Mick Wallace Would be good if #mainstreammedia held #FiannaFail + #FineGael to account for voting for a terrible #CAP that aband… https://t.co/RFUXVmKnea
Mick Wallace The #EU needs to do more to stop the Collective Punishment of the people of #Tigray - This is a form of Genocide b… https://t.co/G5c6hiCa2q
Mick Wallace RT @wallacemick: The lack of concern shown by the #EU for the people of #Venezuela has been shocking and says much about their so called 'E…
Mick Wallace RT @wallacemick: #EU says they're interested in Dialogue - So why don't they talk to #Syria ..? They say they're interested in Rule of Law…

Finance

MICKThe Dáil resumed on Monday May 3rd after the Easter break. Speaking on Independent TD Thomas Pringle's motion on Residential Mortgage Debt, Mick argued that debt forgiveness had to be afforded to those who were in serious mortgage arrears. He argued that this should be available to those in private as well as social housing. The speech can be viewed in full here. Going around from house to house during the general election, I was struck by the level of difficulties being experienced by people, whether in social or private housing. Most of those in social housing had no work. Those in private housing had jobs but were experiencing terrible difficulty paying their mortgages. It was difficult to credit, as I had not been around the entire county of Wexford previously. Going from house to house, I was amazed at how many people were in trouble. No doubt the moratorium on repossessions has certainly been a help, but there is an element of kicking the can down the road. Matters are a great deal worse than we realise. We are fairly used to the fact that the banks do not tell us everything first-off. We were drip-fed the truth over recent years. I have experience in the construction sector of building and selling apartments and I can assure the Minister that close to 50% of the apartments I sold between 2003 and 2008 are in difficulty. Given that 270,000 units were built between 2004 and 2008, it is hard to credit that only 44,000 are in the difficult position of being 90 days behind in their payments. If this is the case, I will be very surprised if the number does not increase dramatically in the coming 12 to 18 months because I am very much aware of people who bought properties from me who are in severe difficulties. This is having a huge impact on the entire economy. It is very difficult to see how the economy will recover if people are afraid to spend money. They are saving the little bit they have to try to deal with their mortgages and to keep a roof over their heads. It is very challenging. Their take-home pay is less than it was because of tax and they have less disposable income. Any opportunity we have of creating more jobs has been diminished by this. It will be difficult for unemployment figures to go in the right direction if people are spending less money, and God knows this is creating a social misery which is devastating for many people. The notion of debt forgiveness seems unthinkable to many people. However, we know from history that it has been applied before and it worked. Roosevelt used it in the United States in the 1930s after the great depression and it worked to great effect. In this country, in 1932 de Valera introduced a form of it with regard to land tenants who had been repaying money to the British Government for years. At that stage, the payment was £5 million per annum and GDP was approximately £150 million, so it was a huge amount of money. De Valera put a stop to it and did a deal with the British; the British sought £100 million and he gave them £10 million. He took over the debts with the farmers, who were having trouble with the repayments. He halved the repayments and gave them double the time to make payment. At the time, the main argument was that debt forgiveness was good for the economy. It worked, and it was a sensible thing to do. Today, we are at a place where it is definitely something that needs to be considered. I know there are difficulties with it. I know the dangers with regard to moral hazard, whereby one will behave differently if one knows one will be bailed out if one fails. The banks are in good contact with their customers and are aware of who genuinely cannot pay and who can. If work was put into this, we could deal with those in the most trouble and help them out of their situation which would help the economy in general. If I bought a house in 1995 I would like to see someone who bought one between 2003 and 2008 receive help because I would be better off. From a selfish point of view, I would be better off even though I bought my house in 1995 if those who bought between 2003 and 2008 received help because not only would it help us see a bottom in the market, it would also help the economy in general and we would all be better off. If the benefit exceeds the cost it is something the Government should consider.

