A press release arrives, informing us of the views of Professor David Hillier from Leeds University Business School. "We're all to blame for the current economic crisis!" it trumpets.

And he means everybody. Shareholders were to blame because they were happy for banks to take risk, bankers were to blame since they were happy because of their remuneration schemes, consumers were to blame because they were happy to take out cheap credit, and the government was to blame because it was happy with the tax receipts it was earning.

So everyone, therefore, is to blame.

Now we're not saying that Prof Hillier isn't right -- it's just that we don't think he's going to get many Christmas party invitations this year...