Dr Davis who is now in his twilight years and in what is most likely is last term as an MP and a member of the PNP candidate has all but admitted he was a monumental failure of Minister of Finance.
There is a saying which goes likes this ” Misery loves company” and in seeking to comfort himself Dr Davis has drawn Dr Peter Phillips (only 18mths exp) and Audely Shaw ( 4yrs) into the mix and then has suggested that we blame them all for Jamaica’s failure and then move on.
I say not so fast Dr Davis, you should never pull Dr Phillips into this mess and neither should you attempt to pull Audley into what is largely your doing, during your disastrous tenure from the 1993 into 2007.
Dr Davis was/is largely responsible for the destruction of the Jamaican economy by virtue of the poor execution of his portfolio responsibility. He wrecked the financial sector with his high interest rate polices, drove the inflation rate to dizzy heights, presided over the near destruction of the manufacturing and agricultural sector, contributed to low levels of productivity and the subsequent slide of the Jamaica dollar .
This man (and the PNP) has brought Jamaica to the brink and now he wants us to blame him, Peter and Audley and then move on, well I say not so fast, you must accept personal responsibly.
See the tale of the Dr Davis below .
http://docupub.com/docs/aa7a5fc9-e509-4edc-91dd-d7b44cfedd5b/JA%20Int%20Debt.pdf
http://docupub.com/docs/c8f20e94-feb9-47a7-b2de-fee32535d16d/Ja%20Ext%20Debt.pdf
Warren's Blog 
Only in Jamaica would politicians get all the blame and the private sector receive none of the blame. As if someone stuck a gun to their head and said, ” go and take variable rate loans that can increase at any time”! As if anyone stopped them from cutting everything the minute the interest rate spike the first time & paying off the loans. Jay, you are a joker, and let me tell you this, not because its rum bar talk that Davis mash up Jamaica does that mean its true. What’s true is that we had an asset bubble that combined with inadequate regulations, crazy or absolutely no underwriting standards at financial institutions combined to put us in terrible debt. I see the comparison here in the US where an asset bubble & inadequate regulations combined with crazy underwriting standards almost brought the entire world to its knees. Debt? You want see debt! 10-15 years to recover from, as Palin says; You Betcha! The only differences between the 2 scenarios is that Jamaica was already in a structural straight jacket caused by decades of political “poor” pleasing, infrastructure building debt, inflation is rampant (the only known cure being increases in the interest rate) & nobody wants our currency.
AT least you stopped spreading propaganda that Davis is the reason for most of our debt…
So I guess Davis was wrong when he said ” we screwed up”.
So that mean you know more than Davis, why am I not surprised.
MINISTER of Transport, Works and Housing, Dr Omar Davies, has said that Jamaica’s politicians should accept blame for the country’s $1.7-billion debt,
Read more: http://www.jamaicaobserver.com/news/Blame-us-and-let-s-move-on–says-Davies_14551423#ixzz2XDykYYiz
Omar weh u nuh stop lie . Hahahaha
In seeking to blindly support your party you choose not to take time to read.
😦
What’s true is that we had an asset bubble that combined with inadequate regulations, crazy or absolutely no underwriting standards at financial institutions combined to put us in terrible debt.
Finally, someone with some rudimentary understanding of what took place back in the 1990s! What Jay and other members of his Minion Crew fails to realize is that the most of the indigenous Banks, Insurance Companies, was for all intense and purposes, bankrupt as early as late 1994 to mid-1995. That would be 1 to 2 years into Omar Davis’s Term as Minister Finance and before any of these policies to fully impacted the market.
If you read the publish reports of a number of a people affected by the financial meltdown of the 1990s, none of them had “high” interest rate loans and in fact, had low interest rates on their loan (less than 10%). In simplest of terms, the Insurance Companies and Banks were taking their Depositors funds to recklessly loan them to risky ventures, building these ediffice call Corporate Headquarters (where there was no rdemand by tenants and remain practically vacant, apart from their own personnel, during the period), becoming developers without the requisite skill sets to developed and managed these properties. These outfits loan money to their friends, with no record that they serviced these loans from day one or the fact that the bulk of these loans were unsecured (no identifiable collateral). It is not surprise that the likes of Eddie Seaga borrowed over JA$200 million and claim he did not remember he borrowed the money.
