Well, I'm glad so many people understand what happened. Maybe you could get a post teaching at LSE?

Thing is, everybody predicted this situation but as economics is an inexact science, (guest KP may not fully agree with that?) politicians banked on everybody being wrong and anyway, it relies on market forces and the market doesn't want to self implode.

Until the markets realised they can be reckless after all, as governments will bail them out. Hence the predictions could come true after all.

And we are all Nostradamus!