This has not been a pure failure of markets By Leszek Balcerowicz FROM The Financial Times

"Can the crisis be interpreted as a pure market failure, which requires more public intervention? It is easy to agree on the facts – increased leverage and asset bubbles in many economies, as well as serious errors made at the top of huge financial conglomerates. Symptoms, however, should not be confused with causes, and it is with respect to the causes that there is serious disagreement."