Rich and Fat Bankers Warn Barbadians To Cut Back On Entertainment And Partying

Not A Word About A Billion Dollars In Government Project Overruns!

Can you hear the train coming folks? The government is trying to keep us from noticing until the election is over, but the express train called “Pay The Piper” has been barreling down the tracks for some time now towards a car called “Barbados” that is stuck at the crossing.

Billions of tax dollars wasted in overruns, bribes and failed projects due to government mismanagement and corruption – with the burden going on the backs of Bajan taxpayers.

Now times are getting bad and there is nothing in the kitty to get us through a lean period. Who’s to blame?

Do the fat rich bastards in charge of the banks mention the outlandish government spending and corruption?

Nope…

Forget about Christmas, little people. Never mind those parties! Just work yourself to death to support the massive debt that the BLP Government has incurred for you and your children and your grandchildren.

Like our Mercedes-driving, corrupt Public Works Minister Gline “I own two homes, one for me and one for the girlfriend” Clarke said back in November… food is “not that expensive” in Barbados, so cut back on the children’s milk and you’ll do fine! (Mercedes-Driving Corrupt Public Works Minister Chides Barbadians To “Watch Your Spending!”)

Excerpts from The Nation News…

Take Care

BARBADIANS might have to cut back on partying and entertainment.

Executive member of the Barbados Bankers’ Association (BBA) and head of Bank of Nova Scotia, Stephen Cozier, warned Barbadians yesterday to make changes to their spending patterns and not to look to Government to continue subsidising food and oil prices.

The banker said rising food and energy prices represented a challenge to countries around the world and Barbadians might have to cut back on extras such as parties and entertainment.

Cozier said that as a largely importing country there was little the island could do to offset rising prices…

… Managing director of Barbados National Bank, Robert Le Hunte, cautioned that if the country wanted to maintain its present standard of living, its citizens had to adjust to the current situation, while the social partnership had to be more active.

Meanwhile, BBA president and managing director of FirstCaribbean International, Oliver Jordan, identified liberalisation of the exchange controls, the falling value of the United States dollar and the possibility of a recession in the American economy as major challenges in 2008.

Also attending yesterday’s session were Rey Royer, head of Royal Bank of Canada, John Beale, president of RBTT, and Ezlon Griffith of Butterfield Bank.

… read the full article at The Nation News (link here)

7 Comments

Filed under Barbados, Business & Banking, Offshore Investments, Political Corruption, Politics, Politics & Corruption

7 responses to “Rich and Fat Bankers Warn Barbadians To Cut Back On Entertainment And Partying

  1. Straight talk

    Rich fat bankers warning of the coming credit squeeze and global recession.

    The government posing as King Canute with a misguided and doomed attempt to mitigate rising food and oil prices.

    60,000+ loss of air passengers.

    Hotels converting to condos.

    Financial turmoil in our major tourist markets.

    Is someone trying to tell us something?

    I hope the new government comes clean with its citizens about what is really happening in the world, and a drastically different new economic policy is formulated and quickly.

    It may not yet be too late to change direction but we’re getting awfully close.

  2. Adrian Loveridge

    I am thinking of applying for a job with Hardwood Housing Factory Inc, and then I could get a $2,000 per month ‘entertainment allowance.

    That would get me 40 x 3 course dinners at Peach and Quiet.

  3. ****WARNING****

    ****WARNING****

    Italia Coffee outlets are putting ALL coffee DRINKS up by a dollar as of tomorrow!!!

    That’s 25% inflation on my coffee overnight!

  4. Oh O.S.Arthur what have you done?The rich Bankers are saying a lot but only Cozier (a Bajun) had some guts to say a little something right in relation to credit.
    The granting of credit for developmental purposes (mortgages,etc.) is the correct way to go and not the granting of “willi-nilly” consumptive credit.
    Case in point, BNB’s” loans to go” over the last four years and RBTT’s loans programme have created havoc on our foreign exchange position. This, the Central Bank is very aware of and have even frowned upon, but we must remember their term -“moral suasion” which was used a little while back.
    A pure paper tiger the Central Bank is.
    New loans and refinancings have garnered over Bds$1.5B on the books of these two T’dadian entities not to mention generated spectacular returns in a very short time and allow for repatriation of fantastic earnings to T’dad shareholders while the contributions to our Treasury and local shareholders pale in comparison.
    This economic rape must stop.
    These things the born and bred Bajuns who sit on the board of the BBA know of, but are prepared to sacrifice their country for a few dollars more. But since they do not care and given the Banks have stated quite clearly that they are not bothered by whom is in power, then control of them is paramount for the better economic health of this country.
    The revamping of the various legislations with serious bite should be on the front burner.
    Furthermore on a more personal level, these Bankers who state that wage restraint is necessary are not touched by inflation given their perks and inflated salaries. They prefer to drive their staff like donkeys to make their fellow Trinis richer and don’t care two cents about Bajuns.
    Therfore, it is in their better interests to ensure that the present day government which they covertly support finacially remain in power.
    Look at what has been done to the credit unions who pose a serious threat to the deposit bases of the Banks. I think this a good example.

  5. Rumplestilskin

    So, what did LeHunte’s phrase ‘the social partnership had to be more active’?

    What social partnership? Government, business and the union leaders? What about the workers?

    Or are the workers to accept wage restraint without complain, despite massive expenditure wastage by the Government?

    This ‘social partnership’ thing appears to be similar in result to the ‘politics of delusion’. Rather than be used for the benefit of the socio-economic situation, it appears to be aimed at the interests of special interest groups.

    Well, my input to ‘social partnership’ is coming up very soon, on a likkle piece of paper.

  6. Blas-feam!

    LOL
    Here is a simple solution to this scourge called banking.
    TAKE YOUR MONEY OUT OF THEIR HANDS!
    Most banks in Barbados are owned by outside interest, if not all of them. They collectively pay over 4Million US dollars and day in VISA and MASTERCARD fees to the two afore-mentioned companies. Calculate that by 365 days and you will get a small sense of how much of our foreign exchange leaves these shores via the banking conduit. And this money does not benifit us in any way.
    But they ask you to curb spending. And warn you to take heed.
    I say DO SO!
    But, take away your monies also. Let their profits take a hit as the investments that they have made with your hard earned money start to dry up.
    I think that it is horrendous that these people who really do not belong here in every sense of the word can tell us how to live and how to spend our money.
    Economic enslavement I say. Meanwhile they live lavishly. High on the hog!
    Put an end to greedmongering by reclaiming what is rightfully yours and telling these institutional thieves to go away for good!

  7. dear barbados when will we learn,i wrote some comments last year about the rich bankers and others sellout barbados to the highest bidders not see what their saying cut back we are in a resession ,now,which means no tourists will come to the island to spend money,how will the people eat ,will their eat the big houses, condos or golfs courses,all the fat rich cats will run for greener pastures and the poor will die because of our foolishness