Last Updated: 7:37PM GMT 08 Mar 2009 | by Janet Daley
The story so far: some capitalists behaved very badly. While this was going on, the socialists didn't ask questions because they were too busy spending the receipts that flowed from that behaviour. Now, the socialists – who were happy to look the other way during the good times or even to delude themselves into thinking that they were responsible for them – want to use the ignominy of the capitalists to seize the kind of power they thought they had lost forever.
You may quibble at my use of the word "socialist" to describe people who generally present themselves as friends of the free market, and who have repudiated full-scale nationalisation (even of the banks at a moment when that option might have appeared irresistible). So, as someone who spent her formative years on the Left, let me make clear that I am using the word to designate those who accept the primary tenet of Marxist ideology: that the economy can and should be controlled by the state.
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