The former American Treasury Secretary John Snow was invited to the American Academy in Berlin and a formidable group of German business leaders, largely males, of course, a few women, 50-60 years, dark suits, wanted to hear someone sing the praises of free markets, on the eve of the crisis, so to speak, of which nobody seemed to have the slightest sense of foreboding. No, not even the most minimal chance of problems was noted that might arise e.g. through lack of controls in the financial markets. In Mr. Snow’s world everyone assured everyone else while backslapping that there was only China, protectionism and especially any kind of regulation of markets to fear, adding little jokes about Cerberus and other financial investors buying real estate in Berlin. In hindsight, which of course always makes judgment easier, but not untrue, its hard to imagine a more clueless bunch than these hotshots, listening in fascination to one of their gurus, having the mindset of a Mr. Ackermann, who here and now, in April 2009 (and its not the first of April) talks about profits as if he were delirious. I think I have talked all the time about the image, but everyone may just see and feel for him- or herself.