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THE PRIME MINISTER ON THE ECONOMIC OUTLOOK

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The Prime Minister Perry Christie speaking during the Royal Fidelity Bahamas Economic Outlook Conference in the Crown Ball Room at the Atlantis Resort on Tuesday 3rd February.  He made a point about the slavery of indebtedness to banks.  We go further and say that no bank who helped to push credit during the good times on people, discount cialis cialis knowing the risk of defaulting should be allowed to get clean away in these bad times as if they had no fault in causing the bad credit in the first place

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. We applaud any effort to curb this binge for borrowing and the Banks who encourage it.  Krishna Virgill of  The Tribune reported what he said this way:

We are now in an age of growing economic slavery, medical ” Mr. Christie said, “driven by excessive unmanageable personal debt. There is simply too much personal debt that is being taken on by too many people in our country.

“We need to break out of that because it can’t go on much longer like this.”

“Banks and other lending institutions are getting richer, doctor particularly with the excessive interest rates that are being charged by some. It is turning too many people in our country into, what I characterise while I am making the point, into modern day slaves.”

He added: “Indeed with the prevalence of salary deductions you have a whole bunch of folks who are taking home literally just a few dollars every month, hardly enough to feed their families, to keep the lights on and keep the water running. The rest of what they earn is going towards personal debt service.”

Mr. Christie said he was disappointed that banks would not support young entrepreneurs, but choose to lend money for vacations and furniture among other things.

“You can borrow money for a car or fridge or stove or furniture. But you can’t borrow a dollar if you are a young entrepreneur with a small idea who has a solid business plan to start a new venture that will end up hiring people.

“Today we have people taking out loans for vacations that they will end up taking seven years to pay back or taking out loans for large weddings or for cars that they really don’t need to change right now. They are taking out loans for this and loans for that.

“They are piling up these loans and piling up their credit cards and pay at 18, 20 or 22 per interest and whatever other charges that might exist.”