in london there was a run on northern rock bank more bank write downs followed billions that few b.s. and citi group fannie mae the largest source for home loans reported a three point five five billion dollars loss for the fourth quarter in march two thousand and eight the fifth largest investment bank in the world here stearns was on the verge of collapse many of the nation's most and spectacular financial journalists were still getting in get my money out there were no you know bear stearns is fine do not take your money i didn't write that there's no one to boil than have cost four hundred pounds turns is not in trouble i mean if any are more likely to be taken over don't move your money that's just been silly don't be silly the media was complicit says dave starkman a financial journalist and now with the columbia journalism review the business press former colleagues of mine friends of mine did not really recognize and understand what they were up against how dramatically the the world had changed the lending industry had changes things that you kind of documented how out of con