This is how we let it happen, Ma'am ...

A group of eminent economists has written to the Queen explaining why no one foresaw the timing, extent and severity of the recession. The three-page missive, which blames "a failure of the collective imagination of many bright people", was sent after the Queen asked, during a visit to the London School of Economics, why no one had predicted the credit crunch. Signed by LSE professor Tim Besley, a member of the Bank of England monetary policy committee, ... Full Story »