Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-08-Speech-2-185-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-03-08"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110308.22.2-185-000"2
lpv:hasSubsequent	lp_eu:2011-03-08-Speech-2-186-0002
lpv:speaker	lp:Syed Kamall2
lpv:spoken text	"Mr President, when we look back at this financial crisis, we have to make sure that we learn some lessons. For example, we have to learn the lesson that inappropriate regulation can sometimes cause a problem, as the Community Investment Act in the United States did. It encouraged banks to lend to customers who were not creditworthy. When one in ten of those customers defaulted, that started a subprime crisis and we have been seeing the consequences ever since. We have to understand the consequences of printing money too cheaply and of holding interest rates down so that people make investments based on bad decisions, and of not recognising that money itself has a value. As the Austrian economist, Ludwig von Mises said, if you make those bad decisions and create malinvestment, when the market corrects itself, everyone loses out and the credit cycle bursts. This is exactly what we saw. We also have to learn the lesson that banks should never again be allowed to be too big to fail. If we put in place this tax to raise money, what message will it give to banks? Banks will say to themselves that they can continue to operate as they did before, without due care, and that they can collapse and the taxpayer will bail them out. It is time we learned the lessons of the financial crisis."@en1
lpv:spokenAs	member; JURI (2011-02-02--2011-06-07)3 substitute; INTA (2009-07-21--2012-01-18)3 substitute; Special Committee on the Financial, Economic and Social Crisis (2009-10-08--2011-07-31)3 member; PECH (2009-07-14--2013-11-18)3 substitute; ECON (2009-07-21--2011-06-07)3 substitute; Delegation for relations with the Maghreb countries and the Arab Maghreb Union (2009-09-16--2014-06-30)3 member; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2012-02-01)3 unknown; Conservative Party (2009-07-14--2014-06-30)3 substitute; Delegation to the Parliamentary Assembly of the Union for the Mediterranean (2009-09-16--2014-06-30)3
lpv:unclassifiedMetadata	"Syed Kamall (ECR )."1
lpv:videoURI	<go to Events_and_structure europarl>2

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