Nassau, Bahamas — Once again the PLP, in a desperate attempt to gain political brownie points on the suffering caused by the current economic crisis, is peddling bogus “facts” while trying to create a false impression.
Their Chairman claims that the economic recession was “augmented” by what they call the “stop, review and cancel policy” of the FNM Government on taking office in May 2007.
They further claim that the financial crisis occurred in August 2008, “a full 15 months after the FNM came to power.”
These are the real facts:
- The U.S. National Bureau of Economic Research, in a statement issued on 1 December, 2008, concluded that the recession in the United States of America started in December, 2007, a mere seven months after the FNM was returned to office.
- In the midst of the onset of the U.S. economic recession, there was the massive upsurge in the price of gasoline worldwide in March 2008 which exacerbated the impact of the recession. This led to the job losses and mortgage foreclosures throughout the USA which brought on the worldwide financial crisis later that year.
The fact is that virtually from the first months of the new FNM administration the United States and worldwide economy was already on a collision course with the global recession and international financial calamity which now afflicts every major country and, most particularly, the United States of America, the source of the vast majority of our tourists and foreign direct investors.
The FNM did not stop, review or cancel the Ginn Project in West Grand Bahama, but where are the thousands of sky-scraper condominiums, second homes for high net worth individuals, marinas and restaurants promised by the PLP?
The FNM did not stop, review or cancel the I-Group project in Mayaguana, but where are all the thousands of mansions, condominiums, golf courses and boutique hotels that were promised by the PLP?
The FNM did not stop, review or cancel the South Ocean Hotel acquisition and re-development, but where is that re-development promised by the PLP and why has the hotel not re-opened?
The FNM did not stop, review or cancel the acquisition of the distressed Royal Oasis hotel properties in Freeport, but where is the redevelopment promised by the PLP and why has the hotel not re-opened?
The FNM did not stop, review or cancel the Rose Island project, but where are the boutique hotel, sheltered in-land marina, and mansions owned by the rich and famous?
The FNM did not stop, review or cancel the Bahamar project and, in fact hammered home the Revised Heads of Agreement of a project which was much touted by the Christie administration, but never finalized. Where, now, are the promised name-brand, five star hotels, expanded casino, Marina, re-configured golf course, relocated roads and condos for high net worth individuals?
Not one of these investors ever felt the need to make any “pleas to allow the continuation of their projects” to the FNM Government.
Further, each of these foreign investments, which were flag-ship election promises by the PLP, has floundered, if not ground to a halt, due to the global economic recession and financial crisis.
Each of these projects depended upon wealthy, confident and adventurous American consumers who were willing to buy second homes or condominiums in The Bahamas; many of whom have now either lost, or are struggling desperately to save, their own first homes in the USA these days.