Bad taste of Finsac still lingers

[Willi]

Wow,

No mention of the fact that loose Govt monetary policy and regulations caused the situation to develop in the first place!

While a lot of the gripes must bear some of the responsibility for their own recklessness, the lion's share must go to the Govt.

Finally, the "compassionate" Finsac resolution rings hollow when talking about protecting depositors' money when the runaway inflation fostered STOLE value for people across the board, except for those in gilt-edged shot term govt paper.

[Jawge]

Mo yuh haff mi laughing with
tears. Is a long time mi nuh laugh so hard. Is fi dem tactics boss when presented with logic and reason cuss out di presenter LOL whooeee.

[Comment]

Mo yuh haff mi laughing with
tears. Is a long time mi nuh laugh so hard. Is fi dem tactics boss when presented with logic and reason cuss out di presenter LOL whooeee.

What a simplistic and churlish response to what is a very serious issue from the meddler of finance. It is typical that he would seek to sidestep responsibility and proper debate about the circumstances that precipitated the complete wipe out of the indigenous banking sector in Jamaica. This is his modus operandi. This is what has characterized his ministry. That is conspicuous incompetence and zero accountability. It is just as typical to me that Jawge would be laughing and feeling vindicated by this stupid response to what still remains a very serious issue.

Meddler of Finance says

“Whilst I am willing to engage in a reasoned discussion on the impact of high interest rates on the viability of some of the projects, the bald fact was that there was a mismatch of assets and liabilities in all of the troubled institutions.”

The reality was and is that this mismatch that he speaks about came BECAUSE of the impact of high interest rates.

Meddler of finance says

“Mr Patrick Lynch opined that some of the indigenous bankers have been treated like thieves "when they are not all crooks" (my emphasis). This is interesting observation from Mr Lynch!! Perhaps he would wish to make his differentiation more explicit by identifying those who he would characterize as "crooks".

The reality was and is that making this differentiation was your job you simplistic twit, not Mr. Lynch’s and you just tacitly acknowledged that you treated everybody like a criminal instead of attempting to correctly distinguish who were genuine thieves and who were hapless victims of your reckless and stupid policies which is exactly the point Mr. Lynch was trying to make you meddling moron.

Meddler of finance says

“The chairman of the Observer, Mr 'Butch' Stewart, is quoted as saying that "the Government used FINSAC to gag any opposition from the private sector". This is an interesting observation from an entrepreneur who expanded his "empire" by purchasing several assets from FINSAC.”

The moron goes further

“As someone who was intimately involved in most of the negotiations for the sale/purchase of these assets, and with whom Mr Stewart consulted on various occasions, I cannot recall these concerns/reservations being expressed then.”

What was it that the deacon said about transfers of resources from the poor to the rich? Well the Meddler of finance just spelled it out for all of us when he admitted to being “intimately involved” in such transfers. FINSAC really if you are splitting hairs should not be cussed, except insofar as the way some assets were disposed of were not transparent (the meddler was intimately involved!!). It was the stupid, reckless, retarded policies implemented by the present meddler of finance which precipitated the most dramatic fallout of the banking sector Jamaica will ever see that more accurately should be the subject of their rancor.

Omar ‘run wid it’ Davis remains extraordinarily unadapted and intellectually ill-equipped to be the minister of finance and evidence of this is the embarrassing performance of the Jamaican dollar and economy when compared to regional and international standards. His arguments and views are so stupid and churlish that they are irrelevant and not requiring of any further scrutiny.

[Karl]

What a simplistic and churlish response to what is a very serious issue from the meddler of finance. It is typical that he would seek to sidestep responsibility and proper debate about the circumstances that precipitated the complete wipe out of the indigenous banking sector in Jamaica. This is his modus operandi. This is what has characterized his ministry. That is conspicuous incompetence and zero accountability. It is just as typical to me that Jawge would be laughing and feeling vindicated by this stupid response to what still remains a very serious issue.

Meddler of Finance says

“Whilst I am willing to engage in a reasoned discussion on the impact of high interest rates on the viability of some of the projects, the bald fact was that there was a mismatch of assets and liabilities in all of the troubled institutions.”

