The lead package on Channel 4 News tonight was exquisite. It started with a coruscating tease (the hospice for sick children that has lost a fortune in an Icelandic bank) and moved on through sharp writing, succulent graphics and lancing interviews.
Amid collapsing banks, yo-yoing share prices and widespread insecurity it is natural to look for a culprit. The difficult bit is choosing the villain. Did the banks - particularly the de-mutualised building societies - completely lose touch with reality in their hunger to expand market share? Should their senior executives shoulder all the blame, or is there such a thing as political responsibility?