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thomblake comments on You'll die if you do that - Less Wrong Discussion
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It's really hard to tell whether money spent on prevention was worthwhile, after the fact. We would certainly be complaining if we'd spent $308 billion and everything did crash.
The Wall Street Journal editorial would be more impressive to me if it wasn't written in 2003. If it's so bloody obvious to them, why wasn't that editorial written in 1996?
The Y2K problem might have been solved in a more cost-effective manner if folks just fixed things as they broke, but lots of chaos would have ensued in the mean time. It's not like it was a non-problem. More like noticing you're spending more than you optimally should on car insurance.