Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-09-10-Speech-2-031-000"
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"en.20130910.8.2-031-000"2
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"Mr President, not for the first time I rise to give the House the benefit of my 35 years’ experience in financial services – rather more, I suspect, than the rest of you put together.
Let me put you right on how this all started. It started with something called the Community Reinvestment Act in the USA, and the reason the whole thing has gone wrong is political interference. We have been talking today, have we not, about due diligence in banking? Well, the Community Reinvestment Act actually stopped banks carrying out due diligence checks. It became illegal to inquire of a borrower whether he could or could not repay the loan, and that is when you saw the invention of subprime mortgages, which had never existed before.
It was political interference in the market which caused the subprime crisis. Add to that the bubble in the property market created by criminal, fraudulent central bankers printing money and artificially restraining interest rates, as central banks are still doing now. The US Federal Reserve is still doing it, the European Central Bank, the Bank of Japan, the Bank of England: they are all at it, counterfeiting money. So we are lending money now at far too cheap a rate. We just print more money, and we are going to have another bubble and we are going to do the whole thing all over again!
Allow me to close with one point which you clearly do not understand: if it is impossible to foreclose on a mortgage, nobody will give you a mortgage. That is how the market works. Leave it to the market, caveat emptor, and let people get on with it without interference from politicians who, frankly, do not know what they are talking about."@en1
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