The Observer: When net income won't cover gross habits

"After hubris, nemesis," declares Hutton, never one to allow himself to be too swept up in the froth, bubble and CDOs that are threatening to pummel Northern Rock into Northern Pebble or even Northern Gravel. He'll be preaching to the converted with most HPC readers. But before one starts to gloat best remember that no two corrections or crashes are the same. There's little to be smug about when bad lending hits innocent savers. The fallout from August 9th and this last month of financial woes may even come lapping and the feet even of those who were wise before the event....