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Finance - Webly, Bruce et al

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  • Finance - Webly, Bruce et al

    Don Webly is coming out of a situation where there is surplus of funds and policy can be shaped and funds moved to effect...effectively effect implementation! He now moves into a situation (Government) where there is not the funding (reserve funds) available to work in the manner as at GraceKennedy.

    This reminds me of former KSAFA president and bright boy, Carlton Barclay moving from the comfort of Jamaica National and its cash rich climate, stepping into the seat of Treasurer of the JFF a cash starved entity....as a matter of fact it is similar to Rodolph Spied's move from the Gleaner Company to succeed Barclay - both Barclay and Spied could not come to grips with, to them, the strange new world they inherited where deficits were the order of the day. We are now hearing that the accumulative efforts of Barclay and Reid have the JFF with previously unheard of deficits.

    As I have been saying our particular Jamaica situation requires tremendous borrowings, the seeking of substantial grants and certainly in the near term - 20 years - 50 years or more - a continuation along that path if there is not to be disruptions in people's lives and disruptions in majority access to economic advancement. Yes, we can 'balance the books' by reducing dependence on loans, grants, etc...limiting size of government (firing people and limiting increases in delivery of services - health, education, putting limits on making the country safer through putting more security persons on the streets, etc., etc.)...but, reducing these expansions puts greater pressure on the populace.

    When the JLP was in power in the 80's steps were taken to do all and more of what was mentioned in the above paragraph to shrink government...and, the often repeated 'great economic times'/greater economic management is boasted about...but, there is hardly any mention of the strain on the society that resulted. No mention of the sense of hopelessness prevalent among the masses. There was widespread civil unrest and great fustration of the majority...the result was the JLP was booted out of office. Is Bruce Golding now going to go down that very same 80s path...or, will a Bruce Golding led JLP quickly 'change course' from the election promises of the 80s path and end up 'hugging up' the Portia Simpson-Miller's/Omar Davis' 'not change course' route.

    Will the Bruce Golding JLP join the Portia Simpson-Miller/Omar Davis path of increasing social programs and correspondent increase of government and putting more and more people in jobs will along with inflows from external investors, tourism, bauxite, and few miniscule exports,
    remittances, loans and grants...and the stimulus it provides for local businesses and new local investments/new local businesses...keeping the social pressure valve on...while hoping local businesses awake from its long slumber and find ways to provide goods and services that world markets need and shall purchase to along with the foregoing (i.e. inflows from external investors, tourism, bauxite, etc., remittances, loans, grants, etc) have us reap surpluses in foreign exchange earnings? ...speed the country on to 1st world status?

    Yup! - the big question: Will Bruce's government go down the path of Portia and Omar...or, will it be the 80s policies and a quick exit from power? Will Webly hug that up?
    Last edited by Karl; September 19, 2007, 02:32 PM.
    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

  • #2
    therefore.....wehby is not the man for the job? or are you hedging bets as usual?

    What are you talking about?
    I cannot wonder about possible outcome without being adverse to Wehby coming in?
    Last edited by Karl; September 19, 2007, 12:26 PM.

    Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

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    • #3
      For your information, Karl

      In 1999 (following our World Cup debut and crazy oversold stadia), JFF debt stood at around $79M, while profits was around $42M.

      In 2007, debt stood at $84M and profits at $78M.

      Choose your pick.

      I have every confidence in Rudolph Speid.

      And his name is not Webly, unless you are talking about Joan's husband.


      BLACK LIVES MATTER

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      • #4
        ex....

        Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

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        • #5
          as usual.

          Let me ask if wouldn't it be nice to have someone of his pedigre around the table to support Shaw and Golding when you go to the EU, Worlbank, USAID and others?

          People don't realise that this can make a big difference in negociating with international organizations?

          ahhhh bwoy
          • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

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          • #6
            and you are implying that
            the PNP was short on pedigree in this area. Please educate, thanks.

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            • #7
              the deficits spoke for itself. I don't have to say anything.
              • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

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              • #8
                let's talk specifically about
                negotiations with INT'L lending institutions. Was the PNP lacking in pedigree around the table?

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                • #9
                  What specific are you talking about?

                  The balooning deficit is enough specific for me.

                  If you can't get the kind of deal that will help you out then it is not worth it, it is not a good deal.
                  • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

                  Comment


                  • #10
                    I thought you said having
                    pedigree around the table (the likes of Don) would help. I ventured to ask; if the PNP was lacking in the area of pedigree. This one of the fundamental questions that I asked what is the JLP going to do differently from the PNP in say areas of finance. I guess boils down to pedigree.

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                    • #11
                      Is this an example of the "tear down" phenomenon the Observer article touched on?

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                      • #12
                        Originally posted by Bricktop View Post
                        Is this an example of the "tear down" phenomenon the Observer article touched on?
                        You find the question...the wondering on whether or not we shall go along the the 80s path or that pursued over the last few years as tearing down?

                        The new dispensation is we should not even think...but follow blindly? ...and, that then will be not tearing down?

                        Not only a sick joke business dat...but, dangerous!
                        "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

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                        • #13
                          nothing is gurantee except results. We see the results of the current PNP financial arrangements.

                          Who in the PNP had the kind of experience Don had at Grace Kennedy, before they took office? That is what give him pedigree not what you think.
                          • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

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