Matt Yglesias takes on the phenomenon of holding people who took out risky mortgages, as equally responsible for the credit crisis as banks and regulators.
And I just donâ€™t think itâ€™s the responsibility of individuals to know that all the experts, and all the conventional wisdom, are secretly wrong. All kinds of people have been buying iPhones because everyone says theyâ€™re great. And if this November, the iPhones all suddenly explode injuring tons of people, I think thereâ€™ll be a lot of blame to go around. But really just about none of that blame will land on iPhone ownersâ€”it would land on Apple and AT&T and regulators and gadget reviewers and everyone else. If not, if the people who run the country and its media donâ€™t actually expect their pronouncements to be taken seriously, then really they ought to all quit and make way for people who take their responsibilities seriously.
Things were similar in this country with Gordon Brown pronouncing that he had a put an end to ‘boom and bust’. It was an act of hubris for which he has no defense. Unless he helps bring about the recovery of the global economy it will also be his legacy.
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Filed in: Current affairs,Economy