The UK Conservative Party's Chancellor of the Exchequer (Ben Bernanke and Tim Geitner rolled into one) simply can't back down from a palpably disastrous austerity program that is leading the UK into a triple dip recession.
I believe that quite a lot of the reason why is that in the current online world, no one yet knows how to do that very well (with some notable exceptions, viz Obama's "We screwed up," "We got shellacked" etc.).
The internet seems to prime the pump of the superego. Just think of the kind of piranha fest that erupts on Twitter frequently. Admitting you're wrong suddenly involves losing face in a freshly minted shame culture.