Revealed: Day the banks were just three hours from collapse

[G_j]

http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html

Revealed: Day the banks were just three hours from collapse
By Glen Owen
Last updated at 11:21 PM on 24th January 2009

Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown's Ministers has revealed.

City Minister Paul Myners disclosed that on Friday, October 10, the country was 'very close' to a complete banking collapse after 'major depositors' attempted to withdraw their money en masse.

The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals.

Only frantic behind-the-scenes efforts averted financial meltdown.

If the moves had failed, Mr Brown would have been forced to announce that the Government was nationalising the entire financial system and guaranteeing all deposits.

But 60-year-old Lord Myners was accused last night of being 'completely irresponsible' for admitting the scale of the crisis while the recession was still deepening and major institutions such as Barclays remain under intense pressure.

..more..

[dixiegrrrrl]

1. I am totally amazed banks here and elsewhere have not closed by now.

esp. every time I see an "open letter" in a newspaper, from a bank, declaring how safe the bank is.

What else can a bank say? " We are not safe" ?

[Greyhound]

3. The illusion must be maintained to provide at all costs. If people were

to realize that our entire financial system is based on nothing but the say-so of habitual liars and thieves, the results would be catastrophic, especially for the parasites.

[Earth_First]

2. "Lord Myners was accused last night of being 'completely irresponsible' for admitting the scale

of the crisis while the recession was still deepening and major institutions such as Barclays remain under intense pressure."


In other words: "EVERYTHING IS JUST FINE!"

[G_j]

9. that killed me

scary stuff

[Uzybone]

4. Some still think this economic crisis is made up

to call the world economy a house of cards is being charitable at this point.

[ebayfool]

7. IIRC Glen Beck was saying pretty much that today ...

sitting in the parking lot at the hospital today (sneeking a smoke - stressful day!) I caught something along the lines of 'Democrats are making the economy out to be worse than what it really is so when it turns out to be BETTER then they can claim credit ...'.

Dumbass was reallllly reaching!

[nichomachus]

10. Just for the record

You can't "sneak a smoke." No one may see you actually do it, but when you go back inside, everyone within 15 feet of you knows what you just did.

[ebayfool]

11. I know - just a phrase.

Like I said, hospital=rough day=me having a weak moment.

Same hospital - 2 uncles. One had a knee replacement & the other passed from MRSA infection, all within 2 hours of each other.

Beck gave a momentary diversion just like the cigarette ... one just about as cancerous as the other.

Listening to a fool rant on a day like that just drives home the point that he, & those like him, are totally without purpose in anyone's real life.

(also teaches me to play 'spin the dial' when doofing in the car!)

[NNN0LHI]

5. 'hole-in-the-wall' must be what they call ATM's in England?

[Irish Girl]

6. sad reflection those we've entrusted with our wealth

displaying honesty considered irresponsible? Yep, sounds pretty accurate to me.

[DLnyc]

8. and "nationalising the entire financial system and guaranteeing all deposits"

is bad because, . . . because, . . .

Oh yeah. Because bankers don't like it. Silly me.