Ignorance is bliss...

....the writings of folks like Krugman and Delong, and I would add Phillip Pilkington to this list, have little empirical, predictive or explanatory value. I would argue, however, that what they do have is a great deal of political and paramoralistic value. The intent seems to be to put forth a theory and an argument that exculpates the bankers.
These writers appeal to a strain of passive nihilism that runs deep in Christianity, and therefore Western Civilization, that Nietzsche called “the devotion to the Crucified.” The key Biblical passage is that which Jesus uttered that day on Calvary upon his crucifixion: “Father, forgive them, for they know not what they do.”
Invariably what we find in the writings and theories of Krugman, DeLong and Pilkington are banks who “know not what they do.” They are portrayed as hapless, passive intermediaries who only respond to the needs and desires of savers and borrowers, economic and market conditions, or to incompetent government regulators. There is no driving force here, no will, and no malicious or deliberate intent.  (Random comment from someone without "full faith and credit" in the main stream media...)