"Wall Street Bankers apologize for causing crisis" read a headline last week, only they didn't and don't have to.
Certainly, the Financial Crisis Inquiry Commission gave us the prerequisite expressions of complaint and contrition, and I'm all for sticking somebody with a pitchfork if we could find the guy who caused the Great Recession. Only that guy doesn't exist, and the only reason a public mea culpa works for celebrities is because their shenanigans are entertaining and don't really matter. I'm just not sure that empty theatrics are an acceptable coda to the near-collapse of civilization.
The financiers didn't really apologize anyway, but rather gave the I'm sorry you were offended blather that passes for introspective revelation these days. They arguably shouldn't have had to say anything at all: as one dim bulber put it to me, it's like expecting sharks to feel guilt over shredding whatever flesh swims nearby. Capitalism isn't inherently bad or good but rather the workhorse of a functioning economy. Government needs to set boundaries and rules but the nature of the animal is that it will find every opportunity to transact and thereby feed. Ultimately, that's a good thing after all.
So all the communications and public affairs advisors to the players in this farce should get put under lock and key. This reality doesn't require any apologies or posturing but rather simple recognition, followed by substantive action (whether voluntary or regulated). Allowing the hearings in Washington to default to nothing more than theatrics means it stays a distraction that perpetuates the Status Quo, and contributes to our growing distrust of both government and big business.
