His call for “a new settlement” in this changed era helps him draw a line under his own recklessness in the days when he boasted of his “light regulation” of the City. Best was his strong red line between laissez-faire Toryism and Labour’s active intervention in the current crash. Good for aficionados – but the party now holds its breath to see if voters are still listening to anything he says.
It’s not easy for people to believe that, after a decade of toadying up to big finance, and claiming that it was something we should be proud of, Mr Brown has had his road to Damascus moment. Is he now saying that almost everything he lived by, and would have us believe in, turns out to have been wrong?
And if he is, then how does he go about convincing us that he’s got things right now?