Here at Political Irony, I love it when comedians hit the nail on the head better than the pundits or other experts. Here are two British comedians — back in 2007 — who exactly describe what was about to happen in the financial markets. Plus it is extremely funny (in a scary kind of way).
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Here are two English comedians doing stuff on this more than a year ago. They identified the problem and explained it clearly. This problem has been known for years, but apparently only to the rest of the world, not to the Bush administration or the US Government.
AND NOW the US says there is an emergency, that they were taken by surprise. Panic! Panic!
This problem has been a long time building and sensible observers could see all the signs.