We Didn't Mention the Impending Financial Crisis Because You're too Dumb to Understand


Or something akin to that is the narrative forming in Howard Kurtz's Washington Post column on the role journalists played in the financial collapse. The response from new WaPo chief Marcus Brauchli is but one gem of many, many awkward admissions of culpability:

Still, he says, "I regret that when I was at the Journal, we didn't keep the focus on some of these questions, including the possible moral hazard posed by the structure of Fannie Mae and Freddie Mac. These are really difficult issues to convey to a popular audience. . . You do have an obligation as a journalist to push important issues into the public consciousness. We also have to remember you're pushing against a powerful force, which is greed."  

Greed? Greed kept them from reporting skeptically on Fannie and Freddie? What does that even mean?

Via Romenesko