As you read this please keep in mind that the economy is “great.”

Northern Rock customers withdraw £1bn

By Harry Wallop, Consumer Affairs Correspondent – via kos diarist Magnifico

About £1 billion was withdrawn by panicking Northern Rock customers on Friday, as fears for the bank’s future sent shock waves through the City and caused its shares to crash.

The company’s phone lines were jammed for most of the day, its website crashed and the 72 branches were besieged by thousands of worried customers after it admitted having to ask the Bank of England for emergency funding.

The scenes came as the financial turmoil that has engulfed the money markets in the past month spilled on to the High Street.

In the meantime good old Greenspan has come down with a case of “the regrets.” In his new book, Bill Clinton comes off as an economic hero and Bush…well just read this:

“Little value was placed on rigorous economic policy debate or the weighing of long-term consequences.” The large, anticipated federal budget surpluses that were the basis for Bush’s initial $1.35 trillion tax cut “were gone six to nine months after George W. Bush took office.” So Bush’s goals “were no longer entirely appropriate. He continued to pursue his presidential campaign promises nonetheless.”

Too bad while he was still at the Fed Greenspan spent so much time covering for Bush by pushing stupid adjustible rate mortgages and no money down ponzi schemes.

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