For a man who purports to have learned of media ethics only this month, Mr. Williams has spent an undue amount of time appearing as a media ethicist on both CNN and the cable news networks of NBC.
Of course most Americans don't know how A.I.G. brought the world's financial system to near-ruin or what credit-default swaps are. They may not even know what A.I.G. stands for. But Americans do make the connection between their fears about their own jobs and their broad understanding of the A.I.G. debacle.
The cruel ambush of 9/11 supposedly 'changed everything,' slapping us back to reality. Yet we are constantly shocked, shocked by the foreseeable.
Nationalization would likely mean wiping out the big banks' managements and shareholders. It's because that reckoning has mostly been avoided so far that those bankers may be the Americans in the greatest denial of all.
My particular historical vantage point is a product of my upbringing as that odd duck, a native Washingtonian whose parents were not in government. The first presidential transition of my sentient lifetime, Kennedy's, I remember vividly.