Ok, first Northern Rock - who next?!

noh

chris1 wrote: »

Well aren't you the clever one? Not everyone reads the financial papers, or whatever it is you did. Perhaps a posting to that effect here would have been welcome for those of us who aren't so gifted...

There have been a number of postings to that effect on this board during the last few weeks.

Nigel

home_alone

Northern Rock are as safe as houses no chance at all of going under, why do people react he way they do panic panic panic, sit back make a cup of tea it will all blow over.

gary

$$$_12

chris1 wrote: »

Well aren't you the clever one? Not everyone reads the financial papers, or whatever it is you did. Perhaps a posting to that effect here would have been welcome for those of us who aren't so gifted...

Trouble is - would you have believed them or called them a doomsayer?

I've never seen a proper run on a bank in this country in my lifetime and if anyone had told me I'd see one before September was out a few weeks ago I'd have pretty much thought they were nuts.

But if you are relying on the good people of MSE for your financial advice then perhaps it's time to take a hard look at the rest of your financial investment strategy.

GracieP

chris1 wrote: »

Well aren't you the clever one? Not everyone reads the financial papers, or whatever it is you did. Perhaps a posting to that effect here would have been welcome for those of us who aren't so gifted...

a. If you read the start of the main NR thread you will see that it began in August.

b. If you have a substantial amount of money lodged with a bank it is prudent to stay aware of what is happening with them.

noh wrote:

Yes if you are going to panic it is always best to do it early!
I believe its better to not panic at all.

Being aware that your bank may be in difficulty and moving your savinngs elswhere isn't panicking. It's just minimising your risk. Sorry but I worked hard for the money I have and I don't really feel like taking a risk on it when there is nothing much to gain.

chris1

GracieP wrote: »

Being aware that your bank may be in difficulty and moving your savinngs elswhere isn't panicking. It's just minimising your risk. Sorry but I worked hard for the money I have and I don't really feel like taking a risk on it when there is nothing much to gain.

Yes, for goodness sake putting your money in a bank is supposed to be SAFE, i.e. not like putting it in the stock market!

noh

GracieP wrote: »

a. If you read the start of the main NR thread you will see that it began in August.

b. If you have a substantial amount of money lodged with a bank it is prudent to stay aware of what is happening with them.



Being aware that your bank may be in difficulty and moving your savinngs elswhere isn't panicking. It's just minimising your risk. Sorry but I worked hard for the money I have and I don't really feel like taking a risk on it when there is nothing much to gain.

Im not criticising you for what would be your decision. People perceive risk in different ways.
I have money in a Northern Rock account and I don't intend to move it out unless I can find somewhere else that pays a better rate for the same T+Cs. One persons panic is anothers rational decision.

Nigel

noh

chris1 wrote: »

Yes, for goodness sake putting your money in a bank is supposed to be SAFE, i.e. not like putting it in the stock market!

Who told you that? Wherever you put your money there is always some risk.
Putting it in a bank is probably safer than elsewhere but its not safe.

Nigel

GracieP

chris1 wrote: »

Yes, for goodness sake putting your money in a bank is supposed to be SAFE, i.e. not like putting it in the stock market!

Unfortunately it isn't always. It seems unthinkable but if nothing else what has happened in the last couple of days will show this generation that the unthinkable is possible.

joepubli

I can't believe people are criticising depositors in Northern Rock who are taking their money out.

If you leave it there there is no upside. The downside is that you could lose it. Things have a habit of being far worse than it seems at first. Remember Equitable and BCCI.

In my view it would be irresponsible NOT to take your money out. Better a "plonker" with money than one without!
Joe

dunstonh

Remember Equitable and BCCI.

Yes I do. However, it appears you do not. If you quote those you may as well quote the Titanic or the meteor that wiped out the dinosaurs as they have about the same similarity.