Kev Rudd, on the other hand, sees this as his moment to gloat and turn the first screws on keeping himself in government come the next election. All a bit tacky. All a bit too opportunistic, even for a pollie, a breed not known for ever letting an opportunity pass them by.
All sounding suspiciously like a very rich man who wants the rest of us - with help from a big, big, government, his big, big government - to embrace, if not socialism, then at least socialism's red-haired step-sibling.
Rudd has already dubbed his new world order "social capitalism".
In his economic and social wisdom, Kev has just written off the last three decades as a monumental global economic failure. He places the seeds of the GFC back in the 1970s, which shows the extent of his flawed economic and market knowledge, not to mention a deficit in his knowledge of Australian or US politics.
How many tens of millions did Mrs Kev make during those neo-con years? Must make it difficult to sleep at night knowing that you gained so much for so long from a failed system.
Makes you wonder what type of economic system Kev would consider to be a success.
But better days are ahead folks, Kev is going to lead the revolution, over throwing the tawdry, unfair aspects of capitalism.
"[Kev] argues that "minor tweakings of long-established orthodoxies will not do" and advocates a new system that reaches beyond the 70-year-old interventionist principles of John Maynard Keynes.
"A system of open markets, unambiguously regulated by an activist state, and one in which the state intervenes to reduce the greater inequalities that competitive markets will inevitably generate"
Now that's enough to make the skin crawl: reduce ... inequalities ... competitive markets.
Must - not - have - competitive - markets.
In case you have any way of supporting that argument, please do write in with your top ten list of ways in which the GFC has been unequally distributed (note: executive bonuses don't count; neither do shareholder losses.)
In his not yet published essay Rudd:
"mocks neo-liberals "who now find themselves tied in ideological knots in being forced to rely on the state they fundamentally despise to save financial markets from collapse".
Kev has no ideological difficulties with propping up failed markets, to the tune of billions of dollars (hello car industry; hello housing prices) - I guess he deems that to be good economic management, unburdened by the laws of the capitalist jungle - but gets all iffy about the finance sector which, in this country, has not failed in the spectacular manner seen in the US.
"The time has come, off the back of the current crisis, to proclaim that the great neo-liberal experiment of the past 30 years has failed, that the emperor has no clothes"
"Neo-liberalism and the free-market fundamentalism it has produced has been revealed as little more than personal greed dressed up as an economic philosophy. And, ironically, it now falls to social democracy to prevent liberal capitalism from cannibalising itself."
Hardly the first time there's been a global financial melt-down, but Rudd doesn't seem to be aware of past economic cycles and hiccups.
He is also, apparently, the keeper of a secret and more effective economic model than anyone else who has ever lived - thankfully he plans to unfurl his secret to us all.