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Wow, it's hard to believe that 2008 will be relegated to the history books in just a few hours from now. Of course, I can't say that I am going to miss this horrific year in the financial markets, and I suspect that you probably won't have any problems turning the page and heading into 2009 either...
Scan any newspaper in any part of the world, and you always see disaster looming on the horizon. In the financial world, economists are often accused of predicting 10 of the last seven recessions. But the pessimism of the practitioners of "the dismal science" pales in comparison to the predictions of doom and gloom in the world's media.
It's not as if we needed another crisis to sully the reputation of Wall Street. This week, the global financial press is busy untangling the tale of Bernie Madoff, a New York broker and former chairman of Nasdaq, who admitted over the weekend that his money management business was a fraud and may cost his investors a cool $50 billion. In coming clean with his scam, Madoff has succeeded in dealing yet another blow to the already staggered hedge fund industry.
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