"....this huge market failure poses acute intellectual and political questions for the Tories, the instinctive champions of minimal regulation. They are palpably divided about whether to be the defenders of capitalism or to join in the cry to lynch the bankers. 'It is difficult for us. No question,' says one senior Conservative. There was an agonised discussion about Tory strategy when the shadow cabinet met last week. They concluded that they would have to remain supportive of the government for the moment for fear of being seen as opportunistic and unstatesmanlike at a time of national emergency.
The problem for David Cameron and George Osborne is that this casts them as Little Sir Echoes, reduced to supporting the government from the sidelines. Where Gordon Brown has struggled with many of the other demands of being a modern leader, this crisis plays to his strengths."
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