Over and over again financial experts and wonkish talking heads endeavor to explain these mysterious 'toxic' financial instruments to us lay folk. Over and over they ignobly fail because we all know that no one understands credit default obligations and derivatives except perhaps Mr. Buffett and the computers who created them.

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It is I claim nonsense to say that it does not matter which individual man acted as the nucleus for the change. It is precisely this that makes history unpredictable into the future.