Karl,

To borrow terminology from The Matrix movie series, to me, you are the modern day equivalent of Morpheus.

I was your typical CNBS/CBS Marketwatch reader who never saw behind what was presented as the party line. During the 2007/2008 crisis, I saw that first "blip" in the matrix. I realized that what was being presented to me had a foul odor to it. I didn't know exactly how to characterize it, I just had this instinctual feeling that a lot of stats and data I was looking at just did not make any sense anymore.

I poked around the blogosphere, looking for alternative views. Most of these lacked cogency. UNTIL I came here, and in addition to this a few other sites as well, where there was open discussion about the rotten underpinnings to what is to become the most insidious bubble in the history of modern finance. FINALLY a discussion that was not trying to stir up apocalyptic fervor or internet jackassery, but rather was a level headed commentary that FINALLY addressed cogently the reasons for the obviously high levels of fiction in asset pricing.

A whole new world opened. I SPECIFICALLY thank you for the time and patience you have taken in some of your posts to explain your insights in a systematic, step by step fashion, that allowed newbies like me to take in the content. You probably could have made your points using a few sentences of condensed jargon, but you have always made a point of using extra verbiage lay your points out in well spoken logic that appeals even to non-financial readers. I have shared your posts with friends and family, and the extra time you have taken to make your posts accessible and logical are a credit to your efforts.

Thank you.

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"If you don't have borders... if you don't have laws... you don't have a country."