The story goes that Clapton overhead a conversation about bike riding, and reference was made to the Derrailier gear system, except the speaker mispronounced it as 'Disraeli Gears' mixing up the name with that of a deceased Parliamentarian of the same name, from Queen Victoria's time. Clapton like the sound of the phrase, and borrowed it to title the band's new album.
Thank you A,H, and J.T. It was Mr coggles who posted this question but for some reason it wouldn't let him change his username. I am sure he will respond when he gets home from work this evening.