Rick Lowe
One of our political parties, in the run up to the general elections, are promising to "pass legislation to give greater protection to borrowers in relation to interest, add-on charges and other bank fees; and to bring under regulation all those unregulated lenders out there, be they insurance companies, furniture stores, and others. This new legislation will also bring under stricter control and supervision the system of salary deduction so appallingly abused by certain financial institutions." More…
Of course they say these things "because they think they will look good in the eyes of the voters, and will get their vote come election time. However, voters have yet again been handcuffed to the whims and fancy of the (politician), M.P. or Minister to solve their problems."
Statements like this from the political class "makes it appear…to this blogger…that the lawmakers (and wanna be legislatures) freely ignore the preamble to The Constitution of The Commonwealth of The Bahamas which says we believe in the "Fundamental Rights and Freedoms of the Individual". This simply binds the individual even closer to the hip of the" political class." More…
Most rational business people do not set out to cheat their clients as some politicians make it appear. Furthermore, if a borrower wants to tie himself up in debt and a bank, insurance company or furniture store lets them get away with it, what concern is that of the politicians?
If the borrower can't pay and the bank, insurance or furniture company loses, so be it.
This pandering, particularly near election time, gets tiring.
Rick I can’t stop laughing to myself, who in their right mind would believe or fall for this travesty, what’s in this plan for lenders ? but most of all Rick who is going to pay for this plan, I call voodoo economics, but most of all it will make borrowers of all classes to default at sometime.
Hi Ken.
It’s too serious to laugh about. Really. But I know what you mean.
It’s election time so some in the political class will say anything they think will get a vote.
Accountants actually formulated the PLP mortgage bailout plan.
Maybe if they would read Hayek’s The Fatal Conceit they’ll learn an economy is a little more dynamic than what two people can imagine?
Careful Ken 50ish you may be dating yourself my friend.. The contemporary usage of the term “Voodoo Economics” dates back to the 1980 Republican primary elections when George Bush attacked Ronald Reagan’s economic proposals, known today as Reaganomics, as Voodoo Economics.. What Mr. Bush was soon to learn was that his voodoo economics was really “Supply-Side Economics” which ushered in one of the most robust periods of economic growth and development in American history.. Today most prudent men and free market economists will attest to the wisdom of supply-side thinking.. The application of supply-side principles would sure go a long way to clean up the economic mess that today characterizes the American economy.. But then the current administration in Washington has an alternative agenda.. From their simplistic view a controlled market economy is better than a free market economy.. You decide..