Does capitalism still work?
Banks say they have made a fortune in recent years thanks to light-touch regulation.
But the banks may now be in trouble, and today we learned that Halifax Bank of Scotland is in advanced merger talks with LloydsTSB, following uncertainty about the strength of HBOS after a run on its shares.
But what would regulation achieve and would it go against the ethos of capitalism?
What exactly should regulators have stopped the banks from doing? And did banks, in fact, cause the house price bubble by excessive lending?
Watch Newsnight's discussion below: