Jeremy Grantham interviewed by Barrons:

But this is much worse than I thought. All the fundamentals are turning out worse than I thought they would. All the competencies of the senior people at the Fed, Treasury and [firms like Merrill Lynch and Lehman Brothers] have turned out to be much less than I had expected; that's very disappointing.

If past form is a guide this indicates that Mr Grantham is really depressed.

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