All of us - countries, corporations and consumers - have neglected basic principles.
Sir Evelyn: "action has to be taken and action must be taken very soon".
Ethics - we have lost sight of an honest day's work for an honest day's pay.
Careful management - we have indulged our wants without the taxes or the prices or the cash to pay for them.
Oversight - public relations and spin have replaced disclosure and transparency; casual yet complex accounting and accommodating rating agencies left us blissfully unaware of the problems, and we revelled in our ignorance.
Hubris has replaced community responsibility as a requirement for executive positions.
American automobile executives and British bankers have been unable to form their lips into an apology.