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Generational Dynamics Web Log for 16-Sep-07

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Panic appears to be spreading in Britain, as depositors mob Northern Rock

Panic appears to be spreading in Britain, as depositors mob Northern Rock

US Treasury Secretary Hank Paulson arrives in London to meet with UK Chancellor Alistair Darling, to discuss the worsening global financial crisis and credit crunch, as spreading panic begins increasingly to threaten markets in Britain and around the world.

Northern Rock customers face long, slow queues to withdraw their deposits in 76 branch offices around Britain. (Source: Guardian)

Thursday's bailout of Northern Rock Bank caused long lines on Friday of depositors wishing to withdraw their money.

On Saturday, the lines were even longer and slower at Northern Rock's 76 branch offices. Most customers were elderly, but even so, police had to be called to deal with some "boisterous customers." In one branch, the police dispersed the crowd after the bank promised those present would be assisted first on Monday.

An interesting twist to the Northern Rock story is that, prior to the Bank of England bailout, there were two larger suitors in talks to acquire Northern Rock, Lloyds TSB and Royal Bank of Scotland.

But the Bank of England blocked the potential acquisitions, because they might cause consternation in financial markets. Once that happened, Rock had no choice but to ask the BOE for the bailout, and that DID cause quite a bit of consternation in financial markets.

A month ago, California depositors mobbed Countrywide Bank branch offices to withdraw their deposits, but that event didn't generate anything like the media coverage or widespread concern that the Northern Rock situation has done, particularly in Britain.

From the point of view of Generational Dynamics, this is exactly the kind of panic that we've been watching for. Investors have been getting measurably more anxious and worried since the beginning of 2007, but the Northern Rock appears to be pushing the level of panic up one more notch. (16-Sep-07) Permanent Link
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