Cityphilia
John Lanchester: The credit crunch, 3 January 2008
“... as plumped-up and cashed-up as possible. Since a ‘credit crunch’ of this type is by no means unknown – it is in fact a pretty regular feature of financial markets – we may well wonder why Northern Rock had a business model that couldn’t survive one. It seems incredibly stupid. It may be that the Bank of England privately thought so too, and ... ”