Where are all the doomsayers of 2006? Those people, who said the speculative real estate boom could not last, were a kind of answer.

Their argument necessarily called for a governmental solution, a need for immediate, perhaps even drastic regulation of a bubble gone wild and spreading, via securitized debt, throughout the world. By 2007, the doomsayers were even saying that this could result in a global credit freeze. These days, they content themselves with documenting the damage.

Government didn't listen; it continued to enable the bubble. Today, the lame duck Bush administration is desperately trying to restore credibility to securitized credit debt at unbelievable, unimaginable but inadequate public expense, as wave upon wave of defaults, we are told, are yet to come -- more residential mortgage defaults, commercial mortgage defaults, credit card defaults. The ever-cheery mainstream press is beginning to scrape the bottom of the barrel to find credentialled prophets willing to predict even a mid-term reversal of economic bad news.

Obama promised Change! but we doubt he'd like to take any credit for the real changes happening.