Hyphen Nation

A failed bank system is not the same as a failed-bank system.

   How many adjectives can modify a noun? In English, there is no limit. After four, however, the phrase becomes clumsy, so it behooves the careful writer to break it up. Meanwhile, there are occasions when a hyphen must be used to avoid confusion, as in the above example. This clarifies that the first deals with a failed system, and the second deals with failed banks.
   The important thing to remember, however, is to use a hyphen only when necessary to clarify. Otherwise, the phrase looks clumsy. And when there are multiple modifiers, such as in "big red round ripe juicy apple," not only are multiple hyphens unnecessary, but their use only paints a foolish phrase.
   Moreover, when there is little or no likelihood of confusion, avoid inserting a hyphen. Example: "Small business owner." If, in fact, the business owner's height is relevant, say so in another sentence.

   Don't get hyphen-happy. Over-punctuation is worse than none at all.
   On a related issue, -ly adverbs, such as newly elected, partly completed, recently enacted, never take hyphens. Why? Because they are adverbs, not adjectives. Adverbs are used mostly to modify verbs, and since there is no confusion as to what they modify, especially when only two words are involved, there is no need to hyphenate.
   Don't believe me? Check any style book, going all the back to Strunk & White's "Elements of Style," first published about a hundred years ago and still one of the best. That manual states flatly that -ly adverbs "never take a hyphen."