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"And this [the sending of the Istari] the Valar did, desiring to ammend the errors of old, especially that they had attmepted to guard and seclude the Eldar by their own might and glory fully revealed"
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It certainly seems like they are admitting that their over-protective act of bringing the Eldar to Valinor was rife with folly. Although I know they did it out of love like a parent might.
I often wonder why the Valar didn't forsee some of the problems that would arise by recognizing them in the different themes in the music.