Depending on which wise man you listen to, credit derivatives will either take the country to hell in a hand basket or aide a slipping economy with soothing balm. The former sentiment was voiced in March by uber-investor Warren Buffett in his annual letter to shareholders of Berkshire Hataway Inc. The latter was expressed Thursday by Federal Reserve Chairman Alan Greenspan.

 Speaking via satellite to a banking conference gathered in Chicago, Greenspan rebuffed Buffet’s comments that derivatives were financial weapons of mass destruction.

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