I'm sure most of you guys out there know this term. But, just in case, it means that a parent is liable for a child's actions.
Personally, I think that's bogus. Parents shouldn't be taking the heat from something their kids did.
Here's the way I see it. Kids have their own personallity based on how they are born, what they observe and how they act. It has little to do with parents because they can't control what their kids see outside the home. And the world is getting corrupt, I'll say that much.
But, tell me what you all think. I'd like to hear some opinions.

I think that maybe this could apply to what you guys are talking about and it'd give you something to think about.
When I was born, I was born into a home where my father was a drug addict, my mother a compulsive lier, and my dad did drugs until I was 5. My mother left him, he lost everything and only over the past 10 years has he rebuilt himself back to stable credit, a nice house, and he's going back to college right now. He will graduate in May with his Bachellor's degree in welding, but two months ago his drug addiction reappeared into his life after ten years of being sober.
Since I was a child I've been paying for his mistakes like having to deal with the absense of a father, I lived with my abusive grandparents, ect. ect. I was kicked out a year ago, out of my own home, and here I am now out of Juvi Detention Centers living with my once clean father who just got custody of me.. and he's back into drugs again.
Maybe that's something for you to think about with parent and children's liability.

I think parents SHOULD take up accountability, but they are NOT solely responsible. Though, it is wrong JUST to generalize. Who is qualified to determine when a child is not a child anymore? If the child wants the freedoms to make his/her own decisions concerning things they could get punished for by law, then aren't they responsible? I think most teens would agree to this up until --if-- they get caught, which is incredibly hypocritical and not to mention stupid for getting caught in the first place. Parents can set standards but there is still that breaking point where rebellion begins and parental control ends.

Here's the way it works: Parents set a good example for their kids. Kids go out and do stuff. If the kids get into trouble, it may or may not be their parent's fault. If the kid is driving irresposibly, the parents can't be blamed. But if the kid is out smoking pot, the parents are to be blamed because they either A. smoke pot and don't care if their kid kills themself, or B. they weren't observent enough to notice that their kid is smoking pot.
Evy

Parents are supposed to set an example for their kids and give them a proper upbringing. Parents cannot control their child's every action, but should be held responsible for their actions. If the child vandalizes, it is the parent's responsibility to pay for reparations.

I'd say that parents are RESPONSIBLE for their kids; they have to take care of them, and teach them right from wrong so they avoid making bad choices. However, if a kid sneaks out in the middle of the night and spray paints the school or something, that isn't really the parents' fault, although they probably will be held responsible. I think that everyone should be responsible for their own actions, but that parents should guide their kids not to make those bad decisions.