Extraordinary Popular Delusions and the Madness of Crowds

From Saviors to Saps in Just 10 Years

The Discredited, the Partially Discredited and the Thoroughly Discredited

The phone rings. You are on vacation in the Virgin Islands. You have been dreaming about the fishing for the better part of two months, and you are about to head out to chase the Christmastime bonefish running offshore and to spend a day on the water, with the sun leaching six months of Washington baloney from your brain. The phone rings, and because you are Secretary of the Treasury, you answer. "This is the Treasury operator," says the voice. "Please stand by for a conference call." Click here to read entire article.

A mere decade ago the Three Marketers graced the cover of Time magazine as the trio who had saved the world from collapse. Now, in various degrees, discredited, partially discredited and fully discredited (each reader can draw their own conclusion as to which is which) the great ave been humbled.

Greenspan Testimony: Admits "A Fundamental Flaw in My Ideology"