Failures in and of markets are of course all over the news today. But it's the speed with which markets correct failure that is part of their very appeal. As, for example, Sitemeter showed over the weekend. They introduced a new version on Sunday, no one liked it and by Monday we were back to the old one. Of course, a web statistics package is different in complexity from the financial system but the basic point stands. Markets are responsive.
On today's events: what if nothing much actually happens as a result of Lehman's fall?
We might even welcome this wave of creative destruction.
(Swearing alert)...Not all take kindly to the idea that nurses should mock fat people in the streets.
Harriet Harman might find this difficult to understand but not all prostitutes welcome being "rescued".
This wasn't really necessary, was it?
And finally, one economist welcomes today's events on Wall Street.
