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even PERSAUD is forced to an admition, him conscience mussi was a kill him:
On the Meltdown:
Conclusions
What conclusions can be drawn from the analysis of the meltdown?
1. Was it the Government's policies as some claim, or the bad management of the locals? My judgement is that you would have to score the script 50/50.
WHO WAS THE FINANCE MINISTER AT THE TIME !!
LONG TERM EFFECTS:
4. What has the long-term effect of the crash been? The author states:
"The crash in the financial sector has left an enduring mark on the economy. It also has, to a great measure, established some strong constraints on the capacity of government to push for policies of growth in the near future.
"Perhaps of greatest significance, however, is the inordinately large proportion of the assets in the financial system that are held by government as a result of its rescue operation - in the region of 45 per cent of total deposits - and the fact that government debt represents close to 150 per cent of GDP."
5. What are the economic prospects for the country? Much time and productivity have been lost in the meltdown and the stranglehold of debt that many companies face is a disincentive to productivity.
Growth rates
In addition, aggressive nations have exploited the advantages of WTO guidelines to the country's detriment. In order to overcome the negative or very low growth rates experienced in the meltdown, significantly much higher - and very unlikely - growth rates will now be necessary to overcome the deficit.
A result of the meltdown and the rescue operation has meant that significant portions of Jamaica's financial resources are now foreign owned.
Some examples:
LOJ was divested to Barbados Mutual.
A group of banks: Citizens, Eagle, Island Victoria, Workers, were eventually merged into one bank initially called Union Bank, but subsequently bought out by the Royal Bank of Trinidad and Tobago.
Non-performing loans were divested in a quasi-partnership arrangement with Denis Joslin of Texas as the holder of the portfolios.
The pension, annuities and individual life policies of Crown Eagle, Dyoll and Mutual Life were acquired by Guardian Holdings, a Trinidadian company.
NCB, the subject of a complex set of negotiations, was eventually acquired by Michael Lee Chin's Canadian-based AIC, though in all fairness, Lee Chin has aggressively Jamaicanised the bank to make it the number one bank in Jamaica in terms of assets.
The managing director is the former head of Finsac.
There are a number of Jamaican's who were hurt by the meltdown and are now forced to live abroad.
Mention has to be made of Don Crawford and Paul Chen Young. Is there the possibility of amnesty and return to their homeland?
http://www.jamaica-gleaner.com/glean...business6.html
The PNP... the greatest scourge to the development of Jamaica since independence.
Talk about a 1-2 PUNCH. Michael Manley give us an UPPERCUT in the 70's and PJ Patterson and Omar the ROUNDHOUSE and attempted killing blow in the 90's.
The road to hell is paved with good intentions.. so unnuh spare me the BS.
Unnuh tink seh wi should give di PNP a 3rd Strike ?
If unnuh have a decent bone in unnuh body have pity on Jamaica Land We Love GO AWAY for about 15 years.. sort out unnuhself, reform unnuself, CLEAN UP unnuhself.. get rid of all the termites and psuedo-intellectuals and 'False Prophets'.. they have caused enough damage for 100 years.
On the Meltdown:
Conclusions
What conclusions can be drawn from the analysis of the meltdown?
1. Was it the Government's policies as some claim, or the bad management of the locals? My judgement is that you would have to score the script 50/50.
WHO WAS THE FINANCE MINISTER AT THE TIME !!
LONG TERM EFFECTS:
4. What has the long-term effect of the crash been? The author states:
"The crash in the financial sector has left an enduring mark on the economy. It also has, to a great measure, established some strong constraints on the capacity of government to push for policies of growth in the near future.
"Perhaps of greatest significance, however, is the inordinately large proportion of the assets in the financial system that are held by government as a result of its rescue operation - in the region of 45 per cent of total deposits - and the fact that government debt represents close to 150 per cent of GDP."
5. What are the economic prospects for the country? Much time and productivity have been lost in the meltdown and the stranglehold of debt that many companies face is a disincentive to productivity.
Growth rates
In addition, aggressive nations have exploited the advantages of WTO guidelines to the country's detriment. In order to overcome the negative or very low growth rates experienced in the meltdown, significantly much higher - and very unlikely - growth rates will now be necessary to overcome the deficit.
A result of the meltdown and the rescue operation has meant that significant portions of Jamaica's financial resources are now foreign owned.
Some examples:
LOJ was divested to Barbados Mutual.
A group of banks: Citizens, Eagle, Island Victoria, Workers, were eventually merged into one bank initially called Union Bank, but subsequently bought out by the Royal Bank of Trinidad and Tobago.
Non-performing loans were divested in a quasi-partnership arrangement with Denis Joslin of Texas as the holder of the portfolios.
The pension, annuities and individual life policies of Crown Eagle, Dyoll and Mutual Life were acquired by Guardian Holdings, a Trinidadian company.
NCB, the subject of a complex set of negotiations, was eventually acquired by Michael Lee Chin's Canadian-based AIC, though in all fairness, Lee Chin has aggressively Jamaicanised the bank to make it the number one bank in Jamaica in terms of assets.
The managing director is the former head of Finsac.
There are a number of Jamaican's who were hurt by the meltdown and are now forced to live abroad.
Mention has to be made of Don Crawford and Paul Chen Young. Is there the possibility of amnesty and return to their homeland?
http://www.jamaica-gleaner.com/glean...business6.html
The PNP... the greatest scourge to the development of Jamaica since independence.
Talk about a 1-2 PUNCH. Michael Manley give us an UPPERCUT in the 70's and PJ Patterson and Omar the ROUNDHOUSE and attempted killing blow in the 90's.
The road to hell is paved with good intentions.. so unnuh spare me the BS.
Unnuh tink seh wi should give di PNP a 3rd Strike ?
If unnuh have a decent bone in unnuh body have pity on Jamaica Land We Love GO AWAY for about 15 years.. sort out unnuhself, reform unnuself, CLEAN UP unnuhself.. get rid of all the termites and psuedo-intellectuals and 'False Prophets'.. they have caused enough damage for 100 years.