Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-14-Speech-2-437-000"
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"en.20120214.21.2-437-000"2
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"Mr President, in the 1970s the Community Reinvestment Act in the United States made due diligence in banking illegal. To pursue a political goal, the Administration laid open the pathway to what we now know as sub-prime debt. It proved to be – as I said it would at the time – a pathway to hell paved with good intentions. It was conceived to make banks lend to people who could not possibly repay.
We politicians now love to blame the banks, but it started with politics. Sadly, politicians do not understand money. How else could we have got ourselves into this appalling mess? Yet we have learnt nothing; we are now advocating a form of Eurobond, a sub-prime debt instrument by any other name. Again, we are bailing out the banks at the expense of the taxpayer. The ECB, the Bank of England and the Fed are all at it: print money; give it to the banks to buy junk bonds – bogusly rated as double A – to shore up their reserves and guarantee salaries and bonuses that ordinary people can only wonder at.
We have learnt nothing from the 2008 crisis. We are desperately clinging to a failed political ideal as our cities riot and burn. The day must surely come when politicians, bureaucrats and central bankers must be called to account by a fiscal crimes tribunal and sent to prison for a very long time."@en1
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