People, people... I see a whole lot of argument going with nary an idea on how the current banking problem has come about.
Those of us who subscribe to the Austrian school of economics, have predicted this (Ron Paul, Peter schiff, etcetra).
In fact, in 2001 ( that's right...not a misprint), Ron Paul gave his excellent predictions in his address to the US Congress. In that speech, he predicted the coming trajectory of interest rates, housing prices, derivatives, commodities, GSEs, etcetra. All of speeches on the house floor are part of the congressional record and can be accessed on www.house.gov.
By the way, his speeches are not some vague utterances that other economically challenged pundits ( Krugman and other such assorteds) make from time to time. But rather, his speeches are detailed logical explanations of how and why of things.