Summary
For a solvent mortgage lender to require emergency government support on a huge scale suggests that all is not well in our financial markets. This understatement matches the gorgeously hubristic claim from 'Chuck' Prince of Citigroup, America's largest bank, in July, that 'as long as the music is playing, you've got to get up and dance.
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Extract
The End of the World Is Nigh
Before September, British portfolio managers had only ever seen a run on a bank on the cinema screen.
It's a Wonderful Life shows how the Bailey Building and Loan is saved by the prayers of the local community. The collapse of Northern Rock sugges...See the full content of this document
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