Brits have a bank run

What is the a logical outcome of unscrupulous mortgage lending practices in Michigan? More foreclosures? Yes. Sagging house values? Yes. Tightening global credit market? Yes.

A good old fashioned bank run in Britain? Well, by extension, yes. The bank's problems are blamed on the ongoing global credit crunch that has its roots in subprime lending in the U.S.

BBC reports today that over the last two days, Northern Rock customers have queued up and waited for hours to withdraw funds from bank locations across the country.

"Banking sources suggest that on Friday alone clients pulled out £1bn - or 4-5% of retail deposits."

That's $2 billion in one day.