For those who have not seen it, Lloyd Blankfein, CEO of Goldman Sachs, gives a nice overview of lessons learned in the Financial Times. See here.
I cannot agree more on his point that the financial services industry has destroyed a lot of trust. I am not sure what they have destroyed more of -- trust or wealth.
The thing that bothers me most is the destruction of trust in markets generally. There will be a wholesale shift to the public sector. It won't surprise me to see some Eastern European countries shifting seriously back to a communistic mentality, thinking that they were actually better off back then. I for one think that is very wrong.
One source of optimism is that sales of Atlas Shrugged have been soaring. The Economist had the original story, but here is a link from another paper.