what do you think are the long term consequences of the credit crunch?

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Over the last two weeks, we have seen the banking world turned on its head with governments proposing bailouts to save the banking system. There is now much more talk of regulation in future and the days of the laissez faire free market model, which has been dominant over the last 30 years, may now be drawing to a close. What do you think the financial and banking worlds will look like in the future? Is this really the end of the ascendancy of the free market ideology and if so, what are the long term political consequences of this? Perhaps a decline of right wing parties across the world or will the Right adjust to this ideological/philosophical challenge? What are your thoughts?