The most learned economists in the Kingdom have written to Her Majesty, in belated answer to her question, more pertinent than any raised by her ministers "why did nobody see this (the credit crunch) coming?"
Actually, people did see it coming, years and years ago, but editors wouldn't publish anything that didn't agree with a consensus led by economists who were part of the sub-culture making all the mistakes. See Medawar's previous post.
The sub-culture believed that it had managed to spread the risk throughout the financial system, apparently. Yes, they certainly managed that, alright!
(The photograph shows Bedford's original commercial transport system in tranquil mood.)
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