It was hilarious.
Almost exactly a year ago- as the global financial crisis was at its most threatening- a friend and I went to a talk at the Adam Smith Institute.
The main speaker- a very forgettable Conservative MP- extoled the value of the free market and market liberalisation while most sensible pundits and politicians were dipping into socialist economics for capitalism's salvation.
After the talk we stayed around to drink champagne, eat canapes and talk to some girls but we were interrupted by some cartoonish toffs.
They (and then the director of the institute) continued the discussion about the virtues of the free market, with the director almost pleading with us to believe that this was a credit crisis and not a failing of his beloved theory.
Looking at Obama's banking reforms, it seems Mr Free Market is looking even more the fool.
Obama has sought to separate investment and commercial banks, and is trying to strip 'too big to fail' from the corporate lexicon.
It seems in the land where the free market was the closest to conquering sense, that sense has finally hit back.
And hopefully is set to stay.