people are stupid!!
- Thread starter jjinit
- Start date
Philly Cent
New Member
Might be better to say, people are nervous!! Dont you remember that BCCI scenaio a few years back?
these funking muppets besieging Northen Rock, same idiots who clog up petrol forecourts whenever oil goes up by a dollar a barrel!!
Why?
I'm a cautious investor and think I'd be worried if all my life savings were in that particular institution. Does that make me stupid?
(genuine question and ok to answer 'yes'
Not trying to start a northern rock stand off!)
Morbyd
Moderator
I wonder to myself, could life ever be sane again ?
macdonsj
Moderator
i had heard reports that up to £2000 in Northern Rock accounts was guaranteed to be safe - after that its 90% safe
but i caught an "expert" from The City and he stated that anyone with up to £30,000 would be well covered should the worst happen
its now at the stage where its sensible to take the money out of there
but thats only because of the balloons that withdrew immediately - they have caused the very thing that they were worrying about
but i caught an "expert" from The City and he stated that anyone with up to £30,000 would be well covered should the worst happen
its now at the stage where its sensible to take the money out of there
but thats only because of the balloons that withdrew immediately - they have caused the very thing that they were worrying about
dominicfiend
New Member
Thankyou for a sensible comment... My old man has £40K in northern rock. £30k of which is insured. He's unable to get down to a branch and the websites are all down, so if they do go up the swanny and he is £10K down I'm sure he'll be pleased to know you all think that he's not a fu(king muppet lemming.
Any of you lot got any cash in Northern Rock?!
:x
agentundercover
Active Member
No, no savings, but if I could liquidate my other shares right now, into Northern Rock they would go. Its a viable business when absorbed by another, just not using its current borrow from peter to pay paul model.
Appreciate what your saying about lemmings etc, but the consequences of losing it all are obv more serious than say the petrol crisis. If there was the slightest, 1% of a chance it can go belly up then why risk it. I can imagine people who did not necessarily understand banking & the financial markets freakin out in a major way.
However, now the government has (today) said it will under write the capital in its savings account, its the safest money in the country
Appreciate what your saying about lemmings etc, but the consequences of losing it all are obv more serious than say the petrol crisis. If there was the slightest, 1% of a chance it can go belly up then why risk it. I can imagine people who did not necessarily understand banking & the financial markets freakin out in a major way.
However, now the government has (today) said it will under write the capital in its savings account, its the safest money in the country
Morbyd
Moderator
Hey Dom. Really sorry to hear your dad's got money tied up in Northern Rock... I don't think anyone's trying to say he's a muppet lemming.
I think the point here (perhaps not put in the most eloquent language) is that these sorts of mass hysteria runs on banks exacerbate a problem that otherwise would probably not have affected retail depositors like your dad.
Summer before last we had a situation here in Moscow when one bank was closed (legitimately) by the central bank for being involved in money laundering. In the resulting climate of worry, there were a couple of whisper campaigns that ended up in depositors making mass withdrawals from 2 other perfectly healthy banks. In the end, one had a strong enough balance sheet to weather the storm, but the other had to shut down and then agree to be acquired.
In any case, the UK Finance Minister said today that all deposits would be guaranteed.
I think the point here (perhaps not put in the most eloquent language) is that these sorts of mass hysteria runs on banks exacerbate a problem that otherwise would probably not have affected retail depositors like your dad.
Summer before last we had a situation here in Moscow when one bank was closed (legitimately) by the central bank for being involved in money laundering. In the resulting climate of worry, there were a couple of whisper campaigns that ended up in depositors making mass withdrawals from 2 other perfectly healthy banks. In the end, one had a strong enough balance sheet to weather the storm, but the other had to shut down and then agree to be acquired.
In any case, the UK Finance Minister said today that all deposits would be guaranteed.
dominicfiend
New Member
Sorry about rant, but think if it hadn't been bankrolled by the government, he could well have been in some serious sh!t.
Likewise if there is another fuel "crisis", I'll be the in the queue, but my circumstances are such that I need about 200 litres of fuel a week or I dont earn.
Seems like an entire thread deadicated to calling me and mine, muppets.
Likewise if there is another fuel "crisis", I'll be the in the queue, but my circumstances are such that I need about 200 litres of fuel a week or I dont earn.
Seems like an entire thread deadicated to calling me and mine, muppets.
agentundercover
Active Member
Alas no - if they go belly up, adminstrators would be appointed to run the company & would sell the loan book on to someone else (which is probably likely to happen anyway even if it does not go t1ts up) nice try tho
bugger.
does that mean ill have some gorillas banging on my door demanding payment
at the end of the day mate its a visitor, you should be grateful
agentundercover
Active Member
at the end of the day mate its a visitor, you should be grateful
my my, someones sharper than a razor today