That can slow a project's timetable considerably, but agency officials over the years have maintained the approach gives them deeper understanding of potential design weaknesses and how to respond when failures occur.

WSJ: SpaceX Acts Fast for New Launch

Authorities said the remaining section of the bridge has been examined and won't need replacing, raising questions over whether more failures could occur if the 58-year-old bridge's design isn't altered.

WSJ: Crumpled Bridge in Washington State to Get Temporary Fix

But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential -- not excessive -- regulation of the financial system.

WSJ: Nouriel Roubini Says Nationalizing the Banks Is the Market-Friendly Solution

"The failures are not all going to occur on Jan. 1, 2000, or Jan. 2, 2000, " Marcoccio said.

CNN: Gartner's year-2000 survey finds widespread disruptions likely

Their problems do not occur in isolation, but are manifestations of failures to which all Americans contributed together.

CNN: America's gun problem is not a race problem