The Queen, whose personal fortune is estimated to have fallen £25 million in the credit crunch, has demanded to know why no one saw the financial crisis coming. During a briefing by academics at the London School of Economics on the turmoil on the international markets the Queen asked: "Why did nobody notice it?"Professor Luis Garicano, director of research at the London School of Economics' management department, had explained the origins and effects of the credit crisis when she opened the £71 million New Academic Building.The Queen, who studiously avoids controversy and never gives away her opinions, then described the turbulence on the markets as "awful".Prof Garicano said: "She was asking me if these things were so large how come everyone missed it." He told the Queen: "At every stage, someone was relying on somebody else and everyone thought they were doing the right thing."
During a briefing by academics at the London School of Economics on the turmoil on the international markets the Queen asked: "Why did nobody notice it?"
Professor Luis Garicano, director of research at the London School of Economics' management department, had explained the origins and effects of the credit crisis when she opened the £71 million New Academic Building.
The Queen, who studiously avoids controversy and never gives away her opinions, then described the turbulence on the markets as "awful".
Prof Garicano said: "She was asking me if these things were so large how come everyone missed it." He told the Queen: "At every stage, someone was relying on somebody else and everyone thought they were doing the right thing."
The Duke of Edinburgh gave another foot-in-mouth display when he asked a Tamil priest about any links to the militant fighters the Tamil Tigers, during a visit to a Hindu temple with the Queen on her Golden Jubilee tour. Such gaffes have become the prince's trademark while going about his official duties.
Such gaffes have become the prince's trademark while going about his official duties.
This is in a house designed so that every single light can be ignited by a single switch at the entrance. This is good for returning drunks - staggering around reaching under shades of Bernard Leach lamps is tricky. The main thing is to keep as horizontal as possible and play the part. You can't be me, I'm taken
</ chnnel Alf Garnet> Any idiot can face a crisis - it's day to day living that wears you out.
I really could not believe that German sailing clubs would regard such items as useful permanent fixtures behind the Herren door. You can't be me, I'm taken
QUESTIONS FOR JAMES K. GALBRAITH - The Populist Do you find it odd that so few economists foresaw the current credit disaster? Some did. The person with the most serious claim for seeing it coming is Dean Baker, the Washington economist. I saw it coming in general terms. But there are at least 15,000 professional economists in this country, and you're saying only two or three of them foresaw the mortgage crisis? Ten or 12 would be closer than two or three.
Do you find it odd that so few economists foresaw the current credit disaster?
Some did. The person with the most serious claim for seeing it coming is Dean Baker, the Washington economist. I saw it coming in general terms.
But there are at least 15,000 professional economists in this country, and you're saying only two or three of them foresaw the mortgage crisis?
Ten or 12 would be closer than two or three.
In the long run, we're all dead. John Maynard Keynes
