
<strong>Are markets becoming part of the problem?</strong>
‘Should we blame it all on City spivs?’ I asked a managing director of a famous investment bank at a pre-Christmas party. He had just told me – with the smile of a man who can look forward to yet another seven-figure bonus in a few weeks’ time – that his firm was still doing very nicely thank you. It was doing so, he continued in the same breath despite the fact that the economy was going to hell – and his forecast for the state of the nation’s, rather than his own, wealth in 2008 was as startlingly downbeat and bluntly phrased as any I have yet heard in