Everyone missed it
In 1929, no one was ready. No one had been systematically tracking the spreading fragility under the happytalk, so when the bubble finally burst, only four people had a clue about the real problems, and their solutions were too rigid and untransitioned for widespread acceptance.
So although the real middle way made a dramatic appearance in 1933, it was mistaken for extremism, recoiled from, and quickly passed over in the careen of political energy from right to left. Even so, such was its simplicity and power that it determined the form and content of the whole New Deal by opposition, and by extention, the form and content of the whole of Keynesian economics and its motley reincarnations (Neo-Keynesianism, Post-Keynesianism) to this day.
Unfortunately Keynesianism in all its forms has depended strongly on war to solve its inherent weakness due to lack of focus and self-contradiction, and in a nuclear age we can no longer afford this costly a "solution." Plus we have essentially wasted our creative efforts in economics over the last two generations on what remains an unsustainable crisis-management approach, instead of really enhancing an economic design for the long-term future. We've got to get it right this time.
And there's no reason we should all sit around waiting until a crash before firing up our imaginations and our design smarts and making the snubbed middle way unmistakeable as such this time, plus making it much more "user-friendly" to the greatest variety of audiences and markets in both the private and public sectors.
One high-tech guy who's determined to be ready this time - using the latest technology, the Information Highway of the World Wide Web - is Phil Hyde.