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Rosa Luxemburg (1000+ posts) Sun Jul-26-09 02:36 PMOriginal message LONDON - Sorry Ma’am — we just didn’t see it coming.A British newspaper reported Sunday that a group of eminent economists have apologized to Queen Elizabeth II for failing to predict the financial crisis.The Observer newspaper reported that a letter has been sent to the Queen after she demanded, during a visit to the London School of Economics last November, to know why nobody had anticipated the credit crunch.Read more: http://www.msnbc.msn.com/id/32156155/ns/business-world_... /----------------------Did anyone mention the President Bush the perpetrator of the economic decline to her Majesty?
Mz Pip (1000+ posts) Sun Jul-26-09 02:37 PMResponse to Original message 1. The Queen will be fine THe apology should be directed at towards the people who are hit the hardest by this.
Rosa Luxemburg (1000+ posts) Sun Jul-26-09 02:39 PMResponse to Reply #1 2. I know, things are getting bad in the UK
hobbit709 (1000+ posts) Sun Jul-26-09 02:40 PMResponse to Original message 4. Evidently being an eminent economist makes you blind to the real world economy.
truedelphi (1000+ posts) Sun Jul-26-09 02:45 PMResponse to Reply #4 5. LOL. It's sort of like being a weather man inside a TV studio Who is busy predicting a gorgeous weekend, although any one with a window view of the world would see it's raining cats and dogs.
ScottLand (115 posts) Sun Jul-26-09 02:53 PMResponse to Original message 7. Bush should weigh in on this. He can say "I didn't see it coming" better than anyone!
Warpy (1000+ posts) Sun Jul-26-09 02:59 PMResponse to Original message 9. I predicted it along with a lot of other people on the DU economy board. Nouriel Roubini predicted it. Krugman was a little hazy on the details, but he said something wicked this way comes.The mystery to me is why all those high priced suits who apologized to Her Majesty missed it. Were they so blinded by a positive cash flow that they missed the fact that it was being generated by debt and a whole lot of shenanigans supported by wishful thinking?Personally, I think any economist who missed the unfolding disaster, especially after August 2007 when the CDO/CDS scam started to collapse, should hang up his Guccis, put on some overalls, and consider a career doing something useful like digging ditches.Apology's not going to do it, boys. You've proven yourselves hopelessly incompetent.
Eric J in MN (1000+ posts) Sun Jul-26-09 03:22 PMResponse to Original message 11. I hate it when the recession is called a "credit crunch." Credit is usually tighter during a recession.But most recessions aren't described as a "credit crunch."Framing the problem that way implies that the solution is to give money to banks, instead of giving more food stamps to ordinary people.
