Frank Rich can be a very angry writer. In his Sunday NY Times column, he took former Fed Chairman Alan Greenspan to task for his testimony on Capital Hill last week where he said, “I was right 70% of the time, and wrong 30% of the time.” Rich sets loose on the so-called “oracle of Wall Street”, and a few paragraphs later slams many other prominent figures leading to the headline of his piece “No One is to Blame for Anything”.
It’s an important point in today’s age. No one takes responsibility. Not Tiger Woods. Not Wall Street. No Bush’s cronies over bungling the Iraq War. Everyone has their scapegoat.
No top player in the Bush administration has taken responsibility for his or her role in selling faulty intelligence products without exerting proper due diligence. There have been few unequivocal mea culpas from those who failed in their oversight roles during the housing bubble either — whether Greenspan, the Bush Treasury Secretary Henry Paulson or Timothy Geithner in his pre-Obama incarnation leading the New York Fed.
I screw up at work royally, I’d risk getting fired. And I assume if you’re reading this that applies to you as well. We cannot use the axiom “We all bear responsibility” like those in DC and Wall Street can. And you wonder why everyone is so pissed off.