01 October 2008

saver switching confusion

Headlines from today's news stories

The Beeb: 'No floods' of switching savers

Savers are remaining calm about their savings and not switching banks despite uncertainty in the sector, an industry body has said.

The Telegraph: Savers move billions to safety amid banking panic

Panicked savers are moving billions of pounds from high street banks into accounts that guarantee their deposits.

Confused? Us?

Conclusion: no reporter has a bloody clue, and the media continues to perform at its usual level of competency. (Remember Monday, when all the news channels were telling us the US House of Representatives was certain to pass the bail-out plan - until it didn't? That's why I'm not believing anything they're saying about the Senate. The Telegraph, for what it's worth, thinks that even if it does pass in the Senate, the bail-out plan will fail again in the House.

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