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Mick DailOn Wednesday April 6th, the Dáil heard statements on the Banks Reorganisation. This followed the publication of the stress test results on March 31st which announced that a further €24 billion will be put into AIB, Bank of Ireland, EBS, and Irish Life & Permanent. In his speech, Mick contrasted the statements made by both Fine Gael and Labour in the run up to the general election with what they have said since entering office. In particular he drew attention to the tough stance on bondholders they promised to take but on which they have not followed through. You can read his remarks below or watch them in full by clicking here. I find it amazing how little difference there is in what the new coalition is up to in terms of dealing with the banking crisis and what the Fianna Fáil Party did prior to it taking office. Fine Gael Party and Labour Party Members should have the courtesy of bowing to Deputy Lenihan when they meet him in the corridor because they seem to agree with absolutely everything he had to offer. I have noted a few of the nice quotes made during the election campaign. Fine Gael’s banking strategy, Credit Where Credit is Due, which is part of its five point plan, states: “Fine Gael was the first party to argue that it was unfair for the Irish people to shoulder all of the losses of our banks, and that it was right that investors who had lent recklessly to the banks should also share in the pain.” The document goes on observe: “It is neither morally right nor economically sustainable for taxpayers to be asked to beggar themselves to make massive profits for speculators.” It is hard to credit that this is the party that has given us the medicine that we have got for the past week. In a press release in February the Minister, Deputy Michael Noonan, stated that the Fine Gael Party “will prevent the banks from ever again holding the country to ransom”. The Tánaiste, Deputy Eamon Gilmore, was confident that they could renegotiate the so-called rescue deal and said: “The current deal cannot be worked”. It is hard to credit the neck that the coalition has brought to this equation. There was so much talk about change and doing things differently during the election campaign, but those parties made promises which I am not sure if they knew they would not be able to keep or they just changed their minds. However, it is dishonest to promise the people one thing and to deliver something completely different. When he was interviewed on radio on Friday morning last, the Minister for Finance was asked whether burden sharing is no longer an option. He replied that inquiries had been made with the ECB and that it had said “No”. So, that is it then. We were informed in the past that the European Union is supposed to be a family of nations and that we all look after each other. We were also informed that if one country got into trouble, the others would provide assistance. There was supposed to be a spirit of fellowship among the member states. I am not sure whether we have put the question regarding burden sharing in strong enough terms. In general, European politicians are generous and they would be sympathetic regarding the massive problems the Irish people are facing. I accept that those who run the ECB are incapable of being sympathetic towards us. If, however, we pressurise European politicians, we may obtain some comfort from them. They must be made to realise that we are in a crazy predicament. The dogs in the street know that this deal is not going to work out. At some stage, our colleagues in Europe are going to state that they will provide us with assistance. If, however, we accept their policies in the interim, the less well-off will suffer most. It is crazy that we are providing money to reckless banks while the numbers of learning support teachers and special needs assistants are being reduced. What we are doing to the young people of this country is unreal. It is all being done in the interest of paying back reckless investors who made mistakes. People invested poorly in banks that were not well run. The essence of capitalism is that one makes one’s gamble and one accepts the results. One wins some and one loses some. However, the investors to whom I refer are all winning. That is incredible. When the results of the stress tests were announced last week, an economist wrote an article in The Guardian newspaper in which he stated: A new Irish finance minister would do three things to make a fresh start. He would reveal the full financial horrors; he would reorganise the banks to bring some order to the chaos; and he would say that Ireland, as a consequence of guaranteeing its banking system, was carrying too much debt, was doomed to economic stagnation and must invite creditors to share some misery. Michael Noonan scored well on the first two points. On the third, he said nothing. Late last year, the IMF agreed with this outlook when it stated, “effective resolution tools are required that can ... preserve financial stability, while ultimately allowing losses to be borne by creditors rather than taxpayers”. Last November, Angela Merkel stated that bondholders should take the hit when a country is in trouble. The EU intends to make sure this happens after 2013. What is wrong with doing it now?

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In his second speech of the day on Wednesday April 6th, Mick spoke on Deputy Richard Boyd Barrett’s motion for a referendum on the Bank Bail-out and EU-IMF Arrangement. This referendum would give the people of Ireland a chance to decide whether they accept the terms of the bail-out and is supported by Mick and the other members of the Technical Group. You can watch Mick’s speech by clicking here. Deputy Regina Doherty argued that Fine Gael had not done a U-turn on the five-point plan. There should be credit where it is due and part of the plan relates how Fine Gael was the first party to argue that it was unfair for the Irish people to shoulder all the losses of our banks, and that it was right that investors who lent recklessly to the banks should share the pain. Perhaps I do not understand the term correctly but it seems like a U-turn. It is hard to credit that Fine Gael and Labour believe they have a mandate from the people for their version of the bank bailout, which is identical to that of Fianna Fáil. From the start of the debate we heard from many Members of both parties that burden sharing was vital and really important. Deputy Nolan told us we were jumping the gun, that there might yet be burden sharing. Last Friday, when the Minister for Finance, Deputy Noonan, was asked on RTE radio whether burden sharing had been asked for he stated his team had asked the ECB for it but the bank said it was not a runner. I take it, therefore, that right now it is not a runner. We were told the deal Fianna Fáil came up with was not workable. The Tánaiste, Deputy Gilmore, insisted it was not workable. From their words we know most top economists believe it is not practical. God knows, we have a good idea it is not fair. Professor Honohan, the Governor of the Central Bank, has been very open in telling us that on the issue of fairness the deal does not rate very highly. It is hard to credit that the most vulnerable in our society will be hung out to dry in order to satisfy the problems of the financial institutions. The banks had their stress tests. Perhaps the State needs them now because a number of people on the other side of the House told us the State is bankrupt. If it was not bankrupt before now there is a great chance that putting the bank debt with the sovereign debt will put us into the area of insolvency. A private company is deemed to be insolvent when its liabilities are greater than its assets. This debt certainly puts us into that place. If a private company went to the bank that bank would look at the company’s potential for future profits and would say that if the company’s future profits could cover the current losses perhaps it might do business. However, one would have to be very optimistic to see us paying the bills. Any private company that continues to borrow money when it is insolvent is regarded as trading recklessly. In my opinion, this Government is now trading recklessly. It has been argued that this motion does not merit a referendum. Article 27 of the Constitution states that an amendment of the Constitution is applicable when a Bill “contains a proposal of such national importance that the will of the people thereon ought to be ascertained”. I believe most people in this country would agree this is an issue of massive national importance. This Government has spoken a great deal about having a new approach to politics and more openness. It is prepared to engage the people. It speaks about looking at the Constitution and engaging with the people on it, which is very good. There is also a need to look at local government and engage and bring the citizen back into local government. If this Government is serious about engaging the citizens of Ireland in a democratic process and about giving them a say in how they are governed it should have the courage for a referendum on this issue.

