Is there really a "banking crisis"?

Okay, a bit of a foolish title. Northern Crock, Bear Stearns, damn nearly Société Générale. There is certainly a problem but a crisis?

I'll admit that I am not trying to refinance my mortgage just now but I got my RBS Final Dividend cheque through the post a few minutes ago. This was a bit unexpected as I was expecting shares but there we go - I probably forgot to post some form or other. It was more of a surprise when I looked at the value - just under a fifth of what they want from me (but are not going to get) in the rights issue. Remember that that is diluting the share capital by 11/18^ths, albeit discounted - and that there is also an interim share dividend (about 1/3 of the total).

So, all in all, this emergency £12 billion cash injection is on the order of 3 years customer dividend. Lots of money, indeed, but, hardly, considering how many companies don't pay a divi, the crisis some are making it out to be.