We’re experiencing once in a lifetime structural change to our economy. Last week the CEOs of the major car firms boarded their private jets and flew to DC begging for financial relief. Today Citigroup is seeking a bail-out. The brands we knew that dominated global finance are shrinking rapidly.

In the aftermath of losers will come winners. It’s anyone’s guess who will remain in finance. Auto companies may be unrecognisable - especially if GM is broken into three, as some suggest. By the time this is over - say another two years - we’ll have a new portfolio of companies in key industries.

Don’t look for GM, Citibank, AIG or Yahoo! Do expect HSBC, Toyota, Allianz and Google in their place.

We have a lot more pain in the coming two years. And when it’s over we’ll be scarred and bruised and cynical as hell. And the companies that remain will have to earn every cent of our business.