The last rule for any project is “search for the guilty party”. WIth the unbridled free market project in tatters the current protagonists are ‘bankers’. Surprisingly, I.T. hasn’t, as yet, been blamed as the villain of the piece.
It will be a terrific fillip to our industry if both politicians and financiers in playing the ‘blame game’ resist the temptation to somehow eventually point the finger at technology.
They have tried. When Robert Peston gave evidence on the media’s role in the UK banking crisis to the House of Commons Treasury Committee. His use of a blog and the way he broke the story of a meeting between the UK chancellor and banking bosses have been criticised by some media commentators for adding to the crisis.
Peston described his blog as ‘absolutely central to journalism’ by allowing him to go into the detail behind news bulletins and said it had created a community of commenters, who helped spark ideas for posts and reports.
The impact of new technology and forms of communication, such as blogging, on the recession is of interest to the business community, he added.”There are a lot of senior business people who think that the speed with which info is communicated has accelerated the downturn, but may also help get us out of this mess,” said Peston.