Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-10-22-Speech-3-139"
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"en.20081022.17.3-139"2
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"Mr President, the most dangerous phrase in contemporary politics is ‘something must be done’. Politicians have an unreasonable and disproportionate fear of appearing inactive and what that ‘something’ is, is secondary, as we have seen during the financial crisis. It does not matter what the ‘something’ is – GBP 500 billion in Britain, EUR 500 billion in Europe, USD 850 billion in the US – alright, that is ‘something’, let us do it. Never mind what its practical consequences are.
The truth is that you cannot legislate against recessions, any more than you can legislate to order the course of the sun or the moon. What we are seeing now is an inexorable correction to the years of easy credit created by these same governments which kept interest rates too low for too long. That was a political decision and not a market one, and the air that was puffed into the balloon is now rushing out. The only practical change being made by the nationalisation of our banks and by these huge bail-outs is that, instead of cutting taxes to help people through the tough times, we are loading an enormous new additional burden on them. Our taxpayers will pay a heavy price for our conceit."@en1
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