It is not accurate to say that the credit crisis is one year old. The credit crisis that we see is the fruit of bad lending, bad investment and bad policy decisions made over many years. Two years ago we were extremely concerned about how easy it was to raise bank capital and how hard it is to compete when investors are throwing capital at anything with Bank in the name and banks are throwing money at any one with title to a piece of real estate.
There is an old saying that easy money chases out smart money. We don’t enjoy tough times but it is much easier to focus on good business and good customers today than it was two years ago.