He told the BBC such a plan of action would be "absolutely the wrong thing to do" and a "sign of failure".

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My point was not that this was a wrong thing to do.

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But he argued that the UK government's policy of cutting its way out of the deficit was "the wrong thing to do", warning "we are in a pre-1930s situation at the moment and if we don't reverse that we could be heading for a depression".

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Now, if you break it, you made a mistake, it's the wrong thing to do, but you own it and then you got to fix it and do something with it.

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So we find ourselves - as Lord Turner more or less admitted last night - trapped in a nightmare where trying to do the right thing to strengthen banks has the paradoxical and wrong outcome of undermining economic recovery and further debilitating the banks.

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"The implication for the 1990s is that chasing growth per se, in terms of earnings and revenue, really was the wrong thing to do, " says Ramezani, lead author of the study, which appeared in a recent issue of the Financial Analysts Journal.

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