Great posts from both Tom and Harry, seems to sum it all up nicely.
Generally it is easy to make money when there is no taxation, cheap labour, cheap fuel, no unions, 24/7 operation, de facto control in the governing body amongst many other factors. Most managers were able to sit back and do very little to nothing and see positive results. However a real manager earns their pay in dealing with crises and there is limited ability in this regard at the higher levels.
Tom is correct in the assertion of maintaining a "quick escape plan", it can go sideways quite quickly at anytime. Sadly it compounds the problem as it stops many from buying big ticket items such as property, cars, furniture etc.