Back in the days when I was a student of social anthropology, I used to spend time worrying about ritual sacrifice. For a common feature of many cultures is that they mark periods of stress with elaborate ceremonies accompanied by sacrifice – be it a tethered goat, hobbled chicken or something more gruesome.

The tribal world of Wall Street is no exception. In the last few days, or since the Bear Stearns drama came to a climax, a palpable sense of relief has erupted in major equity markets.