To say that no on knew this wouldn't happen is just not correct. In 2003 Ron Paul a congressman from Texas gave the speech below outlining what would happen if the government continued to subsidize the housing market through Fredie and Fannie. Read below.
http://www.house.gov/paul/congrec/congrec2003/cr091003.htm
http://www.usnews.com/blogs/the-home-front/2008/09/19/ron-paul-this-bailout-wont-be-the-last.html
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