Banks are necessary in order for a modern, free market economy to function properly. However, if some credit institutions have made mistakes or have sought to exploit the global economic crisis in any way, they deserve to go out of business. Arbitrary practices that are harmful to consumers should entail penalties from state watchdogs. There is no doubt that banks have their share of responsibility for the current downturn and, for this reason, they are expected to show a certain degree of flexibility and sensitivity toward their customers. That said, we should not demonize the banking sector as a whole. Making blanket assertions against all private banks is too easy and at the same time misguided. It smacks of demagogy. Many critics seized the opportunity afforded by the global credit crunch to attack the organization and structure of the economy as a whole. The cost of such posturing, however, could prove to be much higher than the economic crisis per se.