Mary Upton Speech in the Dail

Mary Upton TD has my email address from when I emailed a lot of TDs a while back about my feelings regarding NAMA. She emailed me some 30 minutes ago with the text of a speech which she made in the Dail. Apparently she made this speech on the 7th October but I’ve seen no mention of it elsewhere so I’m going to reproduce it its entirety. Mods please mod as you feel appropriate.

Now for various personal reasons I haven’t been following the PIN or the news much recently but has anybody else heard about this before now? Because Mary seems bang-on-the-money to me. How have I not heard more about this voice of reason in the Dail? I’m well-out-of-touch at the moment so perhaps this is all old news already.

No I hadn’t heard it either, and I think it is bang on.

While I don’t like nationalisation as an idea, unlimited upside equity stakes would seem to me to be less risky than NAMA. Providing replacement bond capital would seem to be entirely revenue earning and very low risk (as the bank bonds mature, replace them with reverse treasuries).

NAMA and nationalisation are not the only options. By far and away the best option IMHO is “Fuck the Bondholders”. Sure, FF guaranteed bank debts for two years, but what is to stop them from discontinuing this guarantee and allowing it to expire?

Yes there would be a mass exodus from the banks before the guarantee expired, and the government would consequently be left with a large bill to guarantee the deposit holders. But the creation of a “good bank” whereby all the deposits were transferred over to would solve that. Any deposits that were held with the bankrupt banks would now be held in the good bank. The government would only need to pony up the cash for any deposits that decided to not to transfer to the good bank.

This seems blatantly obvious to me. It is the current FDIC policy in the US. Hundreds of banks have gone bust already this year there, and the bondholders have all been told to go swivel. The deposits were then transferred to a good bank (the FDIC). The US didn’t fuck around with NAMA or nationalisation or whatever nonsense that FF have been told to do by their banking elite buddies.

Suggested Economic Plan:

  1. Allow the bank guarantee to expire.
  2. Guarantee all deposit holders
  3. Fuck the bondholers
  4. Allow the bankrupt banks to be sold to whoever wants them and is capable of running them
  5. Return govt spending to 1999 levels overnight as an official govt policy
  6. Watch prices collapse, and competivity and affordability return

It is difficult to discriminate the voice of truth from amid the clamor raised by heated partisans.
Friedrich Schiller
We hear you Mary!!

what was actually said can be found at … 11&Page=12

Jeesh, you need to be careful, because if enough people keep talking sense theres a liklihood it might catch on, and were would we be then eh? :wink:

Maybe we should be asking why the govt (FF, in particular, but not exclusively) are desperate to stop the banks failing?

What would/could be exposed if the banks were nationalised?

While we are at it we could ponder why Labour (who have had a good recession in my view) are top of the pops in Dublin but can scarcely muster a council seat in rural Ireland?

What is it about the hardwiring of the culchie brain that makes it so different to the Dublin one?

Stockholm Syndrome


Gee. And Labour are so attractive.

Not many middle class twits in the country.

Not that I vote Labour but what’s the reverse implication of that YM for the country voter?

They are superior intellectuals or clod hopping peasants tied hand and foot to the Blueshirts and the Soldiers of Destiny?

Labour are enjoying an upturn in support in the capital but it is hardly, based in the middle class unless you subscribe to the thesis that just because you were a tie you are middle class, i.e. Thatcher’s greatest illusion.

Most country voters, whether farmers or not, support farmers groups. Labour have no policy on farmers. Society is still relatively deferential to the professions, from what I can see. For some reason estate agents are part of that ‘professional’ group! I guess it’s because through their professions they have the opportunity to help or hinder in a far greater way than the state?

Yeah, there’s a lot of civil war stuff.

You should remember that the countryside is, I reckon, a lot ‘older’ than the cities.

I believe Thatcher’s great delusion has been sold to the masses - you’re middle class if you’re white collar. If you both work. If you have a mortgage. etc. etc. I don’t think the numbers of those voters exist in the countryside in large enough pockets to get Labour going… not having much in the way of credible policies for the countryside doesn’t help either!

Hasn’t stopped Fianna Gael… And the Greens only managed to get Mary White in, despite how credible or in-credible their policies may be… Truth be told, it’s nothing but civil war politics down the country and perhaps the vote is older, with anyone apathetic not to vote already in Oz having left the sites behind.

Break out the Christy Moore… XX

I always thought Maggies achievements were she smashed the unions and then convinced joe bulldog that Britain could be great again and Britannia still ruled the waves, around Las Malvinas anyway. She went to war and they loved her for it.

Well, you know what they say about marketing… Perception is reality.

I should have said the miners union or would you prefer minor union. :wink:

I think the theory that Thatcher convinced the working class is middle class is over done.

Had a pint with a guy on Sunday night who is doing a sociology phd on post WW2 England. He reckons that the Atley Labour government, which had done more than any government previously to help the great unwashed; establishment of the NHS etc, was defeated at the next election because the very same people they helped out of poverty subsequently considered themselves middle class and hence Tory voters.

There’s nothing like quality research. BD