Public fury at Goodwin and the other failed bank chiefs is inevitable, but a diversion from the big issue: that policymakers are rapidly running out of road in their attempts to pull the global economy out of its nosedive. There is little agreement on what marks the difference between a recession and a depression, but the one put forward by Stephen Lewis of Monument Securities is as good as any. A recession is where policy works; a depression is where it doesn't.
You think policy is working? Here or anywhere else? That poiticians or bankers know what they're doing?