Guru down

"Not much has been heard from former Fed chief Alan Greenspan since he testified before Congress a month or two ago on the subject of financial derivatives when he famously noted he "found a flaw" in his understanding of how the world works.

This "flaw", where financial market participants were mistakenly assumed to usually do what is in their own best, long-term interests, is now understood to be largely responsible for the current predicament the world now finds itself in.

The year-end reminiscing for what has been an awful year in so many ways, about to kick into high gear in the days ahead, is not likely to be kind to the one they once called Maestro, his reputation having become more and more soiled with each passing week and each new bailout or bankruptcy."

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