As the credit crisis rolls on it has become commonplace to seek comparisons with past crises. Will it be as bad as the early '90s? As bad as the '70s? Even worse? Interestingly, there seems to be more enthusiasm now to find a parallel in history on the way down than there was on the way up - when much effort was put into showing that 'this time it's different'.
One aspect that never seems to change is the question of how to reward risk managers. They are the people responsible for maintaining the