We have made much in the last year of two of the huge increase in earnings that we first expected and now celebrate in corporate America. Part of that huge improvement was simply coming off a very low base. In 2008 and 2009 so many companies went through and wrote-off the kitchen sink (and their bad loans) that we had a decade’s worth of poor decisions recognized in about 18 months. Another part of the huge improvement was driven by good, old fashioned operating leverage as we crammed more revenues through a largely fixed cost structure more leaked out at the bottom line. Read more