This is NOT something to applaud! It is time this practice of banks making record profits year after year while the country and the people flounder, stops. One of the main causes of economic hardship in Jamaica and around the world is because banks and other financial institutions have abandoned their financial intermediation role and have adopted the practice of collecting peoples money and using it ONLY in the interest of the banks, their CEOs and shareholders. This must STOP. Banks must be compelled by force of law to invest in more productive ways in the nations economy. Farmers cannot be grovelling for loans to farm while bankers keep people money and skim fees from it. People with business ideas should not be discouraged because project is one of a kind and if it fails the assets will be difficult to sell as there would be few takers for those assets. But on the other hand they readily gives CAR LOANS and MORTGAGES. Economy cannot run so. The banks must be compelled to lend on a broader base or risk paying HUGE surtaxes. If something is not done about this IMBALANCE in the economy there will be no hope for a stable economy.
Posted on: Sun, 01 Dec 2013 12:12:39 +0000
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