Daniel Hannan | Occupy Wall Street Debate | Oxford Union

[superfrank]

it's their response to the crisis that risks "total financial meltdown". they did what the banks wanted before the crisis (lax controls and rates too low), then did what the banks wanted when it all went tits up (bailouts, ZIRP and QE).

at what point do you say enough is enough? because one thing is for sure - they'll do it all again if you let them.

[giulio2010]

failed businesses should be allowed to fail and the assets and viable parts of the business sold to someone who can do a better job.

Normally, I'd agree with you, but in this instance that would have run the risk of a total financial meltdown. You can't blame politicians for wanting to avoid at all costs the slightest possibility of that outcome.

Jeff

according to you why do you think politicians agree with whoever the banks do? Because they want to save them for the sake of the economy and the bank or because between each transaction political parties receive part of that money and sometimes directly into the pockets of each one of them?
I think after all the scandals we have witnessed we can't deny that at the base of all there is a huge corruption going on between powers and until we keep justifying banks and politician we will be treated like idiots or slaves of their highly corrupted and inefficient system , which is only good for a few

[giulio2010]

Iceland President Olafur Ragnar Grimsson tells Al Jazeera's Stephen Cole that Europe should let banks that are ran "irresponsibly" go bankrupt.

Speaking at the annual World Economic Forum in Davos, Grimsson also held his country as a model of economic recovery after its near-collapse four years ago.

"We didn't follow the traditional prevailing orthodoxies. And the end result four years later is that Iceland is enjoying progress and recovery."
Here the full video 2,58m
http://www.youtube.com/watch?v=ErMR0kzvlw4

[Groovyelms]

Excellent debate, I always feel that banking and the self generated banking crisis et al, is so much smoke and mirrors, and i do feel that banks going bust is not such a bad thing...Provided depositors are protected as they are not investors.
the situation now of historically low interest rates ( yet very high costs of borrowing) will mean that all the really clever inovative stuff that people want to do will be limited and stunted....and just prolong the reccession maybe forever..
Just got back from switzerland after a short break, everything works, is clean and yes expensive, but the Uk is really expensive too...
I feel that a refferendum on our membership of the EU should be now, not in the nebulous future
groovy

[CaerMyrddin]

Fair point Jeff, but bear in mind I was discussing fairness

Giulio, the icelandic model is very interesting but I would risk to say that not in the way they are dealing with the crisis, that's just a consequence, imho.

They are stepping to a more participative model of democracy and a similar movement is begining in Spain as well. Politics are and will always be determining everything else and we've let our politians loose. Icelandics took action about it