Update
Ever since the sub-prime mortgage crisis started we've wondered why it suddenly became OK to take the kinds of financial risks that were previously considered too dodgy.
In the intervening year or two we've seen countless financial institutions have to be bailed out by the tax payer due to their catastrophic over-exposure to risks they didn't seem to understand, let alone anticipate.
The public mood has quite rightly turned to anger at the elite of the financial services industries, who everyone assumed knew what they were doing. This ire extends to the whole investment ecosystem, including the financial press.
We just saw this recent episode of the political satire TV programme, The Daily Show, in which the host Jon Stewart questions a leading US financial journalist about why the media failed to warn its audience about this impending catastrophe. We thought any beleaguered investors out there might find it cathartic.