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Mick WallaceFollowing the publication of the second part of the Moriarty Report, the Dail devoted two days to statements on the matter before passing a motion calling on Independent TD Michael Lowry to resign his seat in the aftermath of the findings of the Moriarty Tribunal. In his comments, Mick Wallace called attention to the lack of deputies in the chamber saying the Irish people could be forgiven for thinking politicians do not care. In light of the remarks made against Justice Moriarty's character following the report's publication Mick highlighted the importance of having respect for the judiciary. He also called for the complete abolition of corporate donations to political parties. Read the full text of his speech below or watch it by clicking here. Mr. Justice Moriarty is a High Court judge who was appointed to chair the Tribunal of Inquiry into Payments to Politicians and Related Matters. To find out what a judge is supposed to stand for I referred to the Constitution, which requires him or her to state the following: 'I...do solemnly and sincerely promise and declare that I will duly and faithfully and to the best of my knowledge and power execute the office...without fear or favour, affection or ill-will towards any man, and that I will uphold the Constitution and the laws. May God direct and sustain me.' I was somewhat taken aback at the manner in which Mr. Justice Moriarty and the Judiciary have been called into question. This is a dangerous road to follow. The Judiciary in Ireland is an independent and fair system. It may not get all the answers right but it is worthy of our respect. If we are not going to respect its decisions, what are we going to do? It would not stack up anymore. The core of any democracy has to be respect for what a judge decides or has to say. It is not good for us that people with influence, whether political or financial, are able to challenge the legal system with such brazenness. It is something we have to think about. I am surprised that the Government is not more outraged about this matter. We should be angry this is happening. It must seem to the ordinary people there is one rule for them and another for the people who have influence. Is this the way it is supposed to be? Is this how it will stay? We heard a great deal about change during the election campaign, which was my first. As I travelled around to listen to people I observed an appetite for change. Fine Gael and the Labour Party have promised significant change but I am taken aback they are not more outraged. I am disappointed the Chamber is not full. The Moriarty tribunal and its report have serious implications for our society. Does it not matter enough? If they are serious about making this Parliament work in the manner it should or organising our society properly, can they show a bit more interest? Can they be here? We have a huge responsibility. The people put us here. They expect us to run this country in an honest fashion, to make honest decisions and to care. We have to forgive them for thinking we do not care. This is an opportunity to show that perhaps things can change. The Taoiseach promised a number of reforms and it will be great if he is able to implement them. He referred specifically to donations. If someone wants to give €100 to a politician running for election, we should know who he or she is. People who pay pipers call tunes. Through money, businesses big and small can separate the electorate from the Legislature. Money comes between them. This is not good and we should stop it completely rather than introduce half measures such as bringing it down to this or that limit. Let us do away with the practice completely. It is not the way to run a proper democracy. Perhaps I am naive or too idealistic but I believe things can be different.

Good health is a result of proper supply and hygiene. How can medicaments hels up? Circumstances that can influence your choice when you are buying medications are varied. Below are basic reasons about cialis vs levitra vs viagra which one is better. Surely there are also other momentous questions. Choosing the perfect treatment variation for a racy disease can get really confusing considering the advantages and disadvantages of the existing treatment methodologies. When you buy remedies like Cialis you have to think about levitra vs cialis vs viagra. The most significant thing you must look for is which works better viagra or cialis or levitra. A long list of prescription drugs can lead to erectile malfunction, including many blood stress medicines, pain remedies, and most of antidepressants. Sometimes the treatment options may include erectile disfunction remedies or hormone treatments.

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