"Hey! What's this thing coming towards me very fast? Very very fast. So big and flat and round, it needs a big wide sounding word like... ow... ound... round... ground! That's it! That's a good name -ground! I wonder if it will be friends with me?" For Douglas Adams' sperm whale from The Hitchhikers Guide to the Galaxy substitute Sir John Gieve, the Bank of England's Deputy Governor for Financial Stability, who admits in an edition Panorama this evening failing to comprehend how serious Britain's economic problems were, and what the implications would be for the rest of the economy. Apparently the Bank was aware a bubble was developing in the housing market, and that it was being fuelled by “crazy borrowing”. Whoopee-do.
Originally posted on old Google Blog in 2008
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