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Miscreants All (which is not to say that all here are miscreants),

OK. Points taken. Most of your criticisms over the past three years have been total gibberish, but maybe a couple were not. Who knows. At this point, though, there is a question on my mind I really want to ask you:

Everything that is happening now in the capital markets is precisely what I thought would happen. It is precisely what I said would happen. It is precisely what I have been running around for 2+ years warning people was going to happen. Now, you might say, it is happening for different reasons than I said, to which I would respond:
a) maybe;
b) you don't know that;
c) it certainly shares features of the problem of which I was warning; d) it may be just a facet of the same problem;
e) they are clearly linked (look at the part of Bear that is actually in trouble: on WSJ reported it).

Anyway, all that said, here is the question: if you had become convinced two years ago that what was going to happen would be the disaster we now see emerging in our capital market, would you have tried to do something about it? Or would you have said, "Not my job"?

Seriously. I have no doubts myself about the proper course, but I really want to know what the Miscreants say on this one.

Sincerely,
Patrick
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