They didn’t know?

I have been following the business world lately. It seems that businesses are having so much of a hard time handling the sub prime fiasco. I read yesterday that the Fed was caught off guard and so were banks. I find it very fun because most of us with an brains knew that you couldn’t lend billions to those who couldn’t afford the loans. It is pure stupidity to think that would have been possible, but I guess the big brains in business and the economy are claiming they didn’t know. Oh well, we all pay for their excesses.