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247 comments on Greenspan Claims Iraq War Was Really for Oil
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247 comments on Greenspan Claims Iraq War Was Really for Oil
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What we have in Northern Rock is an absolutely classic bank run. The first, old, story is about how people don't believe a word they are told: http://news.bbc.co.uk/1/hi/business/6996653.stm
The second, new twist, is about how internet access can be turned off. Depositors who have a internet only account can be ignored: http://news.bbc.co.uk/1/hi/business/6997197.stm
Payouts are being slowed - a classic technique to buy time in a bank run. People who get to the front of the queue are being given checks but how good are they?
What matters now is the quality of the loan book (mostly mortgages). If it's ok, and IF someone actually wants to increase their exposure to the UK mortgage market, then Northern Rock will be taken over Monday. If not, then we have a full blown secondary banking crisis which will spread to other building societies.
Remember. Panic early because the exit isn't big enough for all.
Actually the quality of the loan book may be irrelevant even if decent, the problem is that they need to fund it with short term loans in a saturated or falling market.
http://globaleconomicanalysis.blogspot.com/
^^
Sunday entry