There goes civilisation...

Ok... I assume that free markets and efficient economies are good things.

What economic system would you propose to achieve those things, aside from capitalism?
How about a less rapacious, more inclusive capitalism that took a holistic, longer term view? Something akin to German capitalism of the late 20th century?

The current 'credit crunch' (what a wank term) is due to the unfettered greed of the management of companies like Bear Stearns and Lehmann Brothers who tried to screw every last penny out of their investments in a short as period as possible. This included lending money to people whom they knew would struggle to repay due to their low income levels and track record of non-payment, hence the term 'sub-prime'.