People queuing outside Northern Rock branch
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Paul Mason on why he did not see financial crash coming

Five years ago Northern Rock became the first bank in 150 years to suffer a run as depositors queued to withdraw their cash after it approached the Bank of England for an emergency loan facility. Northern Rock was eventually nationalised in an effort to deal with the crisis.

Here, Newsnight's Economics editor Paul Mason explains why he, and so many other financial reporters, were taken by surprise by the banking crisis.

  • 14 Sep 2012