Karl is a big man

[Assasin]

Former PNP Cabinet Minister in the PJ Patterson administration breaks ranks with colleagues on what caused the collapse of the financial sector in the 1990s.
-Dr. Karl Blythe has condemned the management of the economy under the leadership of PJ Patterson and Omar Davies.

[Mosiah]

Karl Blythe is a FINSAC debtor.

[Muadib]

The Truth shall set you Free...

<Former PNP Cabinet Minister, Dr. Karl Blythe has broken ranks with his party colleagues and has accepted that his Gov't should be blamed for the financial sector meltdown during the 90s. In a release today Dr. Blythe said PJ Patterson and Dr. Davies "erred significantly in maintaining the high interest rate for much too long a period". Dr. Davies is expected to reply soon.>

Ralston Hyman start di freedom train rolling.. all that pent up denial is good to release... might be the start of the cleansing of di PNP..

[Bricktop]

Who else is to blame for the financial meltdown but the presiding government? If the entities were being mismanaged who was responsible for oversight?

[Hortical]

When yuh have buffoons in charge that's what yuh get.

[Assasin]

so him nuh get bailout? like nuff a dem? It is good when people can admit to failure. More PNP a go come out of the woodworks on this.

The basic principle of economics tell you the that high inflation, huge devaluation and high interest rate will result in economic failure.

Right now one of the reason they say gas price is so high for Americans is because of the US FED policy of buying bonds (QE2) which resulted in a slight devaluation, so imagine that on steriods.

Hugh Small and Claude Clarke etc. may have a few words to say too.

[Skeng DX]

Dr Karl Blythe, a former Cabinet minister in the People's National Party (PNP) administration of the 1990s, has accepted that his government should be blamed for the financial sector meltdown of the period.

"I personally apologise to all those who may have suffered during this financial crisis," Blythe said in a release yesterday.

"I further apologise for any mistake made by the Government, of which I was a part, which resulted in the suffering of any Jamaican," added Blythe.

According to Blythe, the main problem was that the PNP administration, led by P.J. Patterson, with Dr Omar Davies as finance minister, "erred significantly in maintaining the high interest rate for much too long a period".

Blythe, who failed in his bid to lead the PNP after Patterson stepped down in 2006, said the high interest rate introduced by the Government was acceptable, but it was the length of time that it was maintained.

"The Government, of which I was a part, introduced a high interest rate policy, which most of us will agree is an effective tool to achieve certain objectives, such as tightening liquidity to discourage currency speculators, thus protecting our exchange rate and controlling inflation," said Blythe.

The former government minister took special offence to the classification of FINSAC debtors by members of the previous government.

"So we now have what Dr Davies and others are calling bad debtors. Who are these bad debtors? They are our entrepreneurs, simply mothers and fathers borrowing money to assist their children through school and using their matrimonial home as security.

"These persons now being referred to as bad debtors were good clients of the banks, servicing their loans according to contracts they signed with the banks, at interest rates in the high teens and mid-20s, and doing a good job of being a good customer of the bank," charged Blythe.

[Skeng DX]

Blythe breaks ranks over FINSAC debacle
2011-05-16 18:51:12 | with audio | (0 Comments)



Karl Blythe (left) and Dr. Omar Davies- file photo Dr Karl Blythe, a former Cabinet minister in the People’s National Party administration of the 1990s, has broken ranks with his colleagues and has accepted that his government should be blamed for the financial sector meltdown of the period.

Only last week former Prime Minister P.J Patterson said the collapse was the result of high interest rates imposed by financial institutions.

Former finance minister Dr Omar Davies, has also maintained that the Government was not to be blamed for the fallout.

But in a seven-page release issued this afternoon to Perkins on Line on Power 106FM, Dr Blythe said the main problem was that the PNP administration, led by P.J. Patterson, with Dr Omar Davies as finance minister; “erred significantly in maintaining the high interest rate for much too long a period”.

This afternoon Dr Davies told The Gleaner/Power 106 News that he has heard about the release, but had not seen it.

Dr Davies has promised a response as soon as he sees the document.

“The Government, of which I was a part, introduced a high interest rate policy, which most of us will agree, is an effective tool to achieve certain objectives such as, tightening liquidity to discourage currency speculators, thus protecting our exchange rate and controlling inflation,” said Blythe.

The former government minister also took offence to the classification of FINSAC debtors by members of the previous government.

“So we now have what Dr Davies and others are calling bad debtors. Who are these bad debtors? They are our entrepreneurs, simply mothers and fathers borrowing money to assist their children through school and using their matrimonial home as security,” Blythe said.

[Gamma]

if it had occurred under a jlp government what yuh think karl would say? do you think he would be defending the government the way he is now? karl?

[Lazie]

if it had occurred under a jlp government what yuh think karl would say? do you think he would be defending the government the way he is now? karl?

Which Karl, the one that came here September 8th, 2007 and admitted he cannot afford to see this gov't succeed?

[Gamma]

samuda!

[MdmeX]

samuda!

or Marx