Asset quality certainly was an issue in this credit cycle, but never approached the levels experienced in the early 1990s. Similarly, a low-interest rate environment, together with a steep yield curve, can provide a forgiving setting for bankers, at least in the near term.
To paraphrase the old adage, those who do not learn all of the lessons of history are destined to repeat them. Once again, the fundamental management challenge is to balance the opportunities of the present with the prospects for the future. BIS Review 14/2004  3