... but she's a pretty nice girl, and she does ask cracking questions - like, why did no-one forsee the recession in detail ?
So the British Academy have had a crack at the answer. In amongst the courteous waffle it is pleasing to note they finger the pressure for lax regulation (prop. G Brown) - which is not quite a reason why no-one forsaw how it would all end, but it deserves being said again and again.
The Grauniad has posed the same question to its readership, offering them 3 sentences to complete the task. I'd give a small prize to jimbob1, whose third sentence (which again doesn't technically do the business) is:
"politically influencing, via the FSA's light touch regime, banks to extend 125%, no deposit, 7 x income mortgages to people who could not afford them".
Anyone here got better (succinct) answers than jimbob or the Academicians ?