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"id": 376126,
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"type": "speech",
"speaker_name": "Hon. G.W. Omondi",
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"speaker": {
"id": 1169,
"legal_name": "George Washinton Mallan Omondi",
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"content": "Thank you, hon. Temporary Deputy Speaker. It is obvious that the capital market is the driving force of any successful economy in any part of the world because the commercial banks, as they are constituted, find it very difficult to raise money to lend to the economy. It is also true that in our drive to industrialize by the year 2030, it is important that we strengthen our markets and sources of finance. It is also true that there are lots of risks in operating capital markets. As we all know, the meltdown of the American economy started from the capital markets because there is insufficient regulation. There are people who call themselves financial engineers and they will come with some securitized inventions to sell to the public and that carries a lot of danger. Hon. Temporary Deputy Speaker, I, therefore, support these amendments because, as we will be going to the market to look for funds to invest, we must also be realistic about the dangers that are there and stop those who will play with peopleâs funds to create very risky investments which they will claim to have very high returns. What"
}