Should I be a responsible social media user?

Stories such as the one below have been popping up all over the internet in the last few days. 
http://www.webpronews.com/facebook-employers-asking-for-passwords-alarming-distressing-2012-03

While I may not agree that employers should not be asking this, it begs the question, Should I be a responsible social media user? Its interesting that we say such sites such as Facebook and Twitter at times quite callously and think that there will be no consequences. The interesting thing s that when we use social media it represents a part of us and our reputation.

Imagine if a few nude pics of the boss were to appear, he/she would lose the company's respect and be asked to leave or resign in shame as they no longer have a good reputation. The same for employees and it is a fact that they must realize. While you may try to separate you personal and business life, it is nearly impossible as you are one person in many roles. If you wear a uniform to work, persons only see Mr. X or Ms. Y, not the working man in the uniform and later at the party when you are gyrating they see someone else.They see the same person.  (I am not advocating to going to live in a convent or monastery.) Therefore you have to know how to manage your reputation so as not to ruin your image or that of the company. Therefore you should use social media responsibly.  In other words: Don't post anything on social media which you wouldn't want your mother or father to see.