CB Governor says T&T officially in recession

[BRZ]

Well all businesses that were connected to the previous administration should have enough " extra money" to ride out a recession, so they don't care, the poor people will still get handouts and of course the middle class will suffer, Now is a great time to hit with a high tax for owning more than 2 pieces of real estate, it will either drive the price down finally or make the rich bastards give up more in taxes.

[Daran]

Question, should I keep meh two gul or leggo one?

keep both but rent out one on the side

[j.o.e]

Question, should I keep meh two gul or leggo one?

depends on the configuration.....once you have a main chick and a side chick and treat them as such. Side chick can't be asking for too much ....dick and KFC is the expectation she should have.

[MaxPower]

Trinis unaffected, go on the avenue tonight and take a good look at everyone's faces....tell me what you see

[shake d livin wake d dead]

After carnival men go feel it^

[1UZFE]

Question, should I keep meh two gul or leggo one?

Depends on teh sex...

[zoom rader]

Recessions dont affect trinis cause we carnival and dat doh stop for nutting. Loans have to take out for costumes and Army fete around de corner

[bluefete]

And some fetes sell out already. Scalpers will make a killing.

[desifemlove]

if we in recession....so what? last time in 2009 people still spent money and ting, ent? this only affects oil/gas production, and how many people working dey, or dependent off the state for assistance?

[shake d livin wake d dead]

what about if this recession mirrors the one that went on for 7 years

[desifemlove]

Recessions dont affect trinis cause we carnival and dat doh stop for nutting. Loans have to take out for costumes and Army fete around de corner

why not? giving loans is what banks does do. do you despise Linda's for selling bread? or Movietowne for movie tickets?

[The_Honourable]

Well all businesses that were connected to the previous administration should have enough " extra money" to ride out a recession, so they don't care, the poor people will still get handouts and of course the middle class will suffer, Now is a great time to hit with a high tax for owning more than 2 pieces of real estate, it will either drive the price down finally or make the rich bastards give up more in taxes.

Rich giving more in taxes would not happen for sure. As with any tax, the rich will simply pass it on to the small man. If the small man decides not to pay (not happening in Trinidad anytime soon) the rich will simply sport their wealth somewhere else. They can also use accountants to lower taxes as much as possible... legally.

[pugboy]

the last time there was a real recession was in mid eighties
few here will know or have experienced that, maybe their parents

[antlind]

the last time there was a real recession was in mid eighties
few here will know or have experienced that, maybe their parents

I remember those days well. I graduated from UWI with a degree in Computer Science in 1987 and could only find work selling ice-cream. I did this for a year before I was able to get a job teaching. It was rough.

[zoom rader]

the last time there was a real recession was in mid eighties
few here will know or have experienced that, maybe their parents

Been there , done dat and lived through it. I don't think this current population can live through another like that as they have it easy. There was less money and less crime, now it will more crime to come.

[DVSTT]

Will house prices reach attainable levels?

Not until the demand dries up.


And the grey economy slows.

Land is washing machine fadda

building materials would be way cheaper when the recession really kick een

best time to build yuh house

This is the logic....but this also is Trinidad.

How is money laundered through real estate? Won't there be a paper trail if you buy all the material to build a house (say $2 million worth) cash and then sell it? Won't someone in authority see that and connect the dots or am I missing something with respect to the procedure?

[DTAC]

If a recession hits this country with anything like it has been in the rest of the world, then I think Trinidad is in for a massive shock. Everyone now thinks having the newest iPhone or Samsung Galaxy in their pocket and 46 inch flat screen at home is normal. Everything is a borrow and pay back tomorrow.

Trini mindset has always been, "God is a Trini" and "it won't happen to us". Trinidad is really blessed, so much so I don't think the vast majority of people really comprehend what's going on out in the wider world and as such are extremely complacent.

The fact that money literally comes out of the ground and every hurricane bypasses us, (because of that huge continent directly behind us called South America, not God's Own hand" only makes things worst. Grenadians were of the exact same mindset as Trinis, one year I was there, there was a huge Tropical Storm warning, no-one battered an eyelid. They were complacent that "We're blessed. God won't let that happen to us.". Same complacency Trinis have..... Until Hurricane Ivan visited a few years later that is.

