How Wall Street can sustain euphoria in the face of these and other obvious transgressions defies rational explanation. We violate sound economic principles at will. A low savings rate is a well-recognized economic sin. Low capital investment and low productivity are obvious economic sins. Overconsumption is a textbook economic sin.
Inflation is a classic economic sin.
Leveraging, speculation and excessive borrowing are all historic economic sins. That's a lot of economic sinfulness without much retribution. Other sins include high taxes, excessive regulation and endless litigation. Then there's social programs and safety nets that erode the work ethic. There's the kind of political extortion that causes business to hire lobbyists to shmooze politicians and regulators.