Thursday, May 03, 2012
The Governor's Today Lecture
Posted by David Smith at 08:15 AM
Category: Thoughts and responses

My reaction to Sir Mervyn King's Today programme lecture on Wednesday evening was that it was a mainly a BSE (blame somebody else) speech. Chris Giles of the Financial Times said it was a "theyaculpa" rather than a mea culpa speech. Is that fair?

There were two main messages (a) the Bank should have warned more about what was happening (b) there was no boom before the bust. The Governor, in an interview this morning on the Today programme, says the Bank takes its share of the blame. Judge for yourself. The lecture is here.