LOL. Everything you say is true. But how are you going to "retire debt" by privatising them? My point is that you will not get a single bid for them. Are you disputing that? There is a world of difference between claiming that you can sell something, get money for it and pay down debt and closing something down and firing the employees. Anyone can do that.
There will be minimal movement. The downgrades happened because they knew the PLP's numbers were fantasy and lies. These admissions are actually good for the long term. You can't hope to address a problem till you admit it exists.
The citizens of the Bahamas might all say they are in favor of privatisation, but they cannot even begin to understand the consequences or the reality of the situation. First, many of those corporations are simply worthless. Bahamasair has no captive market, is open to fierce competition and is simply NOT a going concern as it stands now. BOB is bankrupt. It is being held on life support because otherwise all the depositors would lose 100% of their money. BPL requires such huge investment that no private sector company is prepared to take such risks for such a tiny market and small future reward. ZNS is a public service. It has zero commercial value as it can never produce a profit. If you placed them on the market today, none of these businesses would attract a single bid. The only way you would get a bid is to guarantee subsidies for a protracted future. Then the private sector would come in, cut costs to the bone (IE: fire 60% of the workers) and try to turn a profit by spending less than the subsidy. This is the best that can be expected. The idea that the government can "retire debt" by selling them is so ridiculous that it defies belief that those words can come out of the mouth of anyone who has maths O level.
BOB has a negative net worth, so does Bahamasair. So you can't sell them for free. If you did, they would just be shut down, there would be thousands of more unemployed and the depositors would lose 100% of their assets. All in all, a disaster.
John, you are totally deluded. No foreigner makes any money here. They spend it. And the high cost of living is entirely due to the fact that nothing is produced here, not even toilet paper to wipe your ass. This necessitates the import of absolutely everything and therefore the cost of living will ALWAYS be this: cost in usa + Transport + VAT + 100% Profit margin. Because God forbid that any Bahamian should work for 5-6% profit margin only.
OldFort2012 says...
LOL. Everything you say is true. But how are you going to "retire debt" by privatising them? My point is that you will not get a single bid for them. Are you disputing that? There is a world of difference between claiming that you can sell something, get money for it and pay down debt and closing something down and firing the employees. Anyone can do that.
On Turnquest eyes privatisation of subsidised state bodies to alleviate debt
Posted 3 June 2017, 7:51 a.m. Suggest removal
OldFort2012 says...
There will be minimal movement. The downgrades happened because they knew the PLP's numbers were fantasy and lies. These admissions are actually good for the long term. You can't hope to address a problem till you admit it exists.
On Minister ‘concerned’ on rating agency reaction
Posted 2 June 2017, 7:07 a.m. Suggest removal
OldFort2012 says...
The citizens of the Bahamas might all say they are in favor of privatisation, but they cannot even begin to understand the consequences or the reality of the situation.
First, many of those corporations are simply worthless. Bahamasair has no captive market, is open to fierce competition and is simply NOT a going concern as it stands now. BOB is bankrupt. It is being held on life support because otherwise all the depositors would lose 100% of their money. BPL requires such huge investment that no private sector company is prepared to take such risks for such a tiny market and small future reward. ZNS is a public service. It has zero commercial value as it can never produce a profit.
If you placed them on the market today, none of these businesses would attract a single bid. The only way you would get a bid is to guarantee subsidies for a protracted future. Then the private sector would come in, cut costs to the bone (IE: fire 60% of the workers) and try to turn a profit by spending less than the subsidy. This is the best that can be expected. The idea that the government can "retire debt" by selling them is so ridiculous that it defies belief that those words can come out of the mouth of anyone who has maths O level.
On Turnquest eyes privatisation of subsidised state bodies to alleviate debt
Posted 2 June 2017, 6:55 a.m. Suggest removal
OldFort2012 says...
BOB has a negative net worth, so does Bahamasair. So you can't sell them for free. If you did, they would just be shut down, there would be thousands of more unemployed and the depositors would lose 100% of their assets. All in all, a disaster.
On Bahamasair may cut back domestic services
Posted 1 June 2017, 2:28 p.m. Suggest removal
OldFort2012 says...
If you really want Bahamians to get jobs: educate them properly!!!
Everything else is a gimmick, for public consumption only.
On Foulkes: No work permits where Bahamians are qualified for job
Posted 29 May 2017, 4:10 p.m. Suggest removal
OldFort2012 says...
Asking the PLP not to be corrupt is like asking a vampire to go and sunbathe. What an utterly ridiculous suggestion.
On 'PLP did not listen to expert advice on Christie failings'
Posted 26 May 2017, 3:45 p.m. Suggest removal
OldFort2012 says...
New Providence is a tiny island. Put in 10,000 cameras. You will solve this problem once and for all time at a fraction of the Police's annual budget.
On Woman dies and man wounded after Nassau Village shooting
Posted 25 May 2017, 10:56 a.m. Suggest removal
OldFort2012 says...
There are Professors of "cooking" at the UOB. LOL.
On Tourism told Exuma: ‘Make Fyre happen’
Posted 24 May 2017, 5:58 p.m. Suggest removal
OldFort2012 says...
John, you are totally deluded. No foreigner makes any money here. They spend it. And the high cost of living is entirely due to the fact that nothing is produced here, not even toilet paper to wipe your ass. This necessitates the import of absolutely everything and therefore the cost of living will ALWAYS be this:
cost in usa + Transport + VAT + 100% Profit margin.
Because God forbid that any Bahamian should work for 5-6% profit margin only.
On FNM to start making good on tax promises in budget
Posted 24 May 2017, 8:08 a.m. Suggest removal
OldFort2012 says...
A tax free zone in the inner city is meaningless for a simple reason: lack of security. I would not move my business there if they paid me.
On FNM to start making good on tax promises in budget
Posted 24 May 2017, 7:48 a.m. Suggest removal