Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-207"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2007-09-05"^^xsd:date2
dcterms:Is Part Of	lp_eu:Financial instability and the impact on the real economy (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20070905.21.3-207"2
lpv:hasSubsequent	lp_eu:2007-09-05-Speech-3-2082
lpv:speaker	lp:Harald Ettl2
lpv:spokenAs	member; Delegation for relations with India (2007-03-15--2009-07-13)3 substitute; ECON (2007-01-31--2009-07-13)3 member; PES (2004-07-20--2009-07-13)3 unknown; Sozialdemokratische Partei Österreichs (2004-07-20--2009-07-13)3 member; EMPL (2007-01-31--2009-07-13)3
lpv:translated text	"Mr President, that was a clear enough message to the Commission. We can already foresee that the US mortgage crisis will have noticeable adverse effects here, too. The volume of outstanding mortgage loans already exceeds US public debt. Even speculation based on future property appreciation and low interest rates on mortgage loans has clearly proved to be a bubble. Now, fears of recession are being voiced ever louder in the United States. After all, eight out of ten recessions start with a property crisis. We now know that the crisis was foreseeable but that credit rating agencies did not carry out their role of watchdog. High-risk forms of capital are capable of doing all of us and the economy very great harm and thus must not be left to their own devices or to speculators. The principles of transparency and duty of disclosure, and also controls, must be guaranteed. The Commission is now required to present proposals on this."@en1

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