People who have been queuing to take their money out of Northern Rock are mental
Typical Northern Rock depositorThey're also a little bit thick and failed to comprehend the guarantees (sic.) made by the Bank of England, The FSA and the Government on Friday and over the weekend
Another...Hmmmm...
this is an interesting line to take, given that those people were taking money out of a bank that had been rendered insolvent by management incompetence and were preferring instead to deposit their savings with one of the plethora of alternative financial institutions that have so far not imploded themselves to such a state that no other bank would touch them with a bargepole
Yup, totally bonkers
And as an unrepetent and proud member of the Conspiraloon™ Alliance, the sight of large numbers of people sick to death of being lied to, reacting against the establishment and being branded by the mainstream media as nutters for their pains pleasures me immensely
I love it
More please
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It's also worth noting that, as with the fuel protests seven years ago, this 'direct action' taken by a few thousand angry members of the public has clearly shat our establishment up more than a couple of million people marching against the invasion of Iraq ever did
If you know where to poke it, The Beast is weak...
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21 comments:
One thing is certain the trck cyclist in question had no money on deposit with Northern Rock.... which of course enabled him to give such an objective assessment.
Maybe we could ask him to view the folowing statement from the Ch of Exch and see how it constitutes a guarantee..
"I want to put the matter beyond doubt. In the current market circumstances, and because of the importance I place on maintaining a stable banking system and public confidence in it, I can announce today that following discussions with the Governor and the Chairman of the FSA, should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability in the financial markets."
Enough conditional clauses in there for a synagogue full of Talmudic scholars or a bus queue of Jesuits.
Then I suppose some of these folk with literally millions on deposit are a bit picky.
And the Gov has said THEY are not willing to cover the whole cost, should 'tits up' be order of the day, despite Darling Alastair telling us that there is still enough money in the Queen's Piggy Bank to cover his eyebrows with loads of whatever.
Black Economy?
Aha, Thatz why.
Am I imagining it or have they just effectively Nationalized the banks?
just the bits that might lose money
or, to be more accurate and as shutter as alluded to above, the government has pretended to
It seems the government will do literally anything to delay the inevitable. They've had all the opportunity in the world to slowly release the pressure of house price inflation and profligate borrowing but instead they choose to pretend everything was rosy and face a massive crash at some point in the future.
Advanced conspiraloonacy might suggest its all part of a deliberate plan to force us back into medieval serfdom, all ready be controlled by the survellience grid they've been busily setting up the last 10 years.
But that would be ridiculous.
totally
woof
Fish of the Year, Fish of the Month AND Fish of the Week. But nowhere does this blog page thing tell me what Fish of the Day is.
dogfish
woof
As with most things, with hindsight, it should have been obvious.
I find it interesting that in all the pictures I have seen of this, and what I have seen in person, is that the majority of those queuing are older people. Is this because a) That is the demographic of Northern Rock customers or b) The older generation have the savings whereas the younger generation are all up to their eyeballs in debt with mortgages?
To be fair on the exchequer (and I rarely do that), offering to underwrite NR is the most economically sound strategy in the long run, IF this is not an early example of systematic weakness in the sector. While I do agree with you Stef it is also true that the panic withdrawals are a self-fulfilling prophesy, in all honesty they were not in that much difficulty. Not to warrant a saver panic but it looks like the BBC and others in the press have been "bigging up" the risks, B&B and A&L as well - I suspect someone's up to mischief and finding out who/how would answer a lot of questions.
@wolfie
I understand where you're coming from but I still maintain that taking your money out of an insolvent bank is a rational thing to do - mealy mouthed government guarantees or no mealy mouthed government guarantees
The media coverage has been interesting - veering from the hysterical on one hand, through to rigging on-line polls to understating people's concerns, plugging A&L and B&B and implying that the queues were insane on the other.
If there are interests shaping and nudging the coverage there are at least two sets
@homemade
As well as sometimes having more money, oldsters are, generally speaking, less comfortable with the Internet and don't have to be at work
younger people with money were presumably waiting in virtual queues in the comfort of their own home or workplace whilst nibbling on corn-based snacks and playing amusing Youtube videos in an separate browser window
Good point about the direct action stef.
It is very telling that a few 1000 pensioners taking direct action have put the absolute fear of god up the establishment and significantly changed government policy, yet a million people marching and 5 years of near total opposition did absolutely nothing at all to change policy on Iraq.
It goes to show, when it comes to power, all that really matters is money, not democracy
Of course it is only the retired who a) have the savings b) the time to hang around in queues for hours patiently .. rather than hammer down the doors and haul out Applegarth and string him from the nearest lampost by his striped rayon tie.
Mind you, anyone foolish enough to invest in an outfit run by whingeing Geordies who sponsor a team like the Toon deserve to lose everything.
Easiest job in the world - cleaning the trophies in the Toon's cup cabinet.
Perhaps the poisson du jour should be a feats of lampreys because it's a pound to pinch of snuff that the mortgagees are going to end up being mortgaged in debt to the sort of shites who hoovered up all the closed pension funds, and have their blood sucked for eternity.
Watch as AD proposes a new tax on pensioners with cash holdings. I read on the Big Brother See, that if NR goes down, People would still have to pay their house loan (can't spell More gauage) but the contract is with the conpany not some snotty vulture trying to muscle in a nice slice of usury. So screw that. Prey the NR goes down and refuse to be held to a invalid debt. The vultures aint gonna wanna spend more millions taking people to court while disgrunteld people pull what little pennies remain in the rock.
HAHAHAHAHAHA! I see a Bolshivik storming of Elizardbeth's palace draws a step closer and 600+ MP's heads keeping a number of spikes from being exposed to the elements.
HAHAHAHAHAHA! I see a Bolshivik storming of Elizardbeth's palace draws a step closer and 600+ MP's heads keeping a number of spikes from being exposed to the elements.
Advanced courses in Conspiraloonery include study of comments attributed to Bolshevik revolutionary Christian Rakovsky on the subject of banks and revolutions, including this old chestnut...
"...we can all confirm that when the masses take possession of a city or a country, then they always seem struck by a sort of superstitious fear of the banks and bankers. One had killed Kings, generals, bishops, policemen, priests and other representatives of the hated privileged classes; one robbed and burnt palaces, churches and even centres of science, but though the revolutions were economic-social, the lives of the bankers were respected, and as a result the magnificent buildings of the banks remained untouched ..."
One was of course refering to a Kosher Bolshivik, or perhaps thats what your're refering to also? Oh well. It will be intresting none the less to play footie with Jack Straw's head in an cobbled street beside the Medlock - well afterall, as the old Uzbek saying goes... What goes round comes round. - lw
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