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  • #31
    Originally posted by DanS


    The analyst quoted by Businessweek put its market share at 19%, hardly what I would call small.

    On the other hand, I had never heard of Northern Rock before last week, so maybe the analyst was incorrect.

    Besides, you're probably looking back on some equity in your home, so I wouldn't expect you to be concerned.
    IIRC they are fifth behind Halifax, Nationwide, C&G and Alliance and Leicester, so 19% does look a little high. But it could be my memory.

    I don't have a great deal of equity as I only bought 2 years ago, but I'm not concerned as I said before because it doesn't look like affecting the other big lenders - in essence it's Northern Rock's business model which has driven this. In terms of identifying a long run impact of the recent events on the UK housing market (which is where you started from) I doubt there will be any.

    Comment

    • #32
      Originally posted by DrSpike

      I don't have a great deal of equity as I only bought 2 years ago, but I'm not concerned as I said before because it doesn't look like affecting the other big lenders.
      The shutdown of the interbank market has lead to it. Of course it concerns other big lenders you doofus.

      Originally posted by DrSpike
      Northern Rock's business model
      You got an issue with borrowing short and lending long?
      DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

      Comment

      • #33
        Originally posted by Colonâ„¢


        The shutdown of the interbank market has lead to it. Of course it concerns other big lenders you doofus.
        Well let's wait and see. If the other lenders follow and the UK housing market comes crashing down around my head you will be able to point to my posts here and enjoy the irony.

        Comment

        • #34
          Eh? You seen me saying that? I was responding to you statement that Northern Rock wasn't indicative of widespread issues. If I'd know which financial corps will be tumbling down next I'd become an instant millionaire.
          DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

          Comment

          • #35
            I think it's pretty clear: my view is that (in response to Dan's original post) that I don't see a widespread risk to other lenders and therefore the UK housing market.

            You appear to think differently. So I suggest we wait and see what happens.

            Comment

            • #36
              I appear to think there's a credit crunch, yes...
              DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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              • #37
                Which by implication (reinforced by your clever 'doofus' remark) means you think other lenders will be affected, in contrast to my position. Since this is directly observable we will shortly know.

                Comment

                • #38
                  Originally posted by DanS


                  Good point re Alcoa.

                  Is there anything big happening in the rest of September and October?
                  Someone is betting a billion dollars that something big will happen by Sept. 21
                  Just a moment...
                  http://infowars.com/articles/sept11/market_crash_forecast_suggests_new_911.htm


                  The Market Ticker Error: Invalid URI requested
                  http://www.tickerforum.org/cgi-ticker/akcs-www?post=4669
                  Click here and here to find out how close the George Washington Bridge came to being blown up on 9/11 and why all evidence against those terrorists was classified. Click here to see the influence of Neocon Zionists in the USA and how they benefitted from 9/11. Remember the USS Liberty and the Lavon Affair.

                  Comment

                  • #39
                    Originally posted by DrSpike
                    Which by implication (reinforced by your clever 'doofus' remark) means you think other lenders will be affected, in contrast to my position. Since this is directly observable we will shortly know.
                    ...

                    This is the interbank market we're talking about. Financial firms are unwilling to lend to one another. Saying it doesn't affect lenders is like saying global warming doesn't affect the weather.
                    DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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                    • #40
                      A billion dollars isn't what it used to be, I'm sad to report to you.
                      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                      Comment

                      • #41
                        A billion here, a billion there, soon enough you're talking about real money.

                        Comment

                        • #42
                          It should be noted that what Slaughtermeyer linked to was probably regarding somebody writing a large number of in-the-money covered calls that are intended to be exercised rather than somebody writing a huge number of out-of-the-money naked calls, as is the namesake of this thread. In some situations, writing in-the-money covered calls is a convenient way to lock in a specific sales price when you have a large position in the underlying security to sell.
                          Last edited by DanS; September 16, 2007, 18:25.
                          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

                          Comment

                          • #43
                            Originally posted by Colonâ„¢


                            ...

                            This is the interbank market we're talking about. Financial firms are unwilling to lend to one another. Saying it doesn't affect lenders is like saying global warming doesn't affect the weather.
                            That's not the question: markets are pretty resilient to ebbs and flows of liquidity and you have to believe more than the above to set alarm bells ringing- i.e that other lenders will face Northern Rock type symptoms and there will be repercussions for the wider housing market.

                            I do not think either is true. You do. Let's bump this thread in a month or six and see.

                            Comment

                            • #44
                              Originally posted by Kuciwalker
                              A billion here, a billion there, soon enough you're talking about real money.
                              Is that about the annual cost of your bathroom refurbishments?
                              Speaking of Erith:

                              "It's not twinned with anywhere, but it does have a suicide pact with Dagenham" - Linda Smith

                              Comment

                              • #45
                                Originally posted by DrSpike


                                That's not the question: markets are pretty resilient to ebbs and flows of liquidity and you have to believe more than the above to set alarm bells ringing- i.e that other lenders will face Northern Rock type symptoms and there will be repercussions for the wider housing market.

                                I do not think either is true. You do. Let's bump this thread in a month or six and see.
                                That waffle reminds me of the "fed funds hikes won't affect housing market" idiocy.
                                DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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