10. The Road to Ruin

The history of U.S. investors and their experiences in the equities market has all the earmarks of an abusive relationship, and it would require an eminent psychiatrist several hundred pages to explain why battered investors return to the market time after time following their previous drubbing, knowing in their hearts that they eventually will be brutalized again.

Congress and the regulators, realizing the important role that small investors play in providing capital for American businesses, keep trying to save the marriage by imposing new rules on Wall Street. The rules work for awhile. But Wall Street always finds new ways in which to smack his spouse around, right under the regulators’ noses.

Many of the complaints heard ...

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