you can see all the ugly stuff that gets caught in them, including like dead bodies. and that s how i feel like that the water went down so much and everybody was like, that s bernie madoff down there. a wall street wiz with a golden reputation. bernie madoff earned trust from many of his clients because he made the money. lots of it. or so they thought. bernie madoff was a modern day dr. jekyll and mr. hyde. he had a legitimate life that was highly successful, and he had this darker secret that fed his need for success. madoff allegedly had been using new investment money from clients to pay supposed profits out to other investors. under the weight of a tumbling stock market, the scheme had
president biden said, that s not going to happen. he said that people who deposited money will be protected, but people who invested and held stock in banks when you invest, you take a risk. those people to risk by investing and investors will lose investment money. shareholders will not be rescued that seems sensible. why did shareholders and investors get built out the first time anyway? i don t know. why didn t we learn this lesson from the last time this happened in 2008 and 2009? there is a real story. it is a story with some familiar political actors. when we had the financial catastrophe in 2008 and 2009, they did pass a big package of new rules for the financial industry to stop this from
shielding people from the rising energy shielding people from the rising energy prices. that will in turn partially energy prices. that will in turn partially be saving for some households or consumed by others, and that households or consumed by others, and that will cause the economy to .row and that will cause the economy to grow lrut and that will cause the economy to grow but not that much but not a big multiplier grow but not that much but not a big multiplier there. grow but not that much but not a big multiplierthere. if grow but not that much but not a big multiplier there. if you had that money, multiplier there. if you had that money, part of that money going to investment money, part of that money going to investment or going to things that will permanently increase the growth momentum in the uk which is really what the momentum in the uk which is really what the government is trying to do by increasing growth, that would potentially be a different story because
the 2019 conservative manifesto, i the 2019 conservative manifesto, people the 2019 conservative manifesto, people in the 2019 conservative manifesto, people in seaside the 2019 conservative manifesto, people in seaside burnley- the 2019 conservative manifesto, people in seaside burnley whichi people in seaside burnley which selected people in seaside burnley which selected a people in seaside burnley which selected a conservative - people in seaside burnley which selected a conservative mp - people in seaside burnley whichi selected a conservative mp which were selected a conservative mp which were promised selected a conservative mp which were promised as selected a conservative mp which were promised as much - selected a conservative mp which were promised as much money. selected a conservative mp which| were promised as much money as selected a conservative mp which - were promised as much money as they -ot were promised as much money as they got before were promi
of the business vaults and we all break into the vaults to get the cash. no, look, there is. so where is there money in the economy? there is business deposits, right? there s leftover lending that hasn t been spent down by small businesses from from covid. i think that will start to get drawn on now. there s investment money, right? certainly, if you want to do anything green, anything on technology, anything on life sciences, you know, those are very, very attractive sectors right now. you can get finance for that. and as for the point on profits, and may i suggest you re about to ask me about windfall taxes, i m not a fan of them. now, you might say, surprise, surprise , but let me tell you why. because commodity markets, notjust oil s, they go up and down. and when the price goes down, everybody loses money. and when the price goes up, everybody gets money. now, i don t think we should start bailing out commodity companies when the price goes down, nor do i think we should excess