admitting that NR is toast?

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Very very good program.

Funny how most people couldn't even get the banks name right, it's "Northern Rock" not "The Northern Rock".

Coogan was squirming though, and just looked a tit. He did try to get in the sub prime, or lack of it in this country. :lol::lol::lol:

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Funny how most people couldn't even get the banks name right, it's "Northern Rock" not "The Northern Rock".

On Sky News they were even calling it 'the Northern Rock Building Society'. :) If only...

Edited by thecrashingisles

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The fraudulent leading the incompetent leading the ignorant.

The only people who knew what they were doing were the NR savers taking their cash out.

Shocking to hear that Adam ApplePie (CEO of NR) took home £1.35m last year. Bet those shareholders who saw just saw 70% of their cash disappear don't think that was good value for money.

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Errrr.. did I hear CMLs Mr Coogan saying inflation coming down , BoE will cut rates?

He's either been living on the moon recently or he doesn't do the weekly shop in his household.

D :ph34r:

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The fraudulent leading the incompetent leading the ignorant.

The only people who knew what they were doing were the NR savers taking their cash out.

Shocking to hear that Adam ApplePie (CEO of NR) took home £1.35m last year. Bet those shareholders who saw just saw 70% of their cash disappear don't think that was good value for money.

He just comes across as someone who's cashed in his chips already and doesn't really care any more because he knows his job has long gone. Seemed a bit unrepentent too.

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Errrr.. did I hear CMLs Mr Coogan saying inflation coming down , BoE will cut rates?

He's either been living on the moon recently or he doesn't do the weekly shop in his household.

D :ph34r:

I've heard this a few times, I wonder if they think the fed cutting next week by .5 basis points will reduce imported inflation??

Edited by OzzMosiz

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Errrr.. did I hear CMLs Mr Coogan saying inflation coming down , BoE will cut rates?

He's either been living on the moon recently or he doesn't do the weekly shop in his household.

D :ph34r:

Yup, he's looking for Elvis. Wriggleworm said he was up there.

Seriously tho, the body language when he said the interest rates may coming down, had the word 'hope' all over it.

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Yup, he's looking for Elvis. Wriggleworm said he was up there.

Seriously tho, the body language when he said the interest rates may coming down, had the word 'hope' all over it.

He had the look of a bloke who didn't believe a word of the rubbish he was being paid to say.

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Flanders knows the score it seems. I thought the first report with that guy was a shower of shit. A lame attempt to imply our credit markets are somehow superior to the US. The average Joe watching it has no idea what's going on anyway, that's how they get away with such crap. The whole coverage conveniently steered clear of the real underlying issue for this mess, predictably. That MP came close, but then said the world economy has been growing since 2001 so it's all ok! Growing in nominal terms, berk!

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The fraudulent leading the incompetent leading the ignorant.

The only people who knew what they were doing were the NR savers taking their cash out.

Shocking to hear that Adam ApplePie (CEO of NR) took home £1.35m last year. Bet those shareholders who saw just saw 70% of their cash disappear don't think that was good value for money.

...he's a salesman ...gets paid on turnover.....wonder if their is a clause in his contract whereby they can recover some of the bonus this year...... :ph34r::ph34r::ph34r:

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