John - recent leaked CSCEC emails suggest that CSCEC knew they were behind schedule and could not finish on time but lied to the developer knowing full well it would have disastrous consequences for the developer, which it did. Your so called journalistic objectivity may have missed a coordinated conspiracy between the various Chinese State Owned players and the PLP Government to set Izmirlian up, and your claim to fame is pimping their spin ?
Has anyone ever resigned from the PLP with respect to them being connected to unappropriated political behavior ? This is a serious question ?
The sad thing is that the only real affect of an independent Bahamas was taking away Britain's power to sack parliament. The PLP sold us all that majority rule and independence were the same thing but the reality is that majority rule was freedom for the people. Independence was freedom for the politicians
The cold harsh reality of the banking world is that central and commercial banks work together to keep interest rates at as high a level that they can (for profits) without caving the market place in on itself. In most intelligent financial market places, the banks gauge how many people can afford their mortgages and how many people are defaulting and adjust the interest rates accordingly. The fundamentals of floating interest rates say that 97% of the bank's customers paying 5% interest is better than 80% paying 5.5%.
For some reason in this wee country the central and commercial banks seem to think 40% of it's customers paying 8% is a good end game. Perhaps when the Bahamian economy caves in on itself, RBC knows it can sell all it's junk debt to the Chinese and go back home to Canada ?
Our government is boasting that is has reduced the annual deficit after spending it's entire annual budget by mid year. I would trust a crack addict better with my hard earned tax dollars. RBC and all the other banks must be smoking crack too if they think this government or anyone else in this country are going to be able to service their obligations when growth is barely 1% and interest rates are 4 to 10 times that number. By not dropping these rates, the people who can afford to pay right now are being strangled and when the government raises taxes next go around, a whole other round of defaults and foreclosures, and then they strangle off the next level of people affording to pay off their mortgages.
They need to make it part of the constitution. No more than 33% foreign workers EVER. This will set a standard that gives all local and foreign investors a level playing field and eliminates the opportunity for some filthy politician to sell Bahamian workers out ever again
Bran ! where the f... are you ? A commitment to a couple of issues like this and a freedom of information act and you got my vote forever
Birdie, this document justifies why Izmirlian did what he did. I think he was a fool to get involved with the Chinese but if you are going to blame it all on him for getting involved with the Chinese, why not go one step further and blame him for trusting the Perry in the first place. My God. Perry and his cronies weren't checking for nobody else when they ripped the project from Izmirlian and handed it to the Chinese and told him he needed to get his head examined.
Any other civilized country in the world, a Government involved in this kind of miscarriage of justice would be lined up to resign right now. I can only hope all the unemployed and financially straddled (because of the Governments meddling) rise up and make that happen.
No there is only two sides because the Chinese Government controls the Chinese state owned bank, the Chinese state owned construction company and they also own the PLP government.
Also note that the new creditor is also a Chinese state owned company so the PLP Chinese are knocking down Bahamian creditors by lending more money to themselves
happyfly says...
John - recent leaked CSCEC emails suggest that CSCEC knew they were behind schedule and could not finish on time but lied to the developer knowing full well it would have disastrous consequences for the developer, which it did. Your so called journalistic objectivity may have missed a coordinated conspiracy between the various Chinese State Owned players and the PLP Government to set Izmirlian up, and your claim to fame is pimping their spin ?
On Baha Mar sale process begins
Posted 23 March 2016, 2 p.m. Suggest removal
happyfly says...
Has anyone ever resigned from the PLP with respect to them being connected to unappropriated political behavior ? This is a serious question ?
The sad thing is that the only real affect of an independent Bahamas was taking away Britain's power to sack parliament. The PLP sold us all that majority rule and independence were the same thing but the reality is that majority rule was freedom for the people. Independence was freedom for the politicians
On Michael Pintard resigns as FNM Chairman over Nygard controversy
Posted 22 March 2016, 12:06 p.m. Suggest removal
happyfly says...
The cold harsh reality of the banking world is that central and commercial banks work together to keep interest rates at as high a level that they can (for profits) without caving the market place in on itself. In most intelligent financial market places, the banks gauge how many people can afford their mortgages and how many people are defaulting and adjust the interest rates accordingly. The fundamentals of floating interest rates say that 97% of the bank's customers paying 5% interest is better than 80% paying 5.5%.
For some reason in this wee country the central and commercial banks seem to think 40% of it's customers paying 8% is a good end game. Perhaps when the Bahamian economy caves in on itself, RBC knows it can sell all it's junk debt to the Chinese and go back home to Canada ?
On RBC: Bahamas debt grows beyond 70% ‘danger zone’
Posted 11 March 2016, 7:46 a.m. Suggest removal
happyfly says...
Our government is boasting that is has reduced the annual deficit after spending it's entire annual budget by mid year. I would trust a crack addict better with my hard earned tax dollars. RBC and all the other banks must be smoking crack too if they think this government or anyone else in this country are going to be able to service their obligations when growth is barely 1% and interest rates are 4 to 10 times that number. By not dropping these rates, the people who can afford to pay right now are being strangled and when the government raises taxes next go around, a whole other round of defaults and foreclosures, and then they strangle off the next level of people affording to pay off their mortgages.
Oh.....unless there is a miracle
On RBC: Bahamas debt grows beyond 70% ‘danger zone’
Posted 11 March 2016, 7:30 a.m. Suggest removal
happyfly says...
Drop the Central Bank prime rate for B$ and everyone in this country will get relief and have some spare cash to put in to the economy
On Mortgage relief still on government agenda
Posted 9 March 2016, 1:02 p.m. Suggest removal
happyfly says...
Put another nail in the tourist coffin !
On Boston man arrested for marijuana possession in Harbour Island
Posted 6 March 2016, 5:31 p.m. Suggest removal
happyfly says...
They need to make it part of the constitution. No more than 33% foreign workers EVER. This will set a standard that gives all local and foreign investors a level playing field and eliminates the opportunity for some filthy politician to sell Bahamian workers out ever again
Bran ! where the f... are you ? A commitment to a couple of issues like this and a freedom of information act and you got my vote forever
On Contractors chief: ‘No doubt’ Bahamians could have finished Baha Mar
Posted 2 March 2016, 7:40 a.m. Suggest removal
happyfly says...
Birdie, this document justifies why Izmirlian did what he did. I think he was a fool to get involved with the Chinese but if you are going to blame it all on him for getting involved with the Chinese, why not go one step further and blame him for trusting the Perry in the first place. My God. Perry and his cronies weren't checking for nobody else when they ripped the project from Izmirlian and handed it to the Chinese and told him he needed to get his head examined.
Any other civilized country in the world, a Government involved in this kind of miscarriage of justice would be lined up to resign right now. I can only hope all the unemployed and financially straddled (because of the Governments meddling) rise up and make that happen.
On WAS PM MISLED ON BAHA MAR? Chinese builder knew it was likely to miss deadline
Posted 23 February 2016, 8:18 a.m. Suggest removal
happyfly says...
You got to beleive this country is upside down when the robbers want to sue the bank to take their money
On Web shop licences ‘could be months away’
Posted 18 February 2016, 8:41 a.m. Suggest removal
happyfly says...
No there is only two sides because the Chinese Government controls the Chinese state owned bank, the Chinese state owned construction company and they also own the PLP government.
Also note that the new creditor is also a Chinese state owned company so the PLP Chinese are knocking down Bahamian creditors by lending more money to themselves
On Baha Mar financier confirms Bahamian creditor slippage
Posted 6 February 2016, 11:45 a.m. Suggest removal