Northern Rock tip of iceberg?


Bit of a mixed metaphor there!  But as a saver with Northern Rock, of course I was anxious when I heard about its liquidity problems. I think I am reassured enough by today's news comments not to rush to pull my money out. But we have been crazy about the way we have let people get into debt and Northern Rock has been one of the worst offenders in shovelling credit at borrowers. 

LibDem Treasury spokesman Vince Cable has been warning for some about personal debt.  In this case it looks like the "sub-prime" market in the USA has sent some unpleasant ripples across the pond. Sadly we can now expect more chickens to come home to roost.


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