Many DID see it coming, especially those involved in it.
So your question, M’am, is indeed naive.
“Why didn’t anyone do anything to prevent it?” would be a better question, to which the answer is:
– Those creating the problem were doing too well out of it to give a toss.
– The THREE THOUSAND people working for the FSA are presumably idiots – one has to ask what their point was – or is. Or did one or two raise doubts and then get told to keep their gobs shut?
– Gordon Brown studied history at university and had not a clue about management, finance, economics or indeed much else.
– His fawning acolytes, including the fairly odious Balls, did nothing either during thirteen years of binge, boom and humungous bust. This total failure was a combination of not daring to stick their head over the parapet, being cowards (the same thing) and incompetence.
I have my own question: “What % of the truly guilty have been punished in any way?”
To which the answer is – at a guess (and probably vastly inflated) – 4%.