Lehman and the end of the era of leverageQuicklink submitted by Sheila Samples Permalink
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|An enormous hoax has been perpetrated on global financial markets during the past 10 years. An economy based on opening containers from China and selling the contents at Wal-Mart, or trading houses back and forth, provides scant profitability. Where the underlying profitability of the American economy was poor, financial engineering managed to transform thin profits into apparently fat ones through the magic of leverage.|
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