The mortgage crisis goes international.
Well, this isn’t exactly a new development, since German banks have already been affected, but now the Bank of England is stepping in to save the big UK mortgage outfit Northern Rock. The Times Online offers a useful timeline of Northern Rock’s decline:
Depositors have been queueing outside Northern Rock branches to withdraw their funds.
Marc Andreessen has some appropriately snarky minimalist commentary (about the bank, not the depositors) here.
Addendum: My colleague Patrice Sarath, who has wit coming out her ears, broadens the analysis of the mortgage meltdown even beyond this planet.
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