Sam--------
Relying on strike time to tragedy is complete BS. As we saw in 2007/8 when banker messed up the consequences are indeed harsh.
None of this works without gov putting its thumb on the scales. Where do you think the lack of innovation came from?
1. SEC rules require GAAP results to be presented with equal prominence to non-GAAP metrics. This is why reports usually have "Core" and "As Reported" metrics.
2. Starting mid 2014 to early 2105 we saw a large increase in the value of the dollar relative to other currencies. GAAP accounting requires that currency hedges be marked to market with fluctuations in non-realized gains/losses. This creates a lot of noise, hence the increase in non-GAAP reports.
Another view is that white collar employees do there best for their employer--thus competing against the employers' competitors. The incentive for doing so is that a rising tide often raises all boats... (See e.g. http://www.wsj.com/articles/behind-rising-inequality-more-un...) This would lead you tho the conclusion that only an idiot competes within their own company.
Alas, as always, the truth is somewhere between the two extreme viewpoints.
see eg: 1969. December 3. President Richard Nixon convenes a gathering of nation’s governors to talk about drug crisis. Says that part of the solution must be treatment and rehabilitation. “When you’re talking about thirteen year olds and fourteen year olds and fifteen year olds, the answer is not more penalties. The answer is information. The answer is understanding,” Nixon says. According to CBS News, Nixon administration is considering reduced penalties for marijuana possession, along with more education, in an effort to convince young people to avoid “experimenting with still stronger drugs.”
http://prisontime.org/2013/08/12/timeline-black-support-for-...
and
Rep. Charles Rangel, a newly-elected Democrat from New York City and a former Federal prosecutor, urges Nixon to do more to fight drugs without waiting for further congressional action, warning that support might soon build for drug legalization. “You do have the power and we implore you to use it as you would if this were a national crisis and I think we’ve reached that,” Rangel insists. Before departing, the Black Caucus presented Nixon with a manifesto of sixty priorities for the African American community. It included the demand that “drug abuse and addiction be declared a major national crisis” and a call to use “all existing resources” to stop the trafficking of drugs. http://prisontime.org/2013/08/12/timeline-black-support-for-...