Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-16-Speech-4-142-000"
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"en.20120216.23.4-142-000"2
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"Mr President, the bail-out of the banks will one day be regarded as one of the most scandalous moments of the century. The sums are off the scale. In the United Kingdom, we spent GBP 1 trillion. We know where the money came from. We do not know where it is now; we do not know who has got it. What happened in the panicky days in the intermediate aftermath of the collapse of Lehmans was a total loss of nerve. In their turmoil, politicians the world over turned for advice to the one lot of people who could not give them disinterested counsel, namely bankers. Of course bankers suggested that the banks be bailed out.
Do you know what, if we had asked the bakers whether we should bail out the bakeries, I suspect we would have got the same answer, and the bakers might have almost believed it – saying foodstuffs are an absolutely essential commodity, they are not like anything else, and so forth. But that is why we do not ask them; that is why we have representative government.
There has now been this explosion of anger, which has taken the form of the occupying movements. I would just say to anyone protesting in those movements: the one thing you are not complaining about is capitalism. In a capitalist system, bad banks would have been allowed to fail; their profitable operations would have been bought by more successful competitors, shareholders and bondholders would have lost, and taxpayers would not have contributed a penny."@en1
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