Well I guess we have to get the "hitting Rock bottom" gag out of the way - along with the "between a Rock and a hard place" one.

The real problem is over-confidence with over-reach. As the financial whizzos prefer to call it - over-geared.

Come on - the whole market has got over-confident in good times and not thought about things like a down-turn in the economy, war and pestilence, oil prices, flash floods hitting pocket & production, and "other" (tick one of the above).

Surely we have the warnings out there, they have been managed and accommodated but put a couple or more together and "who'd a thought it?"

Northern Rock took business decisions to go for market share - and got it. This is the gamble they look like loosing. Nigel Lawson (remember him?) reckons they will be sold, a new lot in control and the bank will survive. Let's hope.