2007, then and now 7:16 Taking inventory of the cycle 12:51 The J. Crew “trapdoor.”  Innovation or gimmick? 18:02 Deteriorating accounting standards 20:38 Issues that might ring the bell Subscribe to Grant’s Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant’s Interest Rate Observer is available at http://www.grantspub.com