Yep. But like you, no one foresaw the US Central Bank engaging in Quantitative Easing in order to prop up the markets and protect the bankers at the expense of savers and older folk stuck on fixed incomes.
This has created a giant, global credit bubble, and that bubble is now bursting. Worldwide. And all of the Central Banks are now powerless to stop it (see: collapsing commodity prices). What are they going to do? Print more money? Keep rates at zero? The Law of Diminishing Returns comes into play, as it is now doing.
The Emperor has no clothes, and the Fed is now powerless to keep the illusion going.
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