How the Bank came to get things so wrong about the crash

Telegraph
"According to a recent Gallup poll, Ben Bernanke, chairman of the US Federal Reserve, is held in lower regard among Americans than the Internal Revenue Service. I doubt the Bank of England is blamed by the UK public for our economic woes to the same degree. The British are natural cynics, and never had the same blind belief in the presumed divine powers of the central bank to produce happy outcomes. There has therefore, been less room for disappointment.Even so, the Bank's credibility and authority have been greatly undermined by the events of the past two years. Whatever the Bank of England has to say about the future at tomorrow's Inflation Report press conference will be treated with appropriate scepticism."