Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-286-000"
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"en.20140204.43.2-286-000"2
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"Mr President, I was a journalist for twelve years before I was elected here and I recognise when a story has passed the point of correction. Nonetheless, I am going to say a very unfashionable thing: it is not true that the financial crash was caused by an absence of regulation. In fact, it is difficult to think of a more heavily regulated industry than financial services, with the possible exceptions of nuclear power and some elements of television broadcasting.
The financial services authority guidelines on compliance with regulation in the UK are now 10 500 pages long. The truth is that this compliance is not useless; it is worse than useless because what it means is that the very large companies, which can afford the costs easily, end up taking up the little ones that cannot. We just create the wretched ‘too big to fail’ phenomenon which caused the problem in first place. Our aim in this Chamber should be the precise opposite of what we are doing now; not to have more regulation with the aim of preventing bank failure, but to have a plurality of operators so that a bank can fail without the taxpayer having to bail it out. It is not a problem; it is called capitalism."@en1
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The resource appears as object in 2 triples