'FINSAC ruined me' - Man loses business, home during '90s me

[Karl]

You really think mi tek yuh fi fool? Y'all have sold yuhselves as fools a long time ago.

Run of the mill politician!
Yuh tek di votah dem fi fool!

[Assasin]

"Should we assume that the JLP is to blame for these ongoing and coming rush into ruin? "

Why are they without blame? If this is the case aren't they the government of the day? Do they set policies?

[Sickko]

Just a point pof order that I do agree with Karl here, we were taught in Journalism school that we 'need to show it not say it'..if the man says he business was 'vibrant' then there should have been at least two sentences to show that he was making money and was filling x amount of orders per week and what was the turn over.

He could be a 'Ben down' market vender where he packed the fabric in the back of his car and drive around trying to hawk them like a lot of people do.

Sad story non the less..

[Karl]

"Should we assume that the JLP is to blame for these ongoing and coming rush into ruin? "

Why are they without blame? If this is the case aren't they the government of the day? Do they set policies?

Sass,
Firstly you work in the climate within which you start your business...and secondly, you adapt (modify...wherever) with the changes in climate as you go along...or your business dies!

...there is one other situation - e.g. I am in the mortgage business...based on the activity in the real estate market...perhaps, I should say, I was in the mortgage business... - the market undergoes rapid and such profound change such that the options are 'riding out the downturn'
...or...
'change service and production' to something in greater demand (i.e. get out of the 'old line of business').

That's it!

Riding headlong into failure is just, not it!

[Assasin]

No Karl sudden shock can kill any business. If you operate at a 20% profit margin and interest rate or cost eat your profit away it is possible but hard to adjust.

I have to give some companies like Jamaica Producer credit for changing their business plan and weathering the banana storm but especially many small business will not be able to adjust. That is why they don't try and raise the rate more than .5 points in the US.

[Karl]

No Karl sudden shock can kill any business. If you operate at a 20% profit margin and interest rate or cost eat your profit away it is possible but hard to adjust.

I have to give some companies like Jamaica Producer credit for changing their business plan and weathering the banana storm but especially many small business will not be able to adjust. That is why they don't try and raise the rate more than .5 points in the US.

... I was adding to my post as you were answering!
Go back to my post and check...

...and your last paragaph?



Right on!

[Assasin]

Karl it is easy to get out a business as you know because you alway think you can sell the next house, the next mortgage. You think 1 one more, one more month, .....

While I know it must have been hard for you in the business and maybe you can transfer your skill somewhere else as hopefully you didn't have to much capital invested. It may not be as easy for the man who started building 4 projects, or the man with the stock in his warehouse with a net 30 days to pay.

[Karl]

Karl it is easy to get out a business as you know because you alway think you can sell the next house, the next mortgage. You think 1 one more, one more month, .....

While I know it must have been hard for you in the business and maybe you can transfer your skill somewhere else as hopefully you didn't have to much capital invested. It may not be as easy for the man who started building 4 projects, or the man with the stock in his warehouse with a net 30 days to pay.

You mean some have the strength and wisdom to know when to change...

...some do not! ...or put another way, some go mad!

It is not a crime to fail!

It is a crime to not try at all and it is a crime to give up!

[Assasin]

Is not that some failed. Some early actions and planning could minimize some damage, just like in the US.

The greatest difference is some are just not able to start again.

Karl some companies who didn't go under had the luxury of families in foriegn land who could pool up them little much and help out. It happened in my family and others I knew of. At that time if you had to get capital from a direct Jamaican source you salt and one can argue that is one of the reasons the foriegn banks never failed.

[Karl]

Is not that some failed. Some early actions and planning could minimize some damage, just like in the US.

The greatest difference is some are just not able to start again.

Karl some companies who didn't go under had the luxury of families in foriegn land who could pool up them little much and help out. It happened in my family and others I knew of. At that time if you had to get capital from a direct Jamaican source you salt and one can argue that is one of the reasons the foriegn banks never failed.

Don't knock the capital you and your relatives sent down. Small businesses...some now grown into big businesses...a great vast majority were started with 'family' and or 'friends' capitalisation.

Hey! ...we have TSA Sports Agency!

[Assasin]

i don't mind sending capital but emergency money a the problem. TSA I don't know much but based on the people involved I know it must be planned.

I am talking a man call and say mi inna trouble send everything come give me. The fact is if Jamaica going to be wealthy some of that capital have to come from Jamaica and have to remain there.

[Karl]

i don't mind sending capital but emergency money a the problem. TSA I don't know much but based on the people involved I know it must be planned.

I am talking a man call and say mi inna trouble send everything come give me. The fact is if Jamaica going to be wealthy some of that capital have to come from Jamaica and have to remain there.

...a hear yuh!

[Muadib]

What was the basis upon which the Bank loaned the money ?

Because him seh him business is vibrant ?

lol !

[Muadib]

I will make it easy on you..

Pick one part of my statement that is foolishness and explain why it is foolishness.

What yuh mean 'trending upwards' ?

lol !

Look here.. if you cannot avoid being disingenous on this topic just say so and stop wasting people time...

Next ting yuh gwine seh is the depositors would have gotten their just deserts since they left their money in the banks... they should have sensed the impending failure...

I asked you a question and yuh never answer...

Who was looking out for the borrowers whose small and medium businesses were depending on these loans.. small and medium business are drivers of economies.. should the Govt not have put in place something to protect this vital part of the economy ?

[Jawge]

Boss your arguments are circular. I you are arguing the case of the depositors, why are you questioning the argument that "NCB is too big to fail"? Do you understand the consequences to JA's economy or is it that's exactly what you wanted back then? BTW which major bank in the US is allowed to fail? I see mergers and acquisitions all the time.

You should throw "pardner" cause you know nothing of banking. Why? I saw you runnig around this board say that the Ponzi schemes were good for Ja's economy. When Omar tried to protect Ja by regulating and closing these schemes, Audley and yourself were crying foul (saying they were entreprenuers and geniuses respectively). It wasn't until they were actually threatnening US interests and national security; with the feds moving in to make arrests that you saw the light. Finance whiz kid Mr.Smith was making deposits in millions and no trading activity to show for it.

So wha? "go throw parner an leff banking alone".