If I may borrow a quote, "My oh my how the world has changed!"

Just shy of a year ago in the March 2008 column, I compared the merger and acquisition (M&A) environment for steel companies in North America to the Dr. Seuss tale of Yertle the Turtle.

Yertle's grasp exceeded his reach, and because his kingdom was "as far as he could see" he ordered first one, then another, then another of his subjects to stand on each other's backs and created a tower of turtles that toppled under its own weight.

I compared Yertle's kingdom to the house of cards created by the banking industry, and talked about how "easy credit" had impacted the North American steel industry. In my view, too-easy money had driven inappropriate mergers and acquisitions in the sector, bidding up valuations reflecting this lower cost of capital. At the time, I saw "only good coming from the increasingly global credit crunch as lenders once again begin to actually scrutinize cash outflow; hopefully, tomorrow will be the day of the credit committee," I wished out loud.

To borrow another phrase, be careful what you wish for. Reality...