He lost the Lib Dem's five seats and then made a bad judgement to talk to the wrong party about coalition. The idea that he had to talk to the party with the most votes first was a complete nonsense. What he had to do was talk to whoever would ensure electoral reform. Financial crises come and go but the electoral system goes on forever. He has been subjected to panicky talk and bully bouncing by the media and walked into to it through his own ingenuousness. If he signs up to support the Tories, the Lib Dem's have been taken for patsies.
The idea that anything progressive could come out of negotiating with William Hague, Oliver Letwin and George Osbourne is a very unfunny joke. Will Nick Clegg emerge holding a piece of paper and declaring "Peace in our time"?