Is it a portent?

Panicked savers speak out as they queue to withdraw money from Northern Rock after the Bank of England bails it out

Long queues formed outside branches of Northern Rock today as anxious customers waited to withdraw savings after the bank was forced to seek an emergency bailout from the Bank of England.

Savers went in person to Northern Rock's branches to withdraw their money, after facing difficulties contacting the bank on the phone or via the internet.

Customers who manage their money on the internet were blocked from seeing details of their account, including statements, when they tried to log in.

more...
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2451069.ece


This is scary, what to do with my Certificate of Deposit?

Wow, amazing isn't it. :shrug:

Do Northern Rock's financial/liquidity woes stem from investments they made in faulty American mortgage-backed securities, or is NR having to foreclose on loans it made in Britain. I know that Enlish (particularly London) real estate is extremely expensive (perhaps overpriced?); are they going through their own RE bust? What is the percentage of owners vs renters in the UK?

For instance our mortgage has been sold 3 different times. (no, we are at a FIXED LOW rate) And that's on a loan where they is not a lot to be made buy buying it based on the FIXED LOW rate.

You can imagine the speculative nature of the subprime loans and the real potential for profit, albeit on the backs of the working poor and struggling lower middle classes. And those loans get bundled and sold in bulk as it were (simplifying here) so sometimes you don't know "exactly" what you've ended up with.

So it's like your computer getting a virus and you don't know exactly when or where you picked it up. It could've been through email, etc. But you also don't know who you may have passed it on to.



My Favorite Master Artist: Karen Parker GhostWoman Studios

IMportent;)

definition...

an indication or omen of something about to happen, esp. something momentous.
threatening or disquieting significance: an occurrence of dire portent.
http://dictionary.reference.com/browse/portent

This is very IMportent!

no matter how much Kudlow and Co. and the "Cheerleaders" love to report on "Up Days" in US Stock Market...we know that it's NOT the Market...but the GLOBAL ECONOMY that's AT RISK with all the criminal activity..yet to be discovered.. :-(

What's IMportant here is that the banks will be IMpotent

People didn't realize it was the "Great Depression" until late 1930 to early 1931. Things just kept getting gradually worse and worse. But then I have to say this...the USA has never experienced an inflationary depression. So most Americans really don't know what one is like. I'd take a deflationary depression over an inflationary one any day of the week.

:D.... Thanks for the post...it's amazing watching the "Casino" vs...well...

Always enjoy your posts...you have a sense of IRONY.. (I think..anyway)...but this is VERY SERIOUS...and we should all be concerned..

...not mad, but "just a little disappointed"in the preznit. After all, he's taken all those vacations,
chopped down a bunch of deadwood, and has a vinyl covered ranch he bought just before 2000 to look like
the kinda guy you'd like living next to you, you know, a global serial killer. Really rounds out the
suburban paradise, so to speak.

Thank you! That one of yours yesterday was major league...outing the fabricators, including Murdoch's
whole tawdry empire no less.

How did that get out?

From this

to this

IN RECORD TIME

let's just say...it wasn't easy.

But, Hey! This post of your targets what we need to be focusing on. What the HELL HAVE BUSHIES DONE TO AMERICAN ECONOMY! With all the CHEERLEADERS it's hard to cut past the crap.

DU "Marketeer Site" which the Good DU Minds have had going on here on this site..for many years has been a TREASURE! Many hardworking DU'ers who never post in ANY of the Most Popular Forums have been there in the Maketeer Dungeon toiling without RECOGNITION from fellow DU'ers for MANY YEARS.

I've learned so much from Ozy's Post and Threads from DU'ers who post there and rarely post out on the "better known Forums." They've helped me a "Bundle of $$$$$$" and they are still there...working silently from most of DU.

I'll get you the link to one of the lesser known but great info sites about economy on DU!

OKAY...here!

Here's one of those "DU Lesser Known Posts" running since way back...EVERY DAY "DU Looks at the MARKET!"

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2990646&mesg_id=2990646

Maybe they can tell me where to get a really good wheel barrel like Uncle Joe says we'll all need
to go shopping;)

This is the type of thing that Clinton-Gore would have Robert Rubin and the best minds in the country
working on non stop and they wouldn't pay them either. They'd make the call and there would be
a team in place.

This will be a 100 year lesson for the American people, you don't let the class clown run the country!

You gotta go back..but the stuff there is still good!

