As we saw yesterday, business is learning the hard way that walking their corporate responsibility talk is vital to their very survival.

They aren’t the only ones out of touch.

John C. Williams, the president of the Federal Reserve Bank of New York, said in a speech last month that “there is still time to avert this fate.” Moving inflation up and keeping it there could convince millennials, he said.

“In this case, it’s fortunate that the young are impressionable.”

“Fate” refers to the potential economic mayhem that could result from the high savings rate among Millennials looking to retire ASAP. “Impressionable?” I wonder how long it’s been since he actually knew any of the “young.”

Powerful men who have seen women as things to do with as they please are thinking twice in the wake of #metoo and Harvey Weinstein’s conviction. Hopefully that caution will trickle down to the rank and file bosses who still seem untouchable, although that’s unlikely.

Big Tech is no longer seen a solution to the world’s problems, but, in many cases, as their cause.

Startups are learning that public investors, whether knowledgeable or casual, are still hung up on mundane ideas like profit as opposed to their beloved EBITDA.

Founders, too, are rethinking their actions. Thanks to high profile cases, such as Travis Kalanick (Uber) and Adam Neumann (WeWork), and a much savvier workforce, visions and charisma are no longer enough.

One might look at all this and say, “the world is changing,” although a more realistic view could be summed up as “too little, too late.”

Image credit: CHRISTOPHER DOMBRES

If I had spent the entire year scouring for business quotes to fit this title I probably wouldn’t find as perfect a selection as the ten offered up by Business Week in the Worst Predictions About 2008.

Here are my favorites, which do you like?

The Bad

“I’m not an economist, but I do believe that we’re growing.” —President George W. Bush, July 15, 2008 Nope. GDP shrank at a 0.5% annual rate in the July-September quarter. On Dec. 1, the National Bureau of Economic Research declared that a recession had begun in December 2007. (I thought that’s why presidents have advisers, so they didn’t have to be an expert in everything.)

The Worse

“A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!” —Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008 (This is not the guy you want editing your investment advice.)

“I think Bob Steel’s the one guy I trust to turn this bank around, which is why I’ve told you on weakness to buy Wachovia.” —Jim Cramer, CNBC commentator, Sept. 15, 2008 Two weeks later, Wachovia shares lost half their value from Sept. 15 to Dec. 29. nearly failed as depositors fled. CEO Steel eventually  agreed to a takeover by Wells Fargo. (Can you imagine who he distrusts?)

The Ugly

“I expect there will be some failures…. I don’t anticipate any serious problems of that sort among the large internationally active banks.” —Ben Bernanke, Federal Reserve Chairman, Feb. 28, 2008 In September, Washington Mutual became the largest financial institution in U.S. history to fail. Citigroup needed an even bigger rescue in November. (Come on. If you’re gonna head the Fed you need to prognosticate at least as well as you obfuscate!)

“In today’s regulatory environment, it’s virtually impossible to violate rules.” —Bernard Madoff, money manager, Oct. 20, 2007 On Dec. 11, Madoff was arrested for allegedly running a Ponzi scheme that may have cost investors $50 billion. (Unless your name is Bernie and you’ve been doing it for a decade.)

OK, your turn now. Click the link and choose your favorites or supply your own in comments.

Your comments—priceless

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Image credit: sxc.hu