Queen questions the Crunch

HM Queen Elizabeth II visited the London School of Economics yesterday and had a question for economics professor Luis Garicano:

Why did nobody notice?

The professor replied that everyone seemed to have been relying on someone else - which is probably about right. He went on to say that everyone thought they were doing the right thing, which seems a little kind on those that mis-sold mortgages in the sub-prime market unless you argue that they thought the right thing was to raise as much commission as they could regardless of the consequences to their clients. But to be fair, even these sharks would not have been aware of the effects of their actions, even when it got to the stage of the major banks buying these value-less mortgages.
The queen rarely allows herself to be quoted on current affairs of any kind, it shows concern for the nation, but the chances are that her own money is safe... Her verdict on the current financial crisis: "awful"...

Related posts:
Prices effected by the Credit Crunch?
Effects of the crunch in the UK
Is there really a credit crunch?
Mortgage lenders in trouble