Suppose someone imported contaminated milk from China. Could he, if caught, invoke the free market principles to pursue his trade? Certainly not. However, the executives who issued sub-prime mortgages in the USA and spread them to unsuspecting customers by including them in various innocent-looking packages – a practice (mis)named securitisation – got away with murdering financial stability all over the world. To ask for better policing of this market is not harming free enterprise but ensuring its survival. These investment bank whiz kids, who designed an opaque and highly unregulated way to lend money to people who could not pay it back, really set up a huge pyramid scheme which blew up in everybody’s face. The greedy bankers who sold these ‘toxic’ products are certainly to blame but so are the greedy mortgage brokers who peddled these loans just to make a commission. No doubt steps must be taken to end such practices that have led to the present credit crunch.. The American film company ‘20th Century Fox’ is already working on a sequel to its famous 1987 classic ‘Wall Street’ in which Michael Douglas won an Oscar, portraying Gordon Gekko the predator-in-chief of the junk bond boom. One blogger suggested that this time Mr Gekko must be shown leading markets out of their slump. ‘But he would need a new vocabulary’ notes the Economist that ran the story in its 18 October issue. ‘His era-defining catch phrase in the original, Greed – for lack of a better word – is good jars in these harsh times. Greed – provided it is sufficiently regulated – is tolerable, might be more appropriate’. The truth is, of course, that the ‘creative destruction’ which, according to Joseph Shumpeter, writing in 1940, is in the nature of capitalism is once again coming into play on a global scale this time. When Mr Alavanos of SYRIZA explodes against the Government in the Greek Parliament shouting: ‘We have a crisis of capitalism and you say long live capitalism!’ he simply expresses his furious anger that the system he hates makes progress both through innovation and through failure.