General interest message boards with discussion covering a very broad range of everyday topics.
Bank Run |
| Published: September 17, 2007, 8:39 pm |
| Tags: housing bubble, banking, wall street, mortgages, sub prime |
|
While all those folks on the cable Business news channels in the U.S. and on Fox on the weekend were navel gazing over whether the U.S. economy was in a pending recession or not they missed this run on the bank. One caused by the U.S. mortgage meltdown.Of course that's because it was in the UK. And banks were open on Saturday. BBC showed folks lined up outside the Northern Rock mortgage bank waiting to remove their deposits something not seen in any other market correction, err crash, since 1929. DR EAMONN BUTLER, ADAM SMITH INSTITUTEMy economics teachers used to say that the days of a 'run on the bank' were long over. It might have caused problems in the 1930s, but modern banking controls and accounting had consigned bank runs to economic history's dustbin.WILL HUTTON, THE WORK FOUNDATION We are in the middle of a bank run. We've never seen it on this scale in Britain - of a major bank - since the 19th century. This is a sure indicator of a recession. The firm has been [ Full article ] |
 Blog link
Rating: 0 
|
No Comments...