We have been marveling at the antics brought on by the Northern Rock news that they have asked the Bank of England for a loan as no banks will lend them any money. In a nutshell, as far as I understand it, this has been brought on by the American mortgage crisis of last month and due to the unique way that Northern Rock is funded (sic) they can't get the money from their normal sources. Customers (mainly pensioners by the looks of things) have been queuing up to get their money out, in some cases resulting in the police having to come and calm things down. Idiots! Don't they realise the money's not real? Still, there'll be a lot of cash under mattresses now so chavs are probably going to be quids in! Good time to look at different bank accounts too as they are offering really good interest rates.
Some news reports are saying that Northern Rock may be forced to sell off. That's as may be, but I really hope sanity prevails and the madness doesn't spread to the other banks. Just look at what's happened in the past in countries like Germany and Argentina. I don't want to have to take a wheelbarrow of cash to the shops!
No comments:
Post a Comment