Northern Rock

[sasguru]

Yet again you show ignorance - you look at your personal situation and maybe of some of your work collegues, and think it's all right. No, it's not all right - statistically on average in the UK people have very low savings rate, at some point it was negative, so most people have got enough money to last maybe 6 months out of job if that.

So maybe 10% of them will lose their house and suffer severe financial hardship.
Your point being?

[AtW]

So maybe 10% of them will lose their house and suffer severe financial hardship.
Your point being?

The point is that markets are about expectations - only a fraction of people in the UK had deposits in Northern Rock, yet the view of long queues was rather chilling and it made Govt bail them out to the tune of 2 defence budgets. Understand now numpty that if 10% people die, then 90% will be thinking whether they are next, regardless of whether there is a chance of that happening or not? Newspapers will play good role in scaremongering too, and also - more importantly - stupid mistakes by this Govt that will certainly happen.

I am off to buy canned goods

[shaunbhoy]

So maybe 10% of them will lose their house

And the Banks STILL won't lend the likes of alexei enough to buy one!

[shaunbhoy]

Understand now numpty that if 10% people die, then 90% will be thinking whether they are next, regardless of whether there is a chance of that happening or not?

Maybe in Russia, but in this country most of us have been raised to be able to think for ourselves. Maybe that is why you are struggling to adapt?

[AtW]

Maybe in Russia, but in this country most of us have been raised to be able to think for ourselves.

What about those people that were queueing to get their deposits out of Northern Rock, why were they doing it while it was known that their deposits are insured anyway?

[shaunbhoy]

What about those people that were queueing to get their deposits out of Northern Rock, why were they doing it while it was known that their deposits are insured anyway?

Most were doing it before they knew their deposits were insured.

HTH

[AtW]

Most were doing it before they knew their deposits were insured.

Rubbish - there were queues standing while TV was saying over a couple of days that deposits are insured, people in queues were asked why they queue knowing this and many said they don't give a hoot about guarantee and just want their money out.

Unlike you I've seen this behavior before.

[SueEllen]

Most were doing it before they knew their deposits were insured.

HTH

The deposits where not fully insured then.

Most of the people the news programs talked to in the queues where over 50 and seemed well-heeled so where likely to have a higher level of savings then £35,000 in NR.

[sasguru]

I am off to buy canned goods

I can just imagine it. A small dingy bedsit in Brum, packed to the gunnels with Tesco value beans and the resultant atw farts. Meanwhile people will be getting on with life.

[shaunbhoy]

I can just imagine it. A small dingy bedsit in Brum, packed to the gunnels with Tesco value beans and the resultant atw farts. Meanwhile people will be getting on with life.

Don't forget the collection of alcohol-free beers for celebratory moments....whatever they might be?