I don't want to return to the debate as such, but there was an interview published in The Telegraph today with the Governor of the Bank of England that is so relevant it would be shame if you missed it so I've cut and pated it below:

"n the interview, the Bank Governor says: "We allowed a [banking] system to build up which contained the seeds of its own destruction.

"We've not yet solved the 'too big to fail' or, as I prefer to call it, the 'too important to fail' problem.

"The concept of being too important to fail should have no place in a market economy."

When asked whether there could be a repeat of the financial crisis, Mr King says: "Yes. The problem is still there. The search for yield goes on. Imbalances are beginning to grow again."

Mr King, who rarely gives interviews, suggests that the culture of short-term profits and bonuses within the banks may ultimately be responsible for the problems"