Comments on immobilienblasen: Northern Rock- Here’s What a Bank Run Looks Like

Moin Harley,i agree that this is indeed a shift in...

2007-09-17T21:11:00.000-07:00

Moin Harley,

i agree that this is indeed a shift in sentiment.

I can see this also also in traffic on the blog and a shift from Northern America to more and more European visitors.

Moin Eh,

I found the first rumors about the takeover on Friday funny. Totally nonsense!

Northern Rock is done. Another player will take on the pieces. But still not clear if this is a bargain with the bubble just peaked the last quarter.

Moin Edgar,

i also love the British humor :-)

That N. Rock link w/ the pictures is a riot!

2007-09-17T18:08:00.000-07:00

That N. Rock link w/ the pictures is a riot!

This run at North Rock is huge as it relates to th...

2007-09-17T16:12:00.000-07:00

This run at North Rock is huge as it relates to the psychology for when this breaks it will take years for the confidence to recover.

It's pretty clear that, in its current form, Northern Rock is finished as a financial institution -- it will either go under (unlikely now that the BOE so oddly seems to have deemed it 'too big to fail'), be sold, or taken private (an interesting article about this possibility in the FT recently).

eh

what is occurring but they will. Good trading to y...

2007-09-17T09:15:00.000-07:00

what is occurring but they will. Good trading to you.

JMF What we are witnessing is the breaking of the ...

2007-09-17T09:14:00.000-07:00

JMF
What we are witnessing is the breaking of the psychology. Once a cat sits on a hot stove it will not sit on any stove! This run at North Rock is huge as it relates to the psychology for when this breaks it will take years for the confidence to recover. Just look at the tech aftermath as a guidebook. The equity markets refuse to acknowledge.

Moin Eh,maybe they still believe the Fed will matt...

2007-09-17T07:16:00.000-07:00

Moin Eh,

maybe they still believe the Fed will matter...

It will be fun to watch how the market will react after the cut tomorrow.

One market is finally acting... Gold and the pound is also weakening.

And with the magnitude of the UK bubble and the housing market showing the first yoy declines i think there is more to come. I´ll probably increase my pound short during the next days.

Markets don't seem to care much.eh

2007-09-17T07:07:00.000-07:00

Markets don't seem to care much.

eh

Make sure you have no coffe n your mouth when you ...

2007-09-17T05:14:00.000-07:00

Make sure you have no coffe n your mouth when you watch this thread from housepricecrash :-)

Northern Rock- No Words Just Pictures

Overnight Cost of Pounds Soars as Northern Rock Cr...

2007-09-17T04:53:00.000-07:00

Overnight Cost of Pounds Soars as Northern Rock Crisis Deepens

The overnight rate banks charge to lend pounds soared 60 basis points to 6.47 percent today, the highest in more than a month, according to the British Bankers' Association. The three- month rate fell 7 basis points to 6.75 percent, the BBA said. The gap between three-month rates and the bank of England's benchmark rate, currently at 5.75 percent, is near the widest in at least two decades. .....

Northern Rock - Ein von weinerlichen Süßwasserpira...

2007-09-17T04:01:00.000-07:00

Northern Rock - Ein von weinerlichen Süßwasserpiraten gekapertes Narrenschiff, welches verfrüht zum Karneval lud.

Die Meute ohne Umschweife 3x mal kielen lassen und anschliessend am Hauptmast kreuzigen. Schauerliches Getue und jämmerliches Rumgefuchtele von diesen Brackwassertommies, kann man sich nicht mehr ansehen ohne dabei zünftig aufzuwerfen!

Buiter, Sibert: Northern Rock will damage BoE’s cr...

2007-09-17T02:01:00.000-07:00

Buiter, Sibert: Northern Rock will damage BoE’s credibility

Greed & Fear ‘flash’ edition: Why Northern Rock ma...

2007-09-17T00:36:00.000-07:00

Greed & Fear ‘flash’ edition: Why Northern Rock matters to the world

“King appears to have blinked at the first sign of real political pressure”.

The fact that the exact terms of the seeming bailout of Northern Rock have not been published “invites more suspicion than trust,” he says.

The reality is that the Bank of England is lending taxpayer money against dodgy mortgage collateral, a lot of which is very likely to turn bad. The British central bank governor has, therefore, massively accentuated moral hazard; which is precisely what King claimed on Wednesday he was determined not to do for fear of encouraging a future financial crisis.

Northern Rock chiefs push for fresh saleNorthern R...

2007-09-17T00:24:00.000-07:00

Northern Rock chiefs push for fresh sale

Northern Rock, the troubled UK mortgage lender, and its regulators are this week expected to try again to sell the troubled mortgage lender after it was rescued last week by the Bank of England. As depositors continued to withdraw their savings from Northern Rock over the weekend, people familiar with the matter said the bank and its advisers were seeking a “commercial solution” to sell it as a going concern. Northern Rock held talks with Lloyds TSB, the UK’s fifth-biggest bank, as recently as last Monday but the talks were undermined by credit market turmoil and the Bank of England’s reluctance to offer financial support to facilitate a deal, the sources said.

Lex on Northern Rock: ‘All you can take with you’

2007-09-17T00:19:00.000-07:00

Lex on Northern Rock: ‘All you can take with you’

Chart Northern RockDown another 10-15%.....I would...

2007-09-17T00:07:00.000-07:00

Chart Northern Rock

Down another 10-15%.....

I would have been expected a much bigger haircut.....

Congratulations to all the people that bought the share because of takeover rumors.... :-)

King, BOE Face `Crisis of Confidence' Over Subprim...

2007-09-17T00:00:00.000-07:00

King, BOE Face `Crisis of Confidence' Over Subprime Collapse

Two days after King, 59, told lawmakers on Sept. 12 that central banks should avoid giving the impression they will help lenders that made bad decisions, the Bank of England provided emergency funds to Northern Rock Plc in the biggest bailout of a British bank in three decades.

No wonder the Pound is "eroding"....

But he is still not worse than Trichet, Bernanke & Co

This is hardly a compliment :-)

Estimated $4 billion pulled out of Northern Rock

2007-09-16T23:52:00.000-07:00

Estimated $4 billion pulled out of Northern Rock