It was knowable

Daily Kos has a good post running down how the factors leading to today's financial woes were predicted.

http://www.dailykos.com/storyonly/2009/3/25/713036/-Nobody-Could-Have-Known

It's like the cries that "No one could have predicted the levies would fail" in New Orleans. Of course the Weather Channel was doing the first episode of its then-new series "It Could Happen Tomorrow" about New Orleans and its vulnerability to hurricanes. It was the second most likely disaster (after a new SF earthquake -- how ready are we for THAT).

This "nobody could have predicted it" excuse is really lame.