$.02 from the retired backseat watcher
I have seen both go on (Capt or the F/O making mistakes) and what always seemed to make the most sense was the Capt stating that they have seen the deviation (airspeed, descent rate, etc) and are correcting for it. No response, something needs to be done, and the discusion at the hotel later.
But I agree with the topic of the thread, there is not always a SOP on what to do when SOP breaks down.