all the debate about banker bonuses and reckless Wall Street gambling can pretty much be summed up as such:

Here’s a lesson from the First Year Law Students — that’s not how it works. You are responsible for the consequences of your actions if you could reasonably have foreseen that your conduct would cause the injury. Palsgraf v. Long Island R.R. Co., Ct. of App. of N.Y., 248 N.Y. 339, 162 N.E. 99 (N.Y. 1928). This is a personal injury case — but it set the standard for how our free society allocates risk and responsibilty. I don’t understand how you can expect freedom (or a free market) without also accepting responsibility for the reasonably foreseeable consequences of your actions.


it’s like these bankers never stopped being teenagers who thought that freedom meant partying every night without realizing it also meant paying your own bills.


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