Note : Other nonfinancial assets include tangible assets owned by non-profit organizations and consumer durables. Macroeconomic policies and regulatory failures combined and reinforced one another. The results were visible in a number of macro phenomena: •  The dramatic fall in US households’ saving rate, from around 7 percent in the early 1990s to close to zero in 2005-2007.
The lack of trust meant that financial institutions were only willing to lend to one another for increasingly shorter periods, ultimately only overnight. A financial markets version of the bank run portrayed in It’s a Wonderful Life took place. In the UK, in the case of Northern Rock, a traditional bank run occurred as depositors became concerned about the safety of their savings.