Will Hutton: Bye bye American pie - “The US can and eventually will recover, but only when it comes to terms with the harshest of realities. That it does not possess a uniquely enterprising economic and financial model. That the scandals now hitting the headlines are not a case of one or two bad apples, but reveal systemic weaknesses in its financial system and methods of corporate governance which need root-and- branch reform. That American business ethics are abysmally low and require the toughest of policing.”