Now they tell us:

Now they tell us: 'It cited internal emails by Wall Street executives that described mortgage-backed securities underlying many collateralized debt obligations, or CDOs, as "crap" and "pigs."' http://reut.rs/hkdYA6
'Mass downgrades of mortgage-related investments in July 2007 by Moody's and Standard & Poor's constituted "the most immediate cause of the financial crisis," it said.' ibid. http://reut.rs/hkdYA6
Some paid attention in 2007: "Investors have been on heightened alert about funding issues in recent months in light of the recent turmoil in the credit markets following the collapse of the US subprime mortgage market." http://bit.ly/eUA5Y5
Someone noticed the first of many shoes in 2007: "Is there another shoe to drop in financial services?" http://bloom.bg/hc3iJI
Markets paid attention in 2007. The Fed whistled in the dark and covered up the problem: "The collapse of the subprime mortgage market has dragged financial shares down 18 percent this year, prompted the Fed to cut interest rates and accelerated a sell-off in the U.S. currency. The dollar fell to the lowest in 30 years against a basket of six rivals today after Chinese officials said they plan to move some of the nation's $1.43 trillion of foreign-exchange reserves into stronger currencies." http://bloom.bg/hc3iJI