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Maybe I should start bashing Wizards now. (I could really get fried doing that. Just ask hobbit-boy!)

Okay, Gandalf. You knew that all Rings of Power are dangerous to mortals and you let Bilbo keep one for all these years. Why did it take you so long to look into it? Wasn't the grant money coming in fast enough?

Didn't Gandalf and Aragorn spend quite a bit of time hunting Gollum? And wasn't it the case that Gandalf didn't even suspect the ring might be "the one ring" until Gollum was telling his story about his "birthday present" and it sounded suspiciously like Bilbo's "story" about how he got the ring?

Also, didn't Saruman kept telling everyone that the one ring was lost, that it was probably at the bottom of the sea?

Here's a question...did Gandalf and the others know that the ring of power was so corruptive to the one who carried it from the start? Or did they only discover that aspect of the ring when they realized what it had done to Gollum and to Bilbo?