Did the OECD Composite Leading Indicators see it coming?

From OECD
To some Professor Luis Garicano of the London School of Economics is a leading expert in the fields of productivity and industrial organisation, but to many he’s the man Queen Elizabeth asked “Why did no one see it coming?”; “it” being the crisis. In retelling the story, Pr. Garicano pointed out that he welcomed the question as it provided an opportunity to cite many that did see it coming, including Messrs, Krugman and Volcker. Was the OECD among them?

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OECD work on leading indicators and tendency surveys

OECD System of Composite Leading Indicators

The use of short-term indicators and survey data for predicting turning points in economic activity – A performance analysis of the OECD system of CLIs during the Great Recession