OK, she didn’t actually say that but she came as close as Royal protocol would allow.
On a tour of the London School of Economics she asked Professor Luis Garicano why, given the enormity of the financial crisis, did none of the experts see it coming?
The prof replied:
At every stage, someone was relying on somebody else and everyone thought they were doing the right thing.
And the Queen’s succinct one-word response: “Awful!”
That pretty much sums it up.