Tanta at Calculated Risk points out that, while US subprime delinquencies and foreclosures peaked around the start of the year, alt-A defaults are still rising - and could hurt bank balance sheets. The line to follow is from Jim Finch:

When someone tells you the current crisis is "near the end", ask them which end.

Or possibly from Vietnam counterinsurgency legend John Vann:

On one of his trips back to the U.S. in December 1967, Vann was asked by Eugene Rostow, an advocate of more troops and senior Johnson administration official, whether the U.S. would be over the worst of the war in six months: "Oh hell no, Mr. Rostow," replied Vann, "I'm a born optimist. I think we can hold out longer than that."

The $2.85 billion Credit Suisse mismarking problem from earlier this year has brought the bank a £5.4 million fine. Meanwhile, across the road, The Other Swiss Bank is making CS look good. (So, that's: possible breaches of US securities law; an internal reshuffle; depositors pulling out of the "flagship" wealth management arm; possible US tax evasion; continuing losses; ARS...)

Felix Salmon picks up the worst mixed metaphor yet seen in the subprime crisis:

"It was a great ride for a lot of investors but eventually the music stopped and someone had to pay the piper," says Mr Kane. "What was supposed to be a liquid asset becomes a ball and chain around your neck when you owe more than the market value of the property."

You see, it's only when the chips are down and the balloon goes up that you discover who's been swimming in the nude, and who's managed to dodge the bullet. Any earlier, and you're just counting your chickens before the final whistle.