Financial Services Authority chairman Sir Callum McCarthy telephoned Lib Dem deputy leader Vince Cable in September and accused him of "scaremongering."
He told Mr Cable Northern Rock was not caught up in the sub-prime mortgage fiasco in the US.
Hours later the bank admitted it had been hit by the cheap mortgage collapse there.
And it is now clear Mr Cable was right to argue the bank had offered too many cheap loans to people who could not repay them.
We regressed to childhood, and became incapable of accepting responsibility for our actions. We looked to parliament, in loco parentis, to clear up our mess (and to the likes of Vince Cable who, in his role as the voice of reason, became in our national, collective transference the kindly uncle who looks out for you).
Or so the Daily Telegraph claims today.More on More here.The "Cult of Cable" is sweeping the nation. His nine and a half weeks as leader of the Liberal Democrats were a triumph. The sketch writers loved his parliamentary put-downs - he famously made the Prime Minister squirm by noting his "remarkable transformation from Stalin to Mr Bean".
MPs admired his willingness to take risks - he turned down an invitation to a state banquet with the Saudi King. The voters warmed to his unflappable manner.
Vince remains a Big Story around Westminster and - more surprising - a presence on Facebook and rival sites, where the kids seem to like him.
When in December he noted "the prime minister's remarkable transformation in the last few weeks from Stalin to Mr Bean, creating chaos out of order rather than order out of chaos," they laughed. They may not have heard of Mr Brown, but they know all about Mr Bean. It was his best quip since November, when he warned that the government was propping up Northern Rock to the tune of 30 Millennium domes, "without even the prospect of a decent pop concert at the end of it".
