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While Wall Street's natural inclination is to cheer the ongoing evisceration of Dodd-Frank, it should know that it is in the Street's own interest to have legal boundaries in place to prevent financial institutions from succumbing to their historical propensity toward greed and excess.How can the repeal of Dodd-Frank and a return to the days of boundless excess be in Wall Street's, or the country's, long-term interest? Four basic ingredients were required to enable the Great Recession to occur: greed, lax risk management, inadequate regulatory enforcement, and short memories.“The most important things we can do for the economy right now are to return the financial and credit markets to normal, and to continue to make progress in housing, and that’s where we’ll continue to focus.” The NBER's seven-member Business Cycle Dating Committee met Friday and determined that economic activity peaked last December and has essentially been declining since then.Payroll employment peaked that month and has declined every month since then, with the economy shedding some 1.2 million jobs, the committee noted in a statement on the NBER Web site.Yet, after all that has happened, it appears that investors, lenders, and the markets have learned little.

Photos from inside the stadium have shown seats ripped out, paint peeling from interior walls, and the playing field, which is reported to have been invaded by worms, is turning brown because of the lack of water.About 10 per cent of the 78,000 seats are also reported to be missing."There are things that you can see on the surface that are damaged, like the grass and the seats.The previous expansion in the 1990s lasted 10 years, or 120 months.A common definition of a recession is a period when the nation's gross domestic product shrinks for two consecutive quarters, but the committee noted that GDP figures have been erratic this time around.The recent economic crisis has set the scene for new inquires about the nature of this elusive phenomenon from both academics and practitioners.