I find it strange how this article was side stepped.

[Lazie]

A disingenuous dodge

[Lazie]

.... strange indeeeed.

"Under the system, the economy grew cumulatively by 25 per cent in five years; inflation fell to eight per cent by 1988; the exchange rate remained within a band of 5.50:1US and 6.00:1US, even if it was managed; and lending rates in the banking system were in the 20 per cent range.

In contrast, the total liberalisation of the foreign-exchange system in 1991, without the necessary preconditions, had manifestly disastrous economic consequences. It brought with it spiralling inflation, exceeding 80 per cent at one stage, devaluations of 66 per cent in just over four years, and bank lending rates of more than 70 per cent before penalty charges. Ultimately, it turned a growing, productive economy to chronic stagnation."

Some people deal wid facts .... others follow anancy stories.

[Rudi]

Who disagreed with this. There is more to the story but this is mostly correct. Don't get your point though who was trying to avoid this.?

[Lazie]

Who disagreed with this. There is more to the story but this is mostly correct. Don't get your point though who was trying to avoid this.?

Do you consider yourself a disingenious dodger? Why so defensive?

[Rudi]

Easy youself. Your caption said the article was sidestepped. I simply asked who cause this has been discussed before. Who is really being defensive here Lazie.

[Willi]

Karl needs to read this great article.

[Karl]

Karl needs to read this great article.

Read it!
...was editing it in between reading the forum when I saw Lazie had hidden it under that title to his post.

It is very interesting.
Restates the arguments made by those who disagree with Omar Davies' position.

Who can argue with either gentlemen...save some will point to the results of Omar's action and speculate on what alternatives may have achieved. Quarter backing...so what is new?

As it relates to the lack of development in the country...we have argued this back and forth for years on this forum. My position has not changed - Those who ruled Jamaica from Bustamante to present did a poor job.

...and the poor job still continues.

btw - Claude Clarke was a part of...important part of...one of those governments. He has also contributed to the situation that now holds.

...also he is not a disinterested party as he failed to manage Highgate Foods in a manner that would have made it a profitable or viable entity.

[Willi]

Primary responsibility must be on the Govt Karl.

Omar is in an indefensible position. An unmitigated disaster.

[Karl]

Primary responsibility must be on the Govt Karl.

Omar is in an indefensible position. An unmitigated disaster.

I rather doubt it.

[Willi]

Listen to those affected by Finsac
Friday, June 10, 2011
Dear Editor,
The very sad stories that have been told at the Finsac Enquiry give us a sense of the very dark time Jamaica passed through during the financial crisis of the 1990s.
Who caused the crisis? This is the question on many people's minds, but does it really matter now? I found myself asking this question - not because I thought the financial crisis was not important, but because I know if the person, persons, institution or institutions that caused the crash of the sector were indeed identified, nothing would be done.
However, after listening to the numerous entrepreneurs and others who are now either broke, bankrupt, dead (due to suicide) or simply in exile, I would like to point the finger on the person, persons, institution or institutions that caused such despondency, bitterness, misery, sadness and torment to those who once added tremendously to the entrepreneurial growth and manufacturing sector of Jamaica. We are in dire need of such individuals to add value to the economy and also to spur employment, which is a major challenge facing our country. The inquiry, some may say, is simply a political ploy. However, I am sure of one thing. Those who were affected and offer to give evidence are not puppets for any political party; their pain and suffering are real!
It is beyond me why people who were in positions that directly dealt with the financial sector during this time seem to think they are the saviours of the sector and did not add to the meltdown in anyway. Are they for real? Is this a big joke? Their stance shifts all the blame to the individuals who had everything to lose. The ones who took the time to build a business, take a risk and create employment. What will this enquiry really bring to the fore? Only time will tell, but persons need to be held accountable for their role that caused the crash of our once booming manufacturing and entrepreneurial sector and spirit.
This situation is no political tool to get back at any party, as both parties are now seen as not having what it takes to move the country forward. I ask Jamaica to listen to the affected ones: Anthony Hutchinson, Trevor Donegal, Don Crawford, et al, and make a decision as to whether or not the Finsac Enquiry is a political game or a serious tragedy that someone must be held accountable for. We are encouraged to be brave and take risks to create new opportunities. That's exactly what most people who were affected by Finsac did. Was it worth it? I leave Jamaica to decide. Will we continue to go with the flow or will we stand up and protect our future and Jamaica?
Javid Brown
Mandeville, Manchester


Read more: http://www.jamaicaobserver.com/resul...#ixzz1PCRPj8Gw

[Willi]

If Omar go anywhere near finance again, Jamaica is doomed. Yuh can gwaan fool yuhself, but it would be time to stick a fork in the country and call it done!

Don Crawford's painful journey
HAVING now heard from former head of the Century group, Don Crawford, my main disappointment is that not many people have immersed themselves in the Finsac enquiry as those who did so with the Manatt probe.

The depositors in the entities which crumbled during the 1990s were saved by Finsac and I totally agree with former Prime Minister P J Patterson that there would have been rioting had it not been done. The other side is, of course, the former bosses of these entities like Crawford and Chen Young, men who dared to think and act big and stepped up boldly, and hundreds of others who were successful small businessmen. They have all been vanquished by the policies of old socialists — men who where square thinkers and who tried to operate a round-holed system.

One reader wrote, "I was stuck to the Internet today watching and listening to the testimony of Don Crawford. I have listened to and viewed a few of the earlier testimonies, but Don's testimony was the most shocking and troubling I have heard. The whole world was waiting for his testimony and now the shocking revelations have left many very troubled and in a state of shock.

"Unlike the testimony of the other major victim — Paul Chen Young, who has documented and published his side — we are hearing from Don further and better particulars of what really happened. Don was at his best and his shocking and troubling revelations cannot and should not be taken lightly. I was always convinced that Don's destruction by the previous administration was a political takedown by an administration that believed that it owned Jamaica.

"For those who were always listening to those who were demonising Don, Paul Chen Young and the other indigenous entrepreneurs, must now ask themselves the big question, why did Portia find it necessary to demote Omar Davies to shadow the transport and works ministry? Why, Why?? Why did she find it necessary to demote the so-called world-class minister of finance despite her predecessor P J Patterson's strong defence of Finsac, which was implemented by the world-class finance minister, Omar Davies? The question remains, why, why, Portia?

"Remember that famous talk: 'We have always believed that it is in the best interest of this country for this party to form the administration, so anything that will allow us to remain in power we will do'.

"The failure by the spineless Golding administration to have expeditiously corrected the wrongs heaped upon on the bankers and other Jamaican black-skinned investors by the PNP has cost his administration and, by extension, the country dearly. It leaves many with the impression that the Golding administration is afraid to flex its muscles to eliminate Finsac -- that albatross around the neck of the nation.

"The administration's failure to eliminate Finsac has sent the wrong impression to local and international potential investors who would love to invest in Jamaica. Until this administration gets the gall to implement measures that will assure us that a Finsac two will never transpire it will be difficult to convince one to risk investing in Jamaica, for fear that Finsac number two will rear its ugly head again. Only a damn madman would invest in a climate of this nature, one that was bequeathed to the JLP and has not been eliminated."

[Assasin]

eehhh, eeehhhhhh