Powder Blue Report

News, finance, politics, sports, and fun from the west coast

Saturday, September 15, 2007

Well Well, England Has A Bank Run On Its Hands

This is not supposed to happen in today's era of modern finance, or so we're told. It seems that Northen Rock, Britain's fifth-largest mortgage lender, is having to deal with a real bricks & mortar bank run. Customers were forming long lines around branches of the bank this weekend.
Fears have spread over the bank's request earlier in the week for an emergency Bank of England loan amid the global credit crisis.
We also saw this happening last month to a lesser exent at Countrywide's bank branches in the US. You know there is fear in the air when people start lining up to withdrawl their life savings out of these banks. Boy its a good thing we have the Federal Reserve around to print enough money for people to feel safe(snark). Look for more of these stories in the coming months and years as the global financial system continues to melt down from the huge credit bubble created by Alan Greenspan and the Fed. Here's a four minute You Tube video of BBc coverage of the bank run.

Speaking of Mr. Greenspan, I see that Drudge has a link to an article about Mr. Greenspan where he states that the reason we went to war in Iraq was for oil. Dooooo. So Iraq didn't have weapons of mass destruction, they didn't attack us on 9/11, but they have a lot of oil therefore we must go to war over this. We're not even getting the oil flow right anyways which was the whole reason for going to war. Oil is at an all time high the other day. The oil was also supposed to pay for this war. That hasn't happened either. Alan is not going along with his part of the script now. Maybe he wants to clear his conscience before he croaks. Who knows. It's really to bad. He used to be a sound money Barry Goldwater conservative. Sounds like it's time for him for a trip out to the woodshed to get scolded.


  • At 10:22 PM, Blogger Agent Orange said…


    That is why I am putting so much effort into the Automated-Day-Trading-Foreign-Exchange-Market.

    Since it trades in currency pairs it does not matter how specific currency performs.

    I may go short/long virtually every tick. It depends which way the market goes.

    So unless FX stops trading it never can get broke. It appears even more secure than the GOLD.

    The Gold appears to be relatively secure basket of the eggs.


  • At 5:02 PM, Blogger Agent Orange said…

    My friend Donie Vanitzian, a columnist for Los Angeles Times, Associations, Real Estate section sent me the falowing info:
    I was tipped off to this article by an award-winning journalist friend of mine presently stationed in Brussels who told me that reporters are holding on to the worst news until their companies instruct them to release it. The writing is on the wall. Creative accounting? You decide. But one thing is for certain, even though this news is about the US, I didn't get this news from a USA newspaper or media source, its being reported abroad, Germany, France, Switzerland, UK, Austria, Canada by their own reporter-staff stationed in the US. Think about HOAs like mine whose heads are in the clouds busy picking out cheap paint colors, hiring third-party vendors and management companies, and creating other frivolous projects to substantiate charging higher assessments and fees and who knows what other B.S., while people will be struggling to feed their families let alone keep their jobs and homes. No wonder Americans are in shock when something like this happens -- how the hell would they ever have known...


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