Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-06-Speech-3-103-000"
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"en.20110706.3.3-103-000"2
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"Mr President, ladies and gentlemen, the Angelides report by the US Congress Commission of inquiry has clearly demonstrated that the crisis was avoidable and has pointed the finger at public operators and the financial system, referring to those responsible by name: the Federal Reserve, rating agencies, investment banks and the five major US banks responsible have all been blamed for the ongoing crisis.
Even today, these practices are going on. The Commission of inquiry’s findings were preceded by the very serious, yet unheeded, warning that was also given by the crisis committee led by the Nobel Prize-winning economist, Maurice Allais. Unfortunately, the report does not say much about all this and, bowing to the superior knowledge of those economists – nearly all of them in fact – who were unable to predict the crisis, it overlooks today what is a key proposal for those who want to get to the root of the problem: to re-establish the principles of the Glass-Steagall Act, aimed at separating the activities of traditional banks from those of investment and merchant banks – speculation, in other words – and to prohibit the creation and trading of financial derivatives.
The report also disregards one of the key aspects of this powerful formula, which is necessary to ensure a financial recovery and to successfully combat corruption through the use of drastic measures. Lastly, how can one ignore the negative impact of the crisis on a serious problem such as immigration?"@en1
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