During a November 2008 visit to the London School of Economics, Queen Elizabeth reportedly asked her guests, 'Why didn't anyone see it coming?'. It was responded by LSE the following year, which concluded that "the failure to foresee the timing, extent, and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole."
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