That's $480,000 for each house?
What's wrong with this picture?
Not to mention the fact that these funds are being "borrowed" from NIB, our social security fund.
Oh, and isn't the Bahamas Mortgage Corporation technically bankrupt already? So who in their right mind would buy mortgage backed securities from them? Remember the US Housing Crisis and Freddie Mae and Fanny Mac?
But why worry, the Minister assured us there will be proper oversight every step of the way!
Hat Tip to fellow blogger, S3S, for pointing this out.
Sometimes the perspective from afar is more clearer than the close-up view.. Thumbs up to S3S for bringing what constitutes legalized theft to the attention of the Bahamian public..
Since it inception the National Insurance Fund has been a slush fund for the political pickings.. Investments in government buildings and other pet projects have been financed by dipping into money that is owed to the Bahamian public.. Recently it was announced that the Buena Vista property was sold by the National Insurance Board to a local business.. If memory proves correct, wasn’t the Buena Vista property owned by a well know PLP politician and former Cabinet member of questionable repute?? That being the case, how did the NIB end up owning the property in the first place?? Does anyone smell a rat here or a of blatant conflict of self-serving interest.. This is just another example of the imprudent way that government handles public finance.. Oh well, this is how things are done in the Bahamas, but we do have lots of company..
We don’t have to look very far to see similar imprudence in government management of the Social Security System, the imposed retirement system in the United States.. Again, this so-called retirement fund has been nothing more than a political slush fund used by government to fund wasteful spending supposedly for the benefit of the American people.. In reality, both National Insurance in the Bahamas and Social Security in the United States are nothing more than grandiose Ponzi schemes that have accrued massive unfunded liabilities which will assure their ultimate collapse in the future.. Warning, public be aware, we are treading on political quicksand….
Well, a warm thank you to all for publicising something that all of The Bahamas should have picked up at the moment of promulgation.
I smelled a rat at the time of seeing the original announcement on ZNS and certainly do now, because at an average cost-to-build of ~$500K, the question(s) that beg are too obvious and too painful to spell out.
Yet I am hopeful that someone will ask the most worrisome question: where will the rest of the money go after building the houses?
At least the Minister asked a similar question recently:
http://www.bahamas.gov.bs/wps/portal/public/gov/government/news/dorsett%20asks%20house%20where%20did%20the%20money%20go/!ut/p
S3S, a 40 basis point reduction in the deficit is not even 1/2 of 1%.
They’re projecting a 100 basis point (1%) reduction int he GFS deficit for 2013/2014. I’ll bet dollars to donuts, the deficit will be even higher than projected?
And the PLP will only concern themselves with where the money went for the FNM and vice versa. It seems we are not concerned about the overall situation, just to assign blame for what has gone on before. That fixes nothing.
When was the last Auditor Generals Report??????
Successive governments have spent and borrowed like drunken sailors. See these two links:
http://www.weblogbahamas.com/blog_bahamas/2010/03/more-on-plps-responsible-borrowing—helping-drown-the-bahamas-in-debt.html
http://www.weblogbahamas.com/blog_bahamas/2010/02/the-plp-responsible-borowers-in-the-bahamas.html
Verbiage is not proof of results, I’m sure you’ll agree S3S?
So glad you pointed this out Rick, where is the money going? I do not trust anyone to Investigate themselves.
I concur wholeheartedly in what you say, Rick … no reservations whatsoever!
In England, the practice is referred to as ‘kicking the ball into the long grass’, by which it is meant that issues that should be dealt with NOW (or yesterday) are put off for the future (for us, that means ‘future generations’).
It is a cowardly act (or series of cowardly acts) that means the current administration (whatever the colours: red, gold or green) will never do anything courageous for fear that it will incur the wrath of the populace.
Someday, I hope and pray we will elect a Government in The Bahamas that respects the power of the Electorate but not fear it to the point that it paralyses actions of which the country is in dire need!
The Governments “minister of information” Mr. Elcott Coleby clarified that the $60 million will be dispersed in $10 million tranches per annum and each $10 million will build 125 houses in The Tribune letters today, June 18, 2013.
Their initial release must have been terrible for the newspapers to run a story like that?
I will respond to his letter as their needs to be transparency.
Government “financial” agencies like the Bahamas Mortgage Corporation should have to put their financials in the newspapers each year like private financial institutions are forced to do.