Word: panic
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...venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your money is safe. Most European nations have some sort of deposit insurance that would reimburse account holders, at least up to a point, in the event of a default - although by their rescue actions the authorities sought to make it clear that it wouldn't come to that...
Fortunately, that sort of panic - which brought down British lender Northern Rock a year ago - was the exception. But the loss of confidence underlying it is every banker's worst nightmare - and every bank regulator's, too. At Bradford & Bingley, staff were given forms to hand out to customers explaining what had happened and why their money was safe. Elsewhere, it was national authorities who sought to reassure, most notably in Ireland, where the government announced an unprecedented $560 billion guarantee to cover the deposits and debts of the nation's six biggest banks for the next two years...
...Dozens of randomized controlled trials later, the wacky factor is fading. E-therapy programs are being offered or tested by reputable institutions worldwide. In Australia, Swinburne's panic-online and ptsd-online have been joined by e-Couch, for mood disorders, and MoodGYM, for depression, from the Australian National University's Centre for Mental Health Research, and by the Climate suite of programs from the Anxiety Disorders Research Unit at St. Vincent's Hospital, Sydney. The Australian Department of Health is now funding Swinburne's National e-Therapy Centre for Anxiety Disorders, which will soon offer CBT treatment via anxietyonline.org.au...
...Mental-health professionals "are fascinated with what we're doing and excited to see the change in patients," says Dr. Gavin Andrews, who heads the St. Vincent's clinic. About 500 people have taken part in its trials of e-therapy for panic disorder, mild depression and social phobia, and "we are amazed by the results," he says. "Over the Web, we can produce exactly the same benefit as in our clinic, with a quarter of the staff time. We are curing people we never see." Andrews, who's also Professor of Psychiatry at the University of New South Wales...
...foreclosure rates in California, and unemployment is high. I think their feeling is, Why should you be bailing out Wall Street when we know people who can't afford junior college tuition? They see the Wall Street giants as extremely rich people very different from them." Stark evinces no panic when told the markets may tumble further. "The sky isn't falling," he says...