http://www.markswatson.com/Depressio...
"Lots" of people/economists saw this whole mess coming - but of course, not many listened. Bill Fleckstenstein from MSN money who writes the "Contrarian Chronichles" was predicting this mess back in 2003. He coined the phrase "the housing ATM" and ranted about the out of control real estate situation on a daily basis - back in 2003. People thought he was crazy and a chicken little - he could not have been more correct.
It's amazing how people will believe only what they want to believe.