Tuesday, September 18, 2007
A run on the Bank
Notice how the media initially suggested that the people taking money out of the bank were stupid. Now, "The UK Financial Services Compensation Scheme offers full insurance only for the first £2,000, albeit with 90 per cent insurance for the next £33,000. That is enough to keep widows and orphans from starving, but not enough to reassure Northern Rock customers who, quite sensibly, have decided that they would sleep more easily with their savings in a different bank. "