The fallout from this, if managed correctly, could be very good.
We could end up with integrity returned to boeard rooms and executive suites.
I guess the darkside of basically 20 years of uninterrupted growth is a certain amount of complacency.
The real excess, and the greatest losses were out of the dot.com fiasco.
We must not take our eyes off of that reality.
A great deal of venture capital was burned to ashes in that, and that is the seed corn for the next economic cycle.
We must make sure that reforms are in place to insure that we can boldly invest without seeing the money evaporate either through fatcat board rooms or sleazy investment banking deals.
The lie we were fed in the last part of the 90's and which the Fed warned us against, that the "new rules" of finance were bullshit, were ignored to our great loss.
I heard the past SEC chairman being interviewed today. What a slimeball. He simply lied about what was obviously happening on his watch and tried to tie it all to the current administration.
With liars and slimeballs like that trying to control the debate, it is going to be a tough road to reform.
Ed