But let's not pretend for a minute the problem is solved.

I am as pleased as anyone if we have pulled back from the brink (and it looks likely that the markets are saying we have as I write).

But as I've said here often: stock markets do not reflect reality. In reality our banks are still bust, banking is still malfunctioning, the cancer of toxic debt is still in the system. We have a long way to go.

But maybe we can now begin the clean up. There's a lot to do.