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Friday, 14 September, 2007

  • Newsnight
  • 14 Sep 07, 05:24 PM


Northern Rock
nr203.jpgThe UK's fifth largest mortgage lender, Northern Rock, has urged customers not to panic as a result of the announcement that it's to receive emergency funding from the Bank of England. The price of Northern Rock's shares have plunged - queues of people have formed outside many of the bank's branches; some have withdrawn their savings.

Our Business Correspondent, Paul Mason will examine how and why this has happened. He'll see what the implications are for Northern Rock. And he'll ask could other banks and building societies follow?

We'll be getting reaction to events today from the Chief Executive of Northern Rock.

Bad money
Our Economics Editor, Stephanie Flanders is just back from the US where she's been investigating the roots of this credit crunch problem.

We hope to be debating the fate of Northern Rock and what can be done to resolve the credit crunch with a City regulator and senior politician live.

The Newsnight interview with Sir Menzies Campbell in which he's quizzed on his leadership and policies will now be aired on Monday.

Newsnight Review

yuma203100.jpgJoining Kirsty for Newsnight Review tonight are Germaine Greer, Ekow Eshun and Ian Hislop.

They'll discuss 3:10 to Yuma, the remake of the classic Western based on Elmore Leonard's short story, starring Russell Crowe and Christian Bale and directed by James Mangold, who gave us Walk The Line.

And Elmore Leonard's latest novel, Up in Honey's Room, is also on the agenda, along with the Chinese terracotta army exhibition at the British Museum library and TV drama Stuart: A Life Backwards.

Read more about tonight's Newsnight Review here

Comments  Post your comment

  • 1.
  • At 09:43 PM on 14 Sep 2007,
  • D Allan wrote:

shame about the rugby maybe
is silence the same colour as piss
not if you have eaten beetroot or
been kicked in the goolies.
does silence indicate guilt not if you dont feel guilty.
Does Public Service really exist within the bbc or parliment in the same way as our armed services conduct themselves. MMM NO

  • 2.
  • At 10:34 PM on 14 Sep 2007,
  • Liam Coughlan wrote:

Some time ago I encouraged Peter Barron to do a special program on derivatives, a form of extreme gambling which has excited traders and upon which milti billions have been staked by banks, insurance companies, investment holders, multinationals and other deserving candidates for gamblers anonymous. The Northern Rock case does not seem to represent an unwinding of a derivative gamble, though exotic instruments have facilitated the spread of dodgy debt portfolios. The run on the Rock is more easily understood in terms of the collapse in public confidence in how trustworthy UK banking is.

Banks generate super profits through exploiting financial illiteracy. The small print contains the detailed legal terms that render agreements restrictive, less flexible than advertised and way more expensive. Banks have mastered the art of separating customers from their money through illegal and dubious charges, unfair conditions and generally poorly communicated product descriptions.

The Government sets the playing field for Banks. A deposit holder with Northen Rock with £100,000 would lose £68,300. A mortgage holder in the same situation (bankrupcy of Northern RocK) is required to pay back the lot, with interest.

Northern Rock adopted a different skimming operation to the conventional, so the Chaps in the City will say that they lost, so must be taken over.

Back to derivatives. These will wipe entire companies and banks from the face of the earth, and their money with them. What we are witnessing now is a titter.

The sooner Regulators act to protect the public interest, and not the banking sector interests, a chance may emerge to stave off financial armageddon. Newsmight - go for this, and let BBC-1 news hear the platitudes of the Northern Rock CEO.

  • 3.
  • At 12:02 AM on 15 Sep 2007,
  • imac wrote:

Well, I think Stephanie Flanders has set new standards even for her.

So we should read Knights on time (we have) and conclude that the credit crunch is about uncertainty.

In which case criticising 'the pricing of risk' must be irrelvant.

How much of the situation is 'uncertain' then Steph?

Is whether Northern Rock collapses?

Is anything not 'uncertain'?

In which case why have discussions in the studio when all you need is occassional repititon of 'Today's economic news illustated uncertainty. Again. It does most of the time and in our judgement..'

  • 4.
  • At 01:27 AM on 15 Sep 2007,
  • harry k wrote:

another pretty good review show, although it did get a little out of hand at times. i thought ekow was a little too manic tonight -- even more so than usual -- which meant that germaine and ian had to hurry their points before they were inevitably shouted out of the running.

is paul morley coming back any time soon? i hope he hasn't been ousted for saying shrek 3 was "bullshit" (he is post-modern ya know). kermode needs to be back on soon as well.

oh and someone please tell ian hislop what a genre is.

