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I was disappointed as well. Initially I believed that the downturn would work in the same way as a forest fire - clearing out dead wood so that new growth can o
by dman 9y ago
I was disappointed as well. Initially I believed that the downturn would work in the same way as a forest fire - clearing out dead wood so that new growth can occur. I hoped at the time that a new class of financial firm would emerge as a result - smaller, nimbler and more adept at its use of technology. I was incorrect and those things I hoped for did not come to pass. In fact one sad observation is that in the years following the downturn mismanaged banks outperformed the better managed ones as investments since their bounce back was much sharper.
- lend000 9y agoPretty tough to clear out dead wood when the institutions of relevance are more or less locked into their positions through heavy-handed regulation. The most glaring examples of this are the credit reporting agencies, who are defined by name in the US legal code with their special positions, rules, and privileges as involuntary private data collectors. Shouldn't come as a surprise that Equifax recovered so quickly.