The reality was and is that this mismatch that he speaks about came BECAUSE of the impact of high interest rates.

Meddler of finance says

“Mr Patrick Lynch opined that some of the indigenous bankers have been treated like thieves "when they are not all crooks" (my emphasis). This is interesting observation from Mr Lynch!! Perhaps he would wish to make his differentiation more explicit by identifying those who he would characterize as "crooks".

The reality was and is that making this differentiation was your job you simplistic twit, not Mr. Lynch’s and you just tacitly acknowledged that you treated everybody like a criminal instead of attempting to correctly distinguish who were genuine thieves and who were hapless victims of your reckless and stupid policies which is exactly the point Mr. Lynch was trying to make you meddling moron.

Meddler of finance says

“The chairman of the Observer, Mr 'Butch' Stewart, is quoted as saying that "the Government used FINSAC to gag any opposition from the private sector". This is an interesting observation from an entrepreneur who expanded his "empire" by purchasing several assets from FINSAC.”

The moron goes further

“As someone who was intimately involved in most of the negotiations for the sale/purchase of these assets, and with whom Mr Stewart consulted on various occasions, I cannot recall these concerns/reservations being expressed then.”

What was it that the deacon said about transfers of resources from the poor to the rich? Well the Meddler of finance just spelled it out for all of us when he admitted to being “intimately involved” in such transfers. FINSAC really if you are splitting hairs should not be cussed, except insofar as the way some assets were disposed of were not transparent (the meddler was intimately involved!!). It was the stupid, reckless, retarded policies implemented by the present meddler of finance which precipitated the most dramatic fallout of the banking sector Jamaica will ever see that more accurately should be the subject of their rancor.

Omar ‘run wid it’ Davis remains extraordinarily unadapted and intellectually ill-equipped to be the minister of finance and evidence of this is the embarrassing performance of the Jamaican dollar and economy when compared to regional and international standards. His arguments and views are so stupid and churlish that they are irrelevant and not requiring of any further scrutiny.

Simple question- If it were not for the fact that some managers were "good managers" and others were "bad managers", what then accounts for some financial institutions with like business thrust doing well and others going under during that same period?

[Assasin]

Any economist can tell you if you have 25% interest rate on business it is going to kill it.

The US have 3% provided by the Small Business Association for small business. IF the $$$ devalue it will take more of the Jamaican $$$ to buy overseas product and since we not exporting anything so people will have less money to invest.

Having the interest rate so high for so long killed the local business sector who have nothing to export. Karl of all person should know the effect of high interest rate on his industry but we throw out all common sense when these people talk.

The effect of the dollars moving from 5.50 to 60 to one had its big effect on the country as well.

[Karl]

Let me ask Omar one question. Did the sudden devaluation of the Jamaican $$$ and the high interest rate introduced to stop it have anything to do with many of those business failing?

It seems like the business men who have been doing business in Ja for many decade just lost their head at the same time for no apparent reasons.

Nuh bada wid dat! Many business men doing business in that same period made great amounts of money!

...'bout' "it seems like the business whi have been doing business in Ja for many decades just lost their head at the same time..."?

As Lynch alluded to, some were thieves.... and some others were not up to the jobs they should have been doing!

...and, as Omar Davis said, still some others attending that same meeting came in and made out quite well buying assets of those who had made an ass of themselves and who had lost money for their clients.

[Assasin]

Karl some will always do well but when such a big percent of our banks failed something was terribly wrong with the government policies. Remember not only those that the government closed failed, but others like NCB got bailed out from the government too.

The sudden devaluation and raising of interest rate was critical to these banks going under. You can check the timeline. It is government responsiblity not to make sudden jerks to the financial sector as it will destabilise it.

[Assasin]

Most of the businessmen who did well didn't have to borrow money from the banks in Jamaica at the time. Can you explain how you pay back loan at 30 and 40% interest?

