Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-257"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-09-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Situation of the world financial system and its consequences on the European markets (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20080924.31.3-257"2
lpv:hasSubsequent	lp_eu:2008-09-24-Speech-3-2582
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Delegation to the EU-Mexico Joint Parliamentary Committee (2004-09-15--2009-07-13)3 substitute; IMCO (2007-02-05--2009-07-13)3 member; ECON (2007-01-31--2009-07-13)3 substitute; Delegation for relations with Australia and New Zealand (2007-03-15--2009-07-13)3 substitute; Delegation for relations with Switzerland, Iceland and Norway and to the European Economic Area (EEA) Joint Parliamentary Committee (2004-09-15--2009-07-13)3 unknown; Freie Demokratische Partei - Die Liberalen (2004-07-20--2009-07-13)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; ALDE (2004-07-20--2009-07-13)3
lpv:translated text	"Mr President, ladies and gentlemen, Treasury Secretary Henry Paulson called the past few weeks a 'humbling time for the United States as he unveiled his rescue package of up to 700 billion dollars for the country's crippled financial sector. The situation in the US is indeed alarming. The US financial system with its investment banks, hedge funds and structured products, which are not subject to normal banking supervision, and its numerous business operations conducted through single-purpose companies which do not appear in any balance sheet, has virtually collapsed. It is unlikely to be resurrected very quickly in its original form. The last two pure investment banks – Goldman Sachs and Morgan Stanley – have now switched to the commercial banking sector. The promise of cheap money for everyone to fuel ever more growth, profits and liquidity has been revealed as an illusion: this type of perpetual motion simply does not exist. A debt-fuelled high standard of living for everyone with a car, house and everything else early on in life simply cannot be maintained over the long term. The real economy has caught up with us: without employment, there can be no savings, without savings, there is no investment, and without investment, there is no sustainable growth. We Europeans should learn from the US disaster. There is no alternative to budget consolidation. Money does not grow on trees. A plentiful supply of cheap money, which is what the Socialists are always demanding from the ECB, will not solve the problem; it will simply make it worse. The Commission should implement the proposals which have the European Parliament's support as regards securitisation, maintenance of structured products on the initiators' books, more supervision, a code of conduct for market participants and various other measures as swiftly as possible, albeit with a sense of proportion and diligence."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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