I sat next to Gutfreund at a Council on Foreign Relations event about the U.S. economy a couple of years ago. The talk coming from the stage was pretty optimistic - economy fundamentally sound, nothing serious to worry about, etc. Gutfreund couldn't contain his obscene grumbling. "What bullshit." When I told him I agreed with him, he grumbled even more obscenely. "Fucking happy talk. Idiots." Etc. Good call on his part, obviously.

Doug
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