When will they confirm we are in a Recession?

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Nassau, Bahamas: From January 2007 it was clear that there was slowing up of the economy, and for the last eight months The Bahamas has seen declining tourist arrival figures. We have seen reduced staff levels at Atlantis and Colina not to mention the government’s dismissal of over 1,200 temporary workers. And since January last year we in The Bahamas have seen the close down of many companies. Some offshore banks have closed their doors, as well as Bacardi and most recently, 13 stores of Price Busters just to name a few. And still nobody is concluding that we are in a recession.

Just to add here, some 700 mortgagees with mortgages with the Mortgage Corporation are facing possible foreclosure on their homes, this is a telling sign. And then there are the many private banks publishing foreclosures right here in The Bahamas. Bahamas Press has seen facts of this sudden downturn and can now report that it is clear, a HARD RECESSION has hit The Bahamas!

Anyone questioning this should just pick up a copy of your morning daily and you would discover that fact. In last Thursday’s morning newspaper, banks published four full pages of property and homes under the titles; ‘MUST SELL’. This reminds us of hard times back in 1992. Hubert Ingraham back in 1992 spoke to that recession year, as he attacked Sir Lynden and Lady Pindling for the bad economy. Here is what Ingraham said;

“Our homes are being auctioned off. Cars are being repossessed and sold. School fees can’t get paid. Lights are turned off. Babies pampers can’t be bought and babies crying for food. Things are tough and they ask us look at me? Yeah we looking at you.

“We looking at you but instead of looking at you thousands of other Bahamians are waiting and praying and expecting that your husband who helped to bring on THIS MISERABLE way of life will soon be gone from the countenance of our country,” Hubert Ingraham said.

We at Bahamas Press wonder, now that Hubert Ingraham is running the country and is in charge, who can he blame today now that he stopped in 2007 some $90 million in capital development projects earmarked for the country. He fired scores of government workers and at the same time raced away Bah Mar partners. Prime Minister Ingraham STOPPED and CANCELLED in his reckless review policy other developments. And to send shock waves throughout the business community, his government has levied the HIGHEST TAX INCREASE ON THE BAHAMIAN PEOPLE IN THE HISTORY OF THE COUNTRY! To use a line from a member of Parliament, “How far back in the bush does Hubert Ingraham wants to take us?” Our photos here shows four full pages of distressed properties, a clear sign that the Bahamian families are having a hard time.

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6 COMMENTS

  1. Thanks for the tips, Graham. These are things that make me wonder what is going to happen to our nation by next year for real. Like I said the PM is crazy and he is dragging all of us down with him.

    And, I agree with you, the situation with immigration was a mere show indicating how “serious” the minister is about eradicating the illegal immigration problem.

    This government……..I dont know what is going to happen to us but I can assure you I am VERY scared…..and I dont stand alone.

  2. When will they confirm we are in a Recession?

    You have left out so much our government is out to lunch till October 2008 ,just like the usa congress.
    Are we following the USA once again ?
    When they return they intend to sign on to EPA I have looked @ the 1000 page agreement we will be giving Up European banking like we gave up usa banking in 2002 EPA demands full disclosure of banking !

    With the tourism this winter being the slowest ever & banking gone thanks to EPA & the Democratic party in the
    USA taxing the wealthy offshore accounts our 80% service GDP is F———-

    You heard it here 1st from the MINISTER OF POTHOLES by next summer you will be shot in the face for BREAD & MILK !

    Our government says we can not have industry & be self-sufficient POWER FUEL & FOOD can all be done here by Bahamians

    Has the PLP or FNM addressed immigration ( not just the show they put on the other day for T.V. With the 500 Haitians round up
    But the 60,000 illegals & the 20 odd wooden sloops in the harbor with no licenses or running lights or VHF radio !

  3. Thanks for the “compliment” Morehands. Like I said it seems like you are angry at me because I am not agreeing with everything you say. Again, I say to you…..I am an individual with my own opinion. Dont hate on me because my head is not lodged between Hubert Ingraham’s butt cheeks like yours. And, NO, Bahamas Press does not pay me. I am on this blog for entertainment……trust me it aint that serious. Take it like, old chap!

  4. So that’s your best answer? Its obvious that you cannot see further than the tip of your own personal agenda. Silly rabbit – tricks are for kids.

    The term “recession” creates panic not solutions. No government ever wants to admit that term for their country. Although they have created their own “recession” you have yet to hear President Bush use the term. Drama King, some things are bigger than grand media headlines and our person agendas. I do have FNM and PLP cabinet member friends (when they were in power) and they have all admitted after getting into cabinet- running a country takes far more than we realize. Why not do some research or ask someone who has been there? (on either side of politics)

    DAWGS!! Running my company takes far more than my customers and most of my employees will ever understand.

    I am just glad you are not Perry nor Hubert, ‘cuz we would be an even more screwed up society than we are now. You cannot create social unrest then expect to fix the problem.

    And by the way, Hubert is paying me just as much as Bahamas Press is paying you to remain the most negative and platitudinous person on this blog. Congratulations, big guy.

  5. I want to know how much Hubert Ingraham is paying Morehands to man Bahamas Press for him. You need to change your name to FNM Watchdog.

    Admitting we are in recession is a BIG STEP…it shows HONESTY and should be followed by a plan to EASE our burdens. Stevie Wonder can see this.

  6. Okay. SO if we all admit that the country is in a recession – then what? What will that do? Who wins? I’m always surprised to see how much you want politicians to publicly state that the Bahamas is in recession. My question is, so then what? Admitting it wont do a thing to improve it. In fact it will make things worse as everyone will go into a panic. This is what analysts are saying has happened in the US. They have talked themselves into a recession, as once the R-word is spoken, its all downhill from there: stocks plummet, currencies devalue, property value decreases, companies streamline and downsize and people stop spending money. It is a vicious slippery sloop and a detriment to the Bahamas, as we are now being hit the American self-inflicted recession.

    By the way, I invest in real estate and tons of properties are repossessed by banks every month and has been the case for the past 11 years that I’ve been in the business (check the Tribune weekly real estate guide). Bahamians were not paying loans (car, house, government guaranteed college loans, etc) from since king hatchet was a hammer – we as a people just like to bite off more than we can chew, fail to save, don’t invest and feel that everyone owe us something for free

    Speaking the word recession will not improve our economy but only make it worse. I do however give blame to the government for increasing customs duties on almost everything. But I do understand the motive behind it. Perhaps this is the time for us as a country to seriously consider diversifying our economy and become more self-sufficient on at least 50% of our goods.

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