The Roman god Janus, who lends his name to the month of January, was the god of gates and doorways and of beginnings and endings. He is typically personified in drawings and sculpture as having a head with two faces looking in opposite directions. The image is a compelling one at this time of year as we commonly look back to reflect on the events of the past year and look forward to the next. 2008 was nothing if not memorable. I am not generally prone to discuss politics or economics in a technical column, but the last year was exceptional and had a spillover effect on our industry, so I feel compelled to make a few observations and comments. In the U.S. and elsewhere, 2008 was definitely an economic roller coaster ride, and one that is likely to continue for some time to come as we collectively come to grips with the crushing hangover from the housing bubble that first created billions of dollars in make-believe wealth then almost as suddenly evaporated, leaving many people who sought to make their fortune in real estate upside down in their investments. Bank failures and a bailout of the banking industry are going on as I write this, and there is no certainty yet which way it will go.
展开▼
