How do you know when a PLP is lying? Answer: His souse-hole is moving. These are sleaziest bunch of criminal degenerates since Pindling and his band of brigands.
A credit bureau will never work in the Bahamas effectively for many, many years for two reasons. The first is the very nature of the software to run it. Credit bureaus run on financial models of the creditor. These are like actuarials in insurance, but specifically created for the credit risk discovery. These models have been made and refined in a healthy, diverse economy with a mix of all kinds of income streams, large multi-variate segments of the working class and a fairly steady-state economy.
The models of creditworthiness will not work in the Bahamas. The only creditworthy people are people who are civil servants, public corporation employees and skilled employees of large foreign corporations such as the banks. The financial models are skewed because of a monolithic economy. Because of the vagaries of tourism, job-security in the service sector is not rated very high by existing models, and yet that is what the bulk of the Bahamian borrowing public work at.
The second problem at the onset of the credit bureau establishment, is the merchant uptake. A creditworthiness model will not let a merchant lend money if the total debt exceeds a certain percentage of income. With the current ability to have debt repaid by employer deductions at the source, any merchant will disregard the guidelines just to get the sale. Even with default, the interest rates are usurious, and the loss is not that great. The profits outweigh the default losses. There is no incentive for the merchant to limit payroll deductions at source at the urging of a credit bureau, even though there is not enough income left to feed the family.
The Commonwealth Bank president was right in high timelines. It will take five years to get the history. But it is not solely history, it is developing the models of creditworthiness that are specific to the local economy. If the models are wrong, and the uptake of creditworthy services are low, a credit bureau is bound to fail.
You have hit it on the head, when you say that Bahamians have lost hope. The vast majority of Bahamians have no upward mobility from their present circumstances, and there is no way that they can even have a glimmer of hope that their lives will change dramatically.
Due to the monolithic economy, most Bahamians are under-educated people working at menial jobs in the service industry. We are bed-makers, bellman, porters, taxi-drivers, maids, cooks, and laundry workers. While those professions are an integral and necessary part of any society, they are vastly over-represented in the Bahamas. That is all there is to do, unless your parents can afford a foreign education. But for the most part, those kinds of professions do not lend themselves to having the financial resources to educate the children offshore.
When you couple that to the vast majority of Bahamian households consisting of single mothers and children, you are sinking generations of people into mediocrity. How can hope flourish? The Prime Minister thinks that building more hotels will help. Such lack of vision is criminal.
The Bahamian people are under-educated and lacking basic skills, but they are not stupid. They see the lifestyles of the tourists, and those presented by mass media such as television. In the US or Canada, if one has a reasonable job, one can have a house, a car and by saving, have a trip to the warm south during the winter. Those opportunities, by and large are unavailable to Bahamians.
So yes, there is no pride. There is a national low sense of self esteem. The good life is for other people and not us. So consequently, it is okay to toss a dirty diaper onto the verge on Shirley Street, or to cheat a neighbour or to get some pleasure by sweethearting. It really doesn't matter, because there is no hope, and hence no pride.
It takes a lot of cognitive and emotional maturity to find dignity in humble circumstances, and we have generations that are value-programmed to get all they can while the going is good, by whatever means.
banker says...
How do you know when a PLP is lying? Answer: His souse-hole is moving. These are sleaziest bunch of criminal degenerates since Pindling and his band of brigands.
On Newbold denies Gomez claims
Posted 18 May 2015, 12:28 p.m. Suggest removal
banker says...
Some bahamas security ... haha !
On Fashion designer Jeffery Johnson found beaten to death in blazing house
Posted 16 May 2015, 9:46 a.m. Suggest removal
banker says...
Still ticked off because you figured that the FNM owed you a CCTV contract?
On Fashion designer Jeffery Johnson found beaten to death in blazing house
Posted 15 May 2015, 8:16 p.m. Suggest removal
banker says...
How convenient .. missing transcripts.
On Austin Knowles extradition hearing delayed by missing transcripts
Posted 15 May 2015, 8:13 p.m. Suggest removal
banker says...
