The year 2007 was perhaps the last year of the madness cycle – with Ninja and all kinds of excesses. However the market corrected in 2008 and recovered very fast in 2009.
The sad part is that the persons responsible in Eurpoe and in USA were not even brought to book – the Banking Regulators. In fact most of the so called heroes in the financial service industry have come out second best. Warren Buffet was literally dragged to give evidence. Then to protect his money (or whatever) he defended Goldman Sachs and Moodys.
Ben Bernanke…well less said the better. If you cannot trust the banker, the regulator, the rating agencies, …well how do you invest? This is a question we will all have to handle ourselves. One cannot run away from reality, but one needs to invest also…
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