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Northern Rock - NOT the cause of the financial crisis
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The whole banking industry works by taking short term loans to fund long term investment. The ones that are well managed and didn't loan out money stupidly didn't end up with problems NR had.
And had NR not been badly managed, there would have been less funding for the UK property market. Less funding equals...... ?
Lower HPI and less chance of bailouts being required. Well, that's how I see it, and I don't think I'm too wide of the mark.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
HAMISH_MCTAVISH wrote: »The fear from the general public was simply that NR had run out of money. Nothing to do with the loan book.....
Because the public needed ever more money to fund their property purchases and fuel HPI ?
As I often quote from one of Bradford & Bingley's last ad campaigns......
"Aren't hopes and dreams fragile ?".
Just like the person who keeps piling up more credit card debt and keeps shifting the balance to the next 0% deal, the chances are that one day the fan will be hit by something unpleasant.
Instead of basking in the glow of your equity Hamish, why not try thinking beyond your own "empire" ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0
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