Not Just Foresight, Hindsight is Needed.

Here are two quotes.  The first I’m sure you have heard:

“Those who cannot remember the past, are condemned to repeat it,”

–George Santayana (December 16, 1863, Madrid – September 26, 1952, Rome)

And then the follow up:

“The financial crisis in America is really a moral crisis, caused by the series of proofs which the American public has received that the leading financiers who control banks, trust companies and industrial corporations are often imprudent, and not seldom dishonest. They have mismanaged trust funds and used them freely for speculative purposes. Hence the alarm of depositors, and a general collapse of credit.”

–The Economist, 1908