It will be recalled that when visiting the London School of Economics (LSE), last November, the Queen asked "Why did nobody notice it?", in relation to the financial crisis. It transpires that her question has been answered in a letter, sent by Tim Besley, professor at the LSE and a member of the Bank of England's monetary policy committee, and Prof. Peter Hennessy, a political historian.
In the print edition of the Daily Telegraph (the only link I can find is this) it is reported that the letter stated:
"...while it had many causes, it was principally a failure of the collective imagination of many bright people.........to understand the risks to the system, as a whole." and continues "A psycology of denial gripped the financial and political world...."
It can be argued that it would be unfair to include Gordon Brown amongst the 'many bright people', but he sure as hell can be included amongst those who had 'a psycology of denial'.