OK Rory, take your meds and calm down. It's okay. The PLP are here to save you. Settle down and take those pills.
On Fashion designer Jeffery Johnson found beaten to death in blazing house
Posted 15 May 2015, 7:42 p.m. Suggest removal
banker says...
A credit bureau will never work in the Bahamas effectively for many, many years for two reasons. The first is the very nature of the software to run it. Credit bureaus run on financial models of the creditor. These are like actuarials in insurance, but specifically created for the credit risk discovery. These models have been made and refined in a healthy, diverse economy with a mix of all kinds of income streams, large multi-variate segments of the working class and a fairly steady-state economy.
The models of creditworthiness will not work in the Bahamas. The only creditworthy people are people who are civil servants, public corporation employees and skilled employees of large foreign corporations such as the banks. The financial models are skewed because of a monolithic economy. Because of the vagaries of tourism, job-security in the service sector is not rated very high by existing models, and yet that is what the bulk of the Bahamian borrowing public work at.
The second problem at the onset of the credit bureau establishment, is the merchant uptake. A creditworthiness model will not let a merchant lend money if the total debt exceeds a certain percentage of income. With the current ability to have debt repaid by employer deductions at the source, any merchant will disregard the guidelines just to get the sale. Even with default, the interest rates are usurious, and the loss is not that great. The profits outweigh the default losses. There is no incentive for the merchant to limit payroll deductions at source at the urging of a credit bureau, even though there is not enough income left to feed the family.
The Commonwealth Bank president was right in high timelines. It will take five years to get the history. But it is not solely history, it is developing the models of creditworthiness that are specific to the local economy. If the models are wrong, and the uptake of creditworthy services are low, a credit bureau is bound to fail.
On Five years until Credit Bureau is ‘meaningful’
Posted 15 May 2015, 1:53 p.m. Suggest removal
banker says...
Apologists all round, hoping to keep the gravy train flowing into their pockets.
On Why Gray was not charged
Posted 15 May 2015, 12:13 p.m. Suggest removal
banker says...
The speaker was forced to eat his own feces to cover up the government's corruption.
On Speaker explains reasoning for ruling on PAC’s probe of urban renewal
Posted 15 May 2015, 12:09 p.m. Suggest removal
banker says...
You have hit it on the head, when you say that Bahamians have lost hope. The vast majority of Bahamians have no upward mobility from their present circumstances, and there is no way that they can even have a glimmer of hope that their lives will change dramatically.
Due to the monolithic economy, most Bahamians are under-educated people working at menial jobs in the service industry. We are bed-makers, bellman, porters, taxi-drivers, maids, cooks, and laundry workers. While those professions are an integral and necessary part of any society, they are vastly over-represented in the Bahamas. That is all there is to do, unless your parents can afford a foreign education. But for the most part, those kinds of professions do not lend themselves to having the financial resources to educate the children offshore.
When you couple that to the vast majority of Bahamian households consisting of single mothers and children, you are sinking generations of people into mediocrity. How can hope flourish? The Prime Minister thinks that building more hotels will help. Such lack of vision is criminal.
The Bahamian people are under-educated and lacking basic skills, but they are not stupid. They see the lifestyles of the tourists, and those presented by mass media such as television. In the US or Canada, if one has a reasonable job, one can have a house, a car and by saving, have a trip to the warm south during the winter. Those opportunities, by and large are unavailable to Bahamians.
So yes, there is no pride. There is a national low sense of self esteem. The good life is for other people and not us. So consequently, it is okay to toss a dirty diaper onto the verge on Shirley Street, or to cheat a neighbour or to get some pleasure by sweethearting. It really doesn't matter, because there is no hope, and hence no pride.
It takes a lot of cognitive and emotional maturity to find dignity in humble circumstances, and we have generations that are value-programmed to get all they can while the going is good, by whatever means.
On Have we lost our pride?
Posted 15 May 2015, 10:57 a.m. Suggest removal
banker says...
Frankie is looking to take Sunshine and/or Arawak public to further cash injections into his pockets.
On Bahamians overlook ‘significant progress’
Posted 15 May 2015, 10:19 a.m. Suggest removal