Obama might be the dumbest president we have ever had.

[Final-Fan]

Tyrannical said:

Final-Fan said:

Tyrannical said:

Avinash_Tyagi said:
Incorrect
http://online.wsj.com/article/SB119205925519455321.html?mod=hpp_us_whats_news
Put your racism/class warfare away, it has no place in this discussion

Blah, blah, article dated Oct 2007 before the bottom fell out.

OF THE STOCK MARKET GENIUS (correct me if I'm wrong about what you meant)

Are you suggesting that the facts stated in that article about who had subprime mortgages were no longer true later on?

The facts in the article are obviously suspect, as it came out about a year before the bottom fell out. If the article was 100% correct, then the failure would not have been a surprise.

Uh, that doesn't ... make sense.  Whether right or wrong, if people believed it then according to your logic they would not have been surprised. 

Anyway, the reason is that people didn't wake up one day and "OMG SKY IS FALLING".  It was a relatively gradual process of things getting worse and worse.  At that point it looks at a glance like people knew that the subprime mortgages were a big problem -- perhaps they even recognized that the housing market was collapsing -- but didn't realize that would cause the financial world to implode. 

Bottom line is that your response is simple denial.  Can't you do any better?  If the WSJ was as wrong as you think, surely someone would have said so at the time.