Word: crunchingly
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...future change in the limits is little consolation for Northern Rock now. Although the bank runs have stopped, it still faces formidable challenges. The credit crunch and dry interbank lending market will make it more difficult for Northern Rock to finance new mortgages at competitive rates. And with its share price still in tatters, it could soon find itself bought out by rivals. (Its stock slumped again on Sept. 19, amid rumors of an imminent takeover bid.) Are other British banks similarly vulnerable? Less so, since they never relied on the credit markets to the degree Northern Rock did. Even...
...panic? Late Thursday, it emerged that the Bank of England had agreed emergency credit for Northern Rock, Britain's fifth-largest mortgage provider and the U.K.'s first bank to be left reeling from the global credit crunch. Jitters in the credit markets were triggered by the collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories. With that risky debt having been spliced, repackaged and flogged to banks around the world, financial institutions are less keen to lend each other cash. And when they do, they're charging each other more...
...Late Thursday, it emerged that the Bank of England had pledged emergency credit to Northern Rock, Britain's fifth-largest mortgage provider and the U.K.'s first bank to be left reeling from the global credit crunch. Jitters in the credit markets were triggered by the collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories. With that risky debt having been spliced, repackaged and flogged to banks around the world, financial institutions are less keen to lend each other cash. And when they do, they're charging each other more...
...Bernanke walks a thin line. Too far in one direction, and he bails out all the irresponsible people and institutions that have gotten us into the subprime mess and subsequent debt-market crunch. Too far in the other, and the global financial system collapses on his watch. "In a run, fear that a bank may fail induces depositors to withdraw their money, which in turn forces liquidation of the bank's assets," Bernanke wrote in 1983 as a young economics professor. "The need to liquidate hastily, or to dump assets on the market when other banks are also liquidating...
...bought or the corporate loans you've made or the money-market funds you've invested in, it's entirely rational to pull out your money if you can. When everybody does that, though, the system freezes up. It gets called a liquidity crisis or a credit crunch, but the mechanics are the same as those of a bank...