click here to the powerpoint presentation
Cyrus, Nice summary! It is consistent with some of Joseph Stiglitz’s insights at Saturday night’s lecture at the the American Economic Association’s annual meeting. He pointed out the Greenspan never really understood the market failure aspect of the financial meltdown. It is also consistent with Warren Buffett’s statement years ago that derivatives are financial weapons of mass destruction. Each May I attend the Berkshire Hathaway annual meeting in Omaha–“Woodstock for Capitalists.” Warren Buffet and Charlie Munger take questions from the stockholders(30,000 last year from all over the world) from 9:30 AM to 3:00 PM. Receptions Friday evening with open bar and buffet. Also on Saturday evening a BBQ. Dscounts on Berkshire Hathaway products such as Justin cowboy boots, etc.
Cyrus. You have offered a rare crash course on what to be fall in the future if social-finance gurus such as Greenspan and his ideology of nature verus nurture might continued. Thanks for diligence.
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