In November 2008, just a few months after the GFC flamethrower torched the market, the Queen was paying a visit to the London School of Economics. When the GFC was mentioned, Her Majesty asked crisply: "Did no one notice it?"
In other words, how come none of you smarties saw this coming? Good question.
However, leafing through the Outcrop archive for that fateful year, there were signs that all was not well.
Well, the 600+ point drop in the Dow last night, coming after a shaky period on Wall Street, suggests that chickens (e.g., money printing, unrealistic valuations, rampant gearing) are once more coming home to roost.
But there were plenty of warnings in late 2007 and into 2008. It just seems no one took any notice. This time, unlike 2008, t...