The best explanation of CDOs I've seen so far. Thanks Stephanie.

  • 6.
  • At 08:17 AM on 15 Sep 2007,
  • D Allan wrote:

A Fair Comment by Liam.
Not quite far enough for me. Teach these greedy people a big fat lesson, Wipe all debt off now, Stupid enough to lend in a fashion where people cant read the small print. FREEDOM at last EH

  • 7.
  • At 09:09 AM on 15 Sep 2007,
  • Mark wrote:

Yet again the ending of the subject being discussed is given away during the review (3:10 to Yuma). Whilst I enjoy the enthusiasm and (mostly) constructive criticism from the guests - please could they be reminded that they are spoiling it for the rest of us! - Germaine, please bear this in mind!

  • 8.
  • At 11:44 AM on 15 Sep 2007,
  • Kay wrote:

Kirsty should perhaps keep a tighter control of her guests. One hour would only just be long enough to cover the excellent points trying to be made by last night's group. Eko was seemingly reluctant to consider his colleagues opinions. Bad show to reveal end of the film, too.

  • 9.
  • At 02:22 PM on 15 Sep 2007,
  • harry k wrote:

now there are three guests, perhaps there could be a pop idol style voting system where the critics give a 'yes' or 'no' vote as to whether the ending should be given away? two or more 'no' votes and verbal kint is keyser soze.

  • 10.
  • At 04:05 PM on 15 Sep 2007,
  • Mark wrote:

Britain's government should take a long hard look at rules governing American banks especially as they relate to FDIC and SBLIC. They were and response to are intended to prevent runs on banks seen in the depression. When depositors know that the government will back up their deposits with an ironclad guarantee, you will not see crowds lining up as we saw at Northern Rock wanting to get their deposits back before the roof caves in. This also establishes the kinds of risk banks are allowed to take so that the government is not likely to have to pay off on bank defaults in the first place. As for riskier forms of lending and investing institutions, well you take your chances as with any other risk. Sometimes you win...and sometimes you lose...everything.

  • 11.
  • At 05:27 PM on 15 Sep 2007,
  • trl_path wrote:

The way 3:10 to Yuma was dealt with was very poor (except in the case of Ian Hislop). Eshun and Greer seemed too keen to force their readings onto it. As Hislop pointed out it's based on a 1957 film, which was based on a 1953 short story. In addition the director has been trying to get it made for years. It's a very trad western, with modern action film pacing. There is some interesting stuff going on in terms of dealing with the mythologising of the outlaw (the main character could be seen as defining himself by his possessions - his distinctive gun and hat), but trying to link the film to Iraq/current US situation was a real stretch. It's more in the vein of 'Open Range' another recent traditional western

No discussion of the (possible) gay subtext with relation to the relationship between two of the characters either.

Germaine Greer seems to have problems dealing with any sort of genre works and in this case Eshun was very dismissive/reductive of the western genre, which Hislop was quick to correct him on, but I don't think he took it on board.

Also I don't think it was particularly violent compared to, say 'Unforgiven', so found Wark's comment about that aspect of the film very odd.

  • 12.
  • At 08:55 PM on 15 Sep 2007,
  • rob wrote:

great to see ian hislop back on newsnight review. good programme but at little shouty at times. can someone please tell kirsty to stop interrupting as it really annoying

  • 13.
  • At 09:36 AM on 16 Sep 2007,
  • Tasar wrote:

I had a feeling that Friday's program (Newsnight) was very rushed. The worst of this was in the transition between review "headlines" and newsnight program at the start, when the first item was already spread right across the studio screens: this lost formality and made Gavin seem small and behind at every stage

I can't wait to see Martha back on Review next week, though!

  • 14.
  • At 07:46 PM on 17 Sep 2007,
  • Cloe Fribourg wrote:

Well, I'm glad I took time out to watch this one... I can't help thinking that the BoE Governor's 'courage' also has to do with considerably higher inflation and interest rates (compared to those of the Eurozone). Pumping more liquidity into the economy won't help his attempts at keeping those under control.

  • 15.
  • At 08:52 PM on 18 Sep 2007,
  • Mike Tomlinson wrote:

I do wish someone would put different 'Reviews Revisited' on the Review front page. Films like King Kong are not far off 2 years old now.

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