Of course I don't agree that "nobody could foresee...". But that line was only made possible because economists - in general - did not shout and wave their arms about the danger. Any economist should have been capable of reading the global-imbalances-writing on the wall. How seriously did they decide to speak out, to work together to get the message across?

As I suggested to Melanchthon, most were content to leave those who did speak out to carry on as voices in the wilderness.

(PS Greenspan doesn't count as one who "spoke out" ;)).