I just happened to stumble across a post I wrote just about exactly two years ago to the day:
Normally, I gain some satisfaction from having been right way ahead of the pack. Not so much in this case, though.
In this case, I look back and I see an industry’s incredible collective capacity to see a problem coming, look it in the eye, and keep pouring the coals to the boilers.
Since I wrote that post two years ago, the auto makers have hit the skids in a big way (though, paradoxically, Ford is fairing the best of the US automakers), and we’ve also seen our banking industry implode. It turns out that “too big to fail” is too big to steer, doesn’t it?