QUOTE OF THE DAY….From Matt Yglesias, on the argument that the collapse of Wall Street was a systemic problem, not a personal one:
If nothing the CEOs and top fund managers are doing makes them worthy of taking the blame when the crash hits, then they also don’t deserve nearly the share of the credit — and money — that they got while things were going up.
Quite so. Street crime might be a systemic problem caused by drugs or poverty or whatnot, and that means that it makes sense to attack those root causes. But we still put muggers in jail while we’re working on the other stuff.