Crooks, scandals, and scalawags are good. Con artists of all forms offer us a sort of perverse education. They are a key ingredient to avoiding stagnation and achieving a constantly evolving Wall Street, for without them we would never learn the often-costly lessons of excessive greed and blind trust that prompt change and reform. In the way a child learns not to touch a red-hot stovetop, the stock market has learned—sometimes over and over again—to be skeptical of just-too-good-to-be-true investment opportunities and the people promoting them. Because the root of all swindles, greed, is inherent to human nature, Wall Street will never lack for its share of con artists and con games, regardless of what drastic measures Washington might think it's taking. So, rather than condemn such swindlers, we can easily learn from their stories.
- Ken Fisher
www.kenfisher.com
Spot on.
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