Congress is so out of touch with the rest of the nation that yes, they had zero foresight to see this coming. I blame their incompetence. I blame corruption on the big wall street players. And not just corporations mind you, individuals do a lot more to manipulate the market that you can imagine.
A lot of the actually companies blundered into this on sheer incompetence. They didn't see it as a "wow lets milk this dry and to hell with what will happen". They saw an endless bucket of wealth and failed to pay attention to the hell they were causing.
However, bitching and moaning about what should have been done does nothing to fix the current situation. A fix would also include preventing anything like this form happening again.
I have a word limit on my cynicism