Word: rock
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Monday morning is never a quiet time for a Main Street bank. At branches of Northern Rock, a British lender, the lines outside extend even further than usual. But it's not exactly welcome business. Savers flooding the Newcastle-based bank on Monday joined the thousands to have withdrawn their cash from Northern Rock in recent days. So far, customers have emptied the bank of around $4 billion, or 8% of its deposit base...
...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...
...Northern Rock's problem: Its modest savings business compared to its mortgage lending arm means it leans on those wholesale credit markets for a larger share of its funding than its rivals. With that well drying up, it "hits them disproportionately," says Alex Potter, an analyst at Collins Stewart in London...
...joined the circus, traveled to many states (all a fiction). He started his musical life as a singer of traditional ballads, then updated the folk-protest genre pioneered by his idol Woody Guthrie, then ditched that genre for songs of betrayal and alienation, then went electric and created folk rock. That's four careers in four years: more public-persona reinventions than Madonna could manage, and surely enough for four actors to chew...
...star turn. both because it's an inspired stunt that she executes with aplomb (she's a more convincing Dylan, no joke, than she was a Katharine Hepburn) and because she's playing Dylan in 1965, the year he lost his old-folkie admirers on his way to rock stardom. With a fabulous frizz do, and a posture stooped by the burden of celebrity, s/he cavorts with the Beatles at a garden party, meets Allen Ginsberg (Arrested Development's David Cross) on the road and - it was always a game with Dylan - deflects reporters' questions on his political opinions...