by the people who make things and provide real services? Or is it by the investors and speculators? The latter become objects of loathing.

When the Federal Reserve bailed out Bear Stearns in March, many asked why the government was incapable of such swift action on behalf of the millions of home-owners struggling to meet their mortgage payments. The awful truth was that the fate of one Bear Stearns was more significant than that of a million middle-class homes.

Fraser quotes Founding Father John Jay as writing that 'those who own the country ought to govern it'. Today, 232 years after the Revolution, the questions are no closer to an answer: Who does America's government represent? The owners of the country? Or the workers?

And yet the moment the economy booms again, you can be certain that everyone will be speculating again, courtesy of Wall Street. From dentists to taxi drivers, they will all be glued to their tickers once more, addicted to the hope of getting rich quick.