Has the 'thundering herd' caught foot and mouth disease? The announcement from Merrill Lynch that profits would be significantly below most expectations was a further blow to Wall Street, which is already full of the walking wounded. What is the theme music playing in the background of every bar in the Wall Street financial district? No prizes for guessing that the song of the moment is The Party's Over.

But wasn't Merrill Lynch meant to be immune? The Gospel according to the Merrill propaganda machine was that the firm had been so proficient at 'asset gathering' with nearly $2 trillion (&euro2.3 trillion) held in customer accounts, that it would be able to ride out any storm. Because most of these accounts paid some level of fees, Merrill had a stable revenue cushion which was the envy of its competitors.