M0nica
MaizieD because there were people who were concerned and were raising their concerns and it was out in the open and not suppressed, but governments just dismissed those who warned about the coming storm. It is because I read all about it in the papers and onine as far back as the late 1990s that I knew and feared it.
But you were a person of no importance or influence, MOnica, so why would anyone take notice of what you thought?
The US and the UK were in the grip of the market driven theories I already noted. There was a strong belief among people in high office in the rationality and probity of the finance industry. (This belief still obtains today, BTW). Not only that, but a disdain for the fears of the 'little people' who couldn't possibly understand such arcane matters.
Politicians, however high the office they've achieved, are just people and if they have no expertise, or have a belief in a certain school of thought, they can be fooled as well as the next person into accepting what appears to others to be totally irrational positions.
Perhaps we could look at our modern day (disproven) belief that taxation funds govt. spending and ask how anyone could carry on believing it in the face of evidence to the contrary? But most people, from the highest to the lowest in the land, do believe it, despite the damage it has done, and will continue to do, to our economy.