This Crisis Was Preventable
Steve Moyer has a post on Safehaven that takes quotes goes back a few years warning about what was happening.
I love the title:
Real Estate/Credit Bubble Deflation 17: Foresight Is 20/20
What is happening was absolutely foreseeable. Amazing the king of the snake oil sales men is now at the helm of the bailout and this time the snake oil will cure your ails...
People that were warning got a lot abuse from other people. I was at an investment conference getting close to 2 years now and one of these snake oil sales men ranted on against a speaker that was warning about the melt down in the base metal. His method of response wasn't to show the err of the data being presented, but to present a rant that did not have an ounce of foundation, just that this guy had been warning for a while.
This is a 20 year bubble that is popping. It may have accelerated under Bush, but the makings of it started 20 years ago. It's a very big bubble.