Attention people of England - get your money out of buy-to-let f*cked lender Bradford & Bingley today. Seriously, get in the queue and get it out NOW

At one point the governments of the US and UK will need to draw a line in the sand and say "no, we're not bailing you out".

Bear Stearns? Sure, no prob.

Northern Rock? One time, never again.

Wells Fargo? Probably.

IndyMac? Are you kidding me?

Bradford & Bingley? No chance.

The US has FDIC protection. The UK has anarchy. And any saver stupid enough to have more than £33,000 in Bradford & Bingley is a fool.

The crazed buy-to-let Ponzi Scheme in Great Britain is about to blow up something fierce.

Get your popcorn.

Bank denies cash-raising reports

Bradford & Bingley has denied reports that it is planning to go to the market to raise extra cash to see it through the credit crisis. Sunday papers said Citigroup had been asked to help with a rights issue to raise hundreds of millions of pounds.

But a statement from the bank said that it had a strong capital base and, "had funded its business activities through 2008 and into 2009". Bradford & Bingley is Britain's biggest buy-to-let lender.

Too funny - failed (and now nationalized) UK bank Northern Rock FINALLY pulls its 125% loan-to-value really-bad-idea mortgage

Want a house worth $500,000? Northern Rock would loan you $625,000. Party time!!!

Then, of course, you simply default, and enjoy the proceeds! Meanwhile, the UK taxpayer is fuc*ed.

Please tell me one day that they'll put the bankers who did this in jail.

Northern Rock pulls plug on 125% mortgages

In an effort to limit its risky lending, Northern Rock yesterday pulled its Together mortgage range, which offered a loan to value (LTV) of up to 125 per cent.

The range, launched nine years ago, proved popular with first-time buyers as it allowed them to combine a mortgage and personal loan to borrow more than the amount their property was valued at.

Ending one of the classic government clusterf*cks of all time, the boobs running the UK are humiliated, nationalize failed bank Northern Rock

No matter how they try to spin this one, Gordon Brown and the keystone cops running the UK just f*cked up big-time.

I hope this serves as a lesson to the US, UK and all other countries about to experience bank failures:

LET THE MARKET CLEAN UP ITS OWN MESS AND GET THE HELL OUT OF THE WAY.

Because their government panicked, the UK taxpayers now own a bottomless pit in Northern Rock, already out over $100 billion in loans that likely won't get paid back. The Labor Party says all is fine, but it's not. Loans backed by falling real estate are turds and will become even bigger turds. Just ask the FHLB in a few months in the US.

The Northern Rock bank is to be nationalised, according to reports.

The taxpayer has leant the bank around £55bn in recent months since it first ran into trouble last year.

The banking system may not survive this housing crash. Hmmm.. wonder why Bernanke panicked and cut 1/2 point now?

When the banks start failing left and right, and the US Taxpayer has to pay out wayyyy beyond their FDIC insurance levels, HP'ers shouldn't be surprised. It hath been foretold.

From last week's hearings on Moody's and S&P's incompetence in letting the toxic loan CDO/SIV problem grow out of control:

At a Congressional hearing yesterday on the malfeasance of ratings agencies, like Standard and Poor's, in hyping the mortgage securities bubble, Rep. Paul Kanjorski (D-PA) repeatedly noted that the mortgage securities blowout is now a "systemic financial crisis." It threatens American banks with failure like that of Britain's Northern Rock and other European banks, Kanjorsky implied in a colloquy with witness Prof. Joseph Mason of Drexel University.

"You say that 10% of U.S. bank assets are based on structured investment vehicles (SIVs), specifically several trillion dollars in CDOs; can these banks survive the collapse of these CDOs? Do they have the capital base to survive that?"

Mason answered, "No, and the FDIC does not have the resources to handle that event either."

SPECIAL FLASH FROM THE UK: THERE HAVE BEEN LINES OUTSIDE NORTHERN ROCK BANKS ALL OVER THE COUNTRY, RUN ON BANKS IS AMAZING TO SEE IN PERSON

Never in my life did I think I'd witness a real run on the banks. But that's exactly what's happening here in England today and is still going on tonight. PANIC is in the air, the BBC is running non-stop coverage, the papers are ablaze, and it's like a virus has just gotten loose.

There are still people queuing outside of Northern Rock locations all around the country right now. The media is reporting that branches will stay open as long as queues are still forming. Panic is everywhere, all the papers leading headlines were about the panic, creating more panic, and a classic bank run is underway.

In England, savers are only protected for 100% of the first £2000 and 90% of the next £33000 - and that's it, after that, if an English bank fails, the saver loses EVERYTHING. Thus the queues and panic. And calls by people on TV right now to "remain calm" and "don't be irrational".

A Special HousingPANIC message to Northern Rock savers: Get your money out of there tonight if you still can. And for UK homedebtors - your housing Ponzi Scheme is over. The UK housing and credit bubble have burst. Get out now, get out fast, and thank us later.

Northern Rock customers queue for cash as crisis hits high street

The credit crisis spilled onto Britain's high streets today as worried Northern Rock customers queued up to withdraw their savings.

Their fears were prompted by the revelation this morning that Britain's fifth-biggest mortgage lender had to ask the Bank of England for emergency financial assistance.