The decade after the Financial Crisis has been a boom period, at least on the surface. The Dow Jones Industrial Average (DIA) shot past 26,000 after President Trump’s tax cut was past. This came after it hit 18,000 just after President Trump won the election in 2016. I thought the market would crash in 2009 after Lehman failed and Goldman Sachs (GS) and Morgan Stanley (MS) appeared on the brink. However, the Federal Reserve provided liquidity to the market and the “Fed Put” has buoyed financial markets ever since.

The rise in financial markets has inured to the benefit of the investor class. Venture capitalists have made trillions from taking “great ideas” public. The question remains, “Will great ideas like Snapchat (SNAP) and Twitter (TWTR) last? Private equity firms and hedge fund managers have piled into financial markets; how their windfalls will help middle America remains to be seen. How the Fed’s faux wealth effect will help anybody but the 1 percent is still a mystery.

The one company that could define the era could be Valeant (VRX). My previous article described how Valeant and Pershing Square’s (PSHZF) Bill Ackman rode the wave of Fed liquidity. I estimate Valeant is insolvent. However, its insolvency has been overlooked by Moody’s or Standard & Poor’s. Shocking The Street, an exclusive service I run in conjunction with Seeking Alpha, explains why.

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