for the federal reserve is the federal bubble maker. I am taking a position in this critter as a short on banks because of FDIC premiums, deferred tax asset write offs and major problems in the commercial loan arena.
Another big problem with pubicly traded companies is that blue-sky goodwill is once again more than 50% of reported net worth. This old jewish accounting trick fluffs up earning and cash flow big time in allowing companies to overpay for acquitions and book the overpayment. Just look all the goodwill carried on the books by many of the technology companies. It is not an asset unless some fool comes along and pays for it. That can keep the accounting ponzi going but eventually leads to a writeoff as many companies have found out. It is the major reason why stocks are a lousy investment over time.
An I should note that any goodwill on banks books is worthless.