Long live capitalism

Detached amusement might describe the reaction of many people to the sight of well-paid Lehman Brothers employees being escorted off the bank’s premises, carrying their personal possessions in champagne boxes tucked beneath their arms. Displaying either greed or financial acumen to the last, one newly unemployed banker managed to buy himself 30 bananas to use up the credit on his girovend card while he still had the chance. But amusement is far from the most appropriate response; we have the right to feel anger at the way bankers have collectively managed to trash their industry.

For those who, like this magazine, have been staunch defenders of free markets and light regulation, this has been a challenging week. It used to be heavy industry that would ruin itself through bad management decisions, then come squealing to government to help bail it out. To see some of the world’s wealthiest financial institutions now doing the same is galling.