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The (non)-GAAPing holes of the Stock Market and how Wall Street Still Plays Stupid Games
What we didn’t learn from the Great Recession will likely severely hurt us
When America was picking up the pieces of its overleveraged and hypertransacted financial system, the leadership vowed to begin laying the roadwork in surmounting the problem.
Lending practices were changed slightly, the ninja loans were brushed away, Dodd-Frank was passed along with the Consumer Protection Act.
Irony doesn’t simply brush the American economy, though. Just seven years before the Great Recession America found itself with a fully deflated Nasdaq — insiders selling dot-com companies at record rates and institutions bailing invisible paperweights in the ether drove companies to bankruptcy in express time.
Regulation isn’t a foresight in economic policymaking. Regulation is something you do when the fraud is so magnanimous that it causes the tectonic plates of the global financial system to grind down on the masses it victimizes.
“America’s genius has not been in avoiding problems, it’s been in surmounting them once they happen.” — Warren Buffet, CNBC June 2009.