[Karl]

"In 1994, I borrowed J$15 million; by 1998 I repaid J$47 million and was owing $147 million," noted Dyer, who owned the Wexford Court Hotel in Montego Bay.

If a did any a dem bwoy duh dis we all would be upset bout extortion. Omar dweet and we applaud. Unuh cyaan serious to rathid.

Just as there is extortion in every developed country where if you borrow at high interest rate and have difficulty paying down the principal it is possible and does occur where you pay many times over the original sum borrowed. Right?

Why do you not just preach about the virtues of having financial institutions that are poorly managed and the greatness of the elimination of lending institutions? Damn silly, isn't it?

[Lazie]

Just as there is extortion in every developed country where if you borrow at high interest rate and have difficulty paying down the principal it is possible and does occur where you pay many times over the original sum borrowed. Right?

Why do you not just preach about the virtues of having financial institutions that are poorly managed and the greatness of the elimination of lending institutions? Damn silly, isn't it?

How yuh sleep a night time Karl? Why unuh suh hypocritical? Well .. sorry ... your only interest is yuh religious entity. Unuh lack anything close to objectivity.

[Muadib]

Simple question- If it were not for the fact that some managers were "good managers" and others were "bad managers", what then accounts for some financial institutions with like business thrust doing well and others going under during that same period?

Any reasonable Entrepeneur would have been slaughtered by Omar's reckless policies.. and many were.

Nothing to do with 'Management' unless you are referring to Managing the economy.

Why are you arguing the point ? You don't believe Ministers of Finance can make bad decisions that severely impact the Private Sector and Economy ?

You think the 70's economic mismanagement was just a bad dream ?

[Muadib]

Nuh bada wid dat! Many business men doing business in that same period made great amounts of money!

...'bout' "it seems like the business whi have been doing business in Ja for many decades just lost their head at the same time..."?

As Lynch alluded to, some were thieves.... and some others were not up to the jobs they should have been doing!

...and, as Omar Davis said, still some others attending that same meeting came in and made out quite well buying assets of those who had made an ass of themselves and who had lost money for their clients.

Do you attribute ANY of the Financial collapse to Govt Policy ?

[Muadib]

Just as there is extortion in every developed country where if you borrow at high interest rate and have difficulty paying down the principal it is possible and does occur where you pay many times over the original sum borrowed. Right?

Why do you not just preach about the virtues of having financial institutions that are poorly managed and the greatness of the elimination of lending institutions? Damn silly, isn't it?

Yes, you are damn silly.

Cannot wait for all the dead weight and suffocation sycophants to be ejected.. Jamaica deserve better.

Better must come and I hope and pray wi nuh get interuppted AGAIN by the Scourge of this country.. AKA the PNP.

[Karl]

[quote=Assasin;37689] ...some will always do well...[/quote]

I disagree with you on the why...
...and, I do not have a problem with your sentiments...

...but, if you thought "some" why did you believe to make your point you had to say or give the impression "all"?

Trust me your point is well considered without the embellishment.
Respek, still!

[Karl]

Any reasonable Entrepeneur would have been slaughtered by Omar's reckless policies.. and many were.

Nothing to do with 'Management' unless you are referring to Managing the economy.

Why are you arguing the point ? You don't believe Ministers of Finance can make bad decisions that severely impact the Private Sector and Economy ?

You think the 70's economic mismanagement was just a bad dream ?

The '70s were more about propoganda by the monied classes and the JLP working to keep the 'darkies' in their place. It halted some progress...but, it proved to be adject failure as it is the 'darkies' who made great gains into owning businesses and being more involved in economic activities. That entire class that spread the 'go get it' attitude so well typified by the ICI's created a tremendous 'we can get it if we really want' population.

Typical JLP 'looking down their noses at us policy...and, typically it back fired. It led directly to a return to power of the PNP and 18 more years of POWER!

I am warning you and those JLPites who believe in that 'who are they...they must know their place'...'looking down the noses'
attitude...that the cussing of the masses...the sneering disregard for the
people and expecting US to vote you into POWER is a recipe for more time in the wilderness.

The people are smart...and, we shall see, what we shall see come August 27!