:hug:

It is always informative, educational and up-to-date on the market and it's forces. The DU folks who keep it going are awesome, imo. I highly recommend it!

Lots of good info there!

Our fellow citizens deserve a splash of cold water in the face. Maybe they'll learn how to vote?

So we are SCREWED by BOTH..IMHO...though. Many might disagree with this.

Heard a report, and while banks are covered by FDIC *shaky) CRs have a different insurers who is in a better and stronger position

Helicopter Ben can print all the dollars needed to insure deposits. My worry is about the value of the currency itself. I see Zimbabwe-style hyperinflation in our future.

what will happen if the dollar collapses?

How bad?

When a currency collapses, the central bank can push up interest rates to attract needed investment, but strangle the economy in the process. Alternatively, it can let the currency fall and watch prices of imports - and eventually competing domestic goods - rise sharply.

Double-digit inflation resulted in the 1970s and only a global recession brought it to an end.

http://www.iht.com/articles/2007/09/13/news/econ.php

Inflation is running well over 4,000 percent now.

:wow:

I say this for the sake of the clinical depressives here. Not everyone responds to
bad news with moderation.

gold and silver coins and or a wheel barrow to carry your cash around with, for when you go grocery shopping.

Thanks for the thread autorank.

You're welcome, although I'm sorry to be the bearer of bad news. This is so important and our
goof ball, Orwellian administration is on vacation.

:hi:

is the perfect description. Regarding bad news, personally, I'd rather hear about it a head of time as opposed to being led down a primrose laden path to destruction.

Have a good weekend. :hi:

:sarcasm:

Guess we'll all be finding out soon enough that the sh*t has really hit the fan and we are all way deep in it! :scared:

Go to Information Clearing House and do a search on "Mike Whitney"... He has written many articles on the impending economic crisis. It is weird to go back to some of the articles from last year and early this year. Everything he wrote about has happened...sigh.

http://www.informationclearinghouse.info/article18360.htm

The days of the dollar as the world’s “reserve currency” may be drawing to a close. In August, foreign central banks and governments dumped a whopping 3.8% of their holdings of US debt. Rising unemployment and the ongoing housing slump have triggered fears of a recession sending wary foreign investors running for the exits. China, Japan and Taiwan have been leading the sell off which has caused the steepest decline since 1992.

To some extent, the losses have been concealed by the up-tick in Treasuries sales to US investors who’ve been fleeing the money markets in droves. Investors have been trying to avoid the fallout from money funds that have been contaminated by mortgage-backed assets. Naturally, they bought US government bonds which are considered a safe bet. But that doesn’t change the fact that the dollar’s foundation is steadily eroding and that foreign support for the dollar is vanishing. US bonds are no longer regarded as a “safe haven”.

The dollar slumped to a 15 year low against 6 of its most actively traded peers and set the stage for an early morning market rout on Wall Street.

more at url

very informative!

And check out the link for the comments at the end of his article. People comment about what to do if/when the economy collapses.

Check his archives, too.

quit warring, consuming and wasting at the expense of the rest of the world.

another big hit in the can. what now? CDs at my credit union? What? Thanks in advance.

I'm just sitting on my 401K and holding my breath.

where those of us aware of where we are heading post regularly as well

The stock market thread and the economics are my first places to go every day

We started our 5 year plan today. Well, actually we started last year when we began paying off everything but the mortgage. No loans, no credit card debt, no major purchases.

Everything that wasn't nailed down went into savings. We've got several hundred in cash secreted in the house.

Today we started major bulk food purchases. Ordering more during the week and will start stocking a makeshift root cellar in the basement.

If we are wrong...well, 1) food prices only go up 2) we like beans and grains 3) there's a really good chance we aren't wrong.

We'll be re-selling rations to those in need if it comes to that. We'll be charging Bush voters triple. (Or possibly shooting them in the head and using the carcasses to feed our critters....we haven't decided yet.)

I've been incredibly anxious over the past couple of months and yesterday (even before I knew about Northern Rock) I told the spousal unit: "It's time." When I found out about the run, I figured I had called it about right.

Call me paranoid, neurotic or tin-foil burdened, but there are two nearly perfect storms on a collison course: the current economic and political situation and climate change. When they bump uglies they WILL NOT cancel each other out. And it won't be pretty.



My Favorite Master Artist: Karen Parker GhostWoman Studios