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Wed 9 Jul, 2008 05:26 pm
Quote:While each crisis had a different trigger, their common features have been profligate speculation and systemic under-appreciation of risk
Quote:The lending practices that produced the U.S. economic crisis require urgent attention and greater international cooperation. Profligate and obscurantist practices were evident long before the crisis struck.
I think "profligate" and "obscurantist" are used in the context of stockmarket practices. But which sense should we choose?
Gadzooks that's a tough sentence; it could probably be edited and made easier to understand.
But essentially the idea is that profligate means carelessness, but with money, and obscurantist just means being secretive. So the sentence is saying that those practices were happening even before a particular crisis. That is, bad stuff was happening even before the crisis (I imagine that may have helped to precipitate the crisis).
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