Who can forget the “Pink Elephant” perched upon the hill, which was the brainchild of Dr. Paul Chen-Young. First conceived as a Condomiun Project, the “Banker” ,with only the input from one or two Real Estate Professional, went ahead and started the construction on the project without the benefits of a single pre-sold unit. When it became obvious to him that there wasn’t a market for these Condomium Units, he tried to rescue the project by turning it into a Hotel, which to this day, has never turn a profit due to its location, among other things. We will not go into the other plunders by the Dr. Chen-Young, an individual whose ego leads to a whole slew of entities (>68), with very few being profitable. He too seek to cast the blame at the feet of Dr. Omar Davies, yet fail to point out the early days when he went begging on hands and knees for financial support from the GOJ/the Minister of Finance.
So you see Anonymous, you are wasting you time trying to educate Jay on financial matters. I have long abandoned that noble goal….. him head tuff bad! Jay can’t appreciate the many standards that Omar brought to the industry, the firewall that was instituted under his watch to create a barrier between Banking/insurance/Building Socities to prevent co-mingling/cross-transfer of funds from these distinct businesses. Jay has no understanding of the liquidity requirements that put in place by Omar Davies. All he knows is what he overheard in the rum bars by people who are under the influence of alcohol… probably the same individuals who forced their companies into financial ruins and seek a scapegoat no other than Dr. Omar Davies. When you ask Jay why Banks like Scotia or the credit Unions or the Building Societies were unscathed by the financial market meltdown, he appears dumbfounded and perplexed. I could go on, but the Minion Crew does not like long post, especially anything over three sentences. 🙄
Test,
Omar says ” I (we) are responsible for the mounting debt”
I guess Omar has no idea what he is talking about.
Maybe we should nominate you Minister of Finance.
In places where we hold leaders accountable Omar would have been forced to resign but in Jamaica he is praised for cleaning up the mess he created.
Hahhaha
Welcome to Banana Republic.
Hahahah
Sent from my BlackBerry® wireless device from LIME.
Test, I am going to surprise you. You do have a point, however you are not 100% correct. There were two causes of the financial meltdown of the 1990s government policy and a poor regulatory framework.. The financial meltdown of the 90s, only surprised fools, the point anonymous made about the asset bubble is a perfect example of what has happened to several countries in Asia. If you clearly analyzed the issue you will realize that Jamaica had a private sector which tried to manipulate the market, but as some economists would say when you get the numbers wrong it will always catch up with you, and we had a finance minister Dr. Davies who due to his anti-capitalist sentiments did very little to correct the problem. However, Jay is incorrect when he states that the collapse of the financial sector is largely Dr.Davies doing. The problem began as early as 1991, it is the doing of the pnp, Davies was just a creature of its making. Lastly, even when we exclude FINSAC Dr.Davies was still an awful minister. Just look at the effects of his “RUN WID IT” policy and due to the foreward sale of bauxite taxpayers incurred over US$504 in taxes
I think someone needs to grab their dictionary and look up the words “accountability” and ” responsibility”.
That is a Test 🙂
O.K, keep picking on me. I might have my “friends” put a stop order at all ports of exits, so that come 2016, you will not be able to exercise your other options outside of Jamaica…you will be stuck here like everyone else…. hahahahaaaa.
Confound it!!…I just remember that you are good swimmer and might just use that as a means of espcading the dragnet. Whey a guh Jay, Haiti or one of the small Islands where you once lived?
Headed back to stability and where economic development is seen as important vs electoral victory.
Headed back to where people are held accountable for failures and rewarded accordingly.
Headed back to where real leadership exist and the people actually use their brains to develop the country.
Headed to where my kids have a brighter future .
I am taking a leaf out of Mr Redwood’s book.
Sent from my BlackBerry® wireless device from LIME.
By the way Haiti is seeing very good growth for the last few years and is projecting close to 5+ % this year, something that the PNP is allergic too.
We are projecting recessional numbers . ( I can’t call it negative growth)