Stephanie Flanders, BBC Economics Editor, speaks at the Bob Friend memorial lecture

BBC economics editor Stephanie Flanders is sceptical about the value of financial forecasts. "What goes up will come down, she said," reminding her audience that it was the very clever Sir Isaac Newton that lost a fortune trying to call the top of the South Sea Bubble.

 

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Next, a dilemma. Should she explain that yes, it would be rational for her viewers to take their money out of Northern Rock during the run on the bank? Or is it her job to avoid causing panic?

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Stephanie worries that she still uses the same small circle of "experts" who performed so dismally before the crash.

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