Essentially I am asking a series of 'why?' and 'who?' questions to trace what happened leading up to the credit restrictions last summer.
I believe this is an interesting question - primarily because I believe the bubble was much deeper and longer than it ought to have been. Many pundits agreed.
So, who had the lightbulb moment and acknowledged the elephant in room - the actors and players in the game? The realisation that the value Americans sell their labour for (that's if they even work!) could never pay for their debts.