Rush on Northern Rock Bank of England

[lovuian]

Run time: 01:04 https://www.youtube.com/watch?v=dXtvbxEhv6g   Posted on YouTube: September 17, 2007 By YouTube Member: Views on YouTube: 0   Posted on DU: September 17, 2007 By DU Member: lovuian Views on DU: 1214

 
http://www.channel4.com/news/articles/business_money/the+northern+rock+bank+run/802462

Across the country a run on Britain's fifth largest lender after the Bank of England offers Northern Rock unlimited support.

It certainly looks like a bank run - the scenes in London today fulfilled the dictionary definition.

And heading north to Nottingham, and Middlesbrough, the same extraordinary scenes. savers forming long queues to drain their life savings from Northern Rock.

Banking -- an industry built on credibility, confidence and trust. But the Rock looks wrecked even in its home town of Newcastle.

Deposit guarantees should prevent this. But even after an extraordinary unlimited lending facility granted by the Bank of England and agreed by the Chancellor, customers preferred the sight of real cash.
more...

Even with the guarantees from Bank of England still customers wanted their money
They don't trust the government who can blame them

[Harmonicaman]

1. It is against Bank Of England rules

to lend money to a non financially viable company. Customers drawing out all of their savings en masse will mean the company is about to be non-viable.

Ignoring the rules is a sure sign of desperation by the Brown Government, The BoE refised to lend any money to BCCI several weeks before it went bust.

The house of cards is beginning to tumble - the question, as always, is - who will profit ?. The board and major shareholders lists of whatever company takes over Northern Rock will no doubt answer that question

[TalkingDog]

2. Who will profit ?

Down here where I'm from we've got a name for them: Carpetbaggers.

Modern definition: Those so wealthy that they won't be affected by the crash and will be able to take advantage of the shambles to buy up valuable properties and etc. at a tiny fraction of their worth, thereby increasing their wealth exponentially.

Welcome to DU and excuse me, whilst I break into song: Ohhhhhhhh......

"It's the hard-knock life for us!
It's the hard-knock life for us!

'Steada treated,
We get tricked!
'Steada kisses,
We get kicked!

....

Cotton blankets,
'Steada of wool!
Empty Bellies
'Steada of full!

It's the hard-knock life!

Don't if feel like the wind is always howl'n?
Don't it seem like there's never any light!
Once a day, don't you wanna throw the towel in?
It's easier than puttin' up a fight.

No one's there when your dreams at night get creepy!
No one cares if you grow...of if you shrink!
No one dries when your eyes get wet an' weepy!
From all the cryin' you would think this place's a sink!

Ohhhh!!!!!!!
Empty belly life!
Rotten smelly life!
Full of sorrow life!
No tomorrow life!

No one cares for you a smidge."


My Favorite Master Artist: Karen Parker GhostWoman Studios

[lovuian]

3. Your are so right This is more serious than many believe

that this bank was bailed out and yet the customers ran to get their money out tells that people are getting scared and very nervous

America's time is coming

ripple effects felt all over the world

[comtec]

4. This is especially scarry here in Holland

just across the channel from the UK.
Holland is (self proclaimed?) the banking capitol of the world holding most of the western world's debt.
If people loose total faith in their banks this could be very bad. My wife and I not too long ago JUST became financially confident. That is we can pay our bills, and still have money left over at the end of the month, with several weeks of unemployment possible - actually I'm going to be unemployed for 3 months while my strong of contracts die, so I cna get a longer contract with my company (long rant) - and I'm scared to death of people loosing faith in banks.

This already happened in Second Life, Ginko was run completely under because people got scared adn took out all their money... everyone... I know it seems silly, SL is a game, but it's really a microcosm. The fear of economic collapse is very real, in the real world or the virtual. I lost much money (60 USD translated into real money) and I'm waiting for them to keep good on their promises to buy back all the money, as they can. Thankfully this was play money for me (quite literally) but many friends of mine have lost much real money.

I have a paypal account with more than a few sheckles in it, and this doubly worries me. The dollar is collapsing pretty fast, it'll hit 1.40 to the Euro before the end of the month, imho, and looks to be loosing 3 cents a month, if not 1 cent a week. That doesn't seem like much, but it adds up very fast when you pull money out of a dollars account to use here in europe.

100 euros suddenly costs 140 dollars!!!!! and that's before any ATM fees or conversion fees (pay pal generally only charges me 1 dollar for foreign ATMs)

Sadly, who can blame the average person. Banks and the like have been screwing us in inordinate fare for at least 10 years now. Since * stole office, and really since the gop got into power in the mid/early 90's, banks have been hitting us with breathing fees, and credit cards have been raising interest rates for looking at them crossly, and savings account interest rates are almost nothing!

The sad thing is as much as we CAN hurt the financial market, THEY will never feel it. we can destroy the stock market, and the mega rich will still be mega rich. only we will be hurt, and that's the real bastard of it all.

[lovuian]

5. Comtec you have said it so well Americans don't get it

but they soon will
Its very bad and Rich have all the opportunities more than the average person

I think they want to destroy the system because they want to make the Amero the new currency and eventually go to the NWO one currency but in my heart the people of the world are well aware of their plan and they will FAIL

I'm worried just like you
if I can leave you with this hope
We survived WWII and the Great Depression
and we will survive these Jerks too
NWO will fail

I always believe Rich greed devours them
like a virus kills itself

We are living through interesting times