The credit crunch began over a year ago. But it took until yesterday, when the UK government part-nationalised the country's banks. for a sensible policy response to begin to emerge. Today, the excellent Gillian Tett of the Financial Times pulls no punches in her assessment of what went wrong. She believes that 'London does now have a chance of stabilising its banking system. The tragedy is that it took so much incompetence and denial - on both sides of the Atlantic - to arrive at this point.'