Everyone is studying party tonight and not work tomorrow, metaphorically.

[S_2NR]

Will house prices reach attainable levels?

Not until the demand dries up.


And the grey economy slows.

Land is washing machine fadda

building materials would be way cheaper when the recession really kick een

best time to build yuh house

This is the logic....but this also is Trinidad.

How is money laundered through real estate? Won't there be a paper trail if you buy all the material to build a house (say $2 million worth) cash and then sell it? Won't someone in authority see that and connect the dots or am I missing something with respect to the procedure?

This is Trinidad. When you internalize that statement you will understand.

[bluesclues]

i await zr and co. and uml and rfari to say dis rowley fault...like in three months he should stop all crime, cure disease, and bring heaven on earth...

i can state simply, that our finance minister with all his experience should be better at reading the economy than he appears. and not have made any grandiose budgetary allocations.

im sorry but from the track record. it really looks like pnm problem is that they dont know how to manage the economy. they use a bunch of textbook solutions, bourne in a world so old its outdated. proven by the fact that all the authors they use as mentors are dead.

doubles to $15, usd exchange rate... 10:1

and there goes pnm, setting up themselves to be discarded from the polls. this time everyone seeing it in plain view. pnm enter... economy screwed. happens every time.

[RASC]

Right Right
Hear this next one... Allyuh done yet?

Right now, lets see ways in which this CB Gov. Can be removed:

As previously mentioned by me and a few other astute minds, Imbert's job is to frustrate the hell out of Jambala - now he never expected in his wildest dreams that he would hold such a position so he's gonna hold on for dear life.

When is his contract until?
What kind of separation package would the state have to pay?

I suspect if he's removed before his time he'd have to migrate or simply lecture in uwi or something-I don't think anyone would hire him locally.

Ewart Williams offered an olive branch to this upstart and was totally ignored, as is typical with UNC technocrats "is we time now" mentality runs deep with them.

[pugboy]

For sure, the crime will be unreal esp with the huge disparity between the haves and have nots

Been there , done dat and lived through it. I don't think this current population can live through another like that as they have it easy. There was less money and less crime, now it will more crime to come.

[desifemlove]

i await zr and co. and uml and rfari to say dis rowley fault...like in three months he should stop all crime, cure disease, and bring heaven on earth...

i can state simply, that our finance minister with all his experience should be better at reading the economy than he appears. and not have made any grandiose budgetary allocations.

im sorry but from the track record. it really looks like pnm problem is that they dont know how to manage the economy. they use a bunch of textbook solutions, bourne in a world so old its outdated. proven by the fact that all the authors they use as mentors are dead.

doubles to $15, usd exchange rate... 10:1

and there goes pnm, setting up themselves to be discarded from the polls. this time everyone seeing it in plain view. pnm enter... economy screwed. happens every time.

between 2001-2010 there was record growth. and manage an economy in three months? which econ textbook did you read?

[BRZ]

Banks soon to start giving car loans for up to 10 years

[Allergic2BunnyEars]

Banks soon to start giving car loans for up to 10 years

In 2011 fcb was offering 50% loan on foreign used up vehicles aged 6 years.

Cousin told me recently that scotia is willing to give 100% financing on a 6 year old FU.

Dem banks rolling in so much money they don't know what to do with it.

[desifemlove]

Banks soon to start giving car loans for up to 10 years

what wrong with dat? if people willing to get, so what? how yuh does tink banks make revenue or their business model is?

[The_Honourable]

How is money laundered through real estate? Won't there be a paper trail if you buy all the material to build a house (say $2 million worth) cash and then sell it? Won't someone in authority see that and connect the dots or am I missing something with respect to the procedure?

You can have all the paper trail you want, but if you can't prosecute because of loopholes in the legal system and/or not enough trained staff to deal with crimes like these, money laundering would keep going unchecked.

Read this: http://www.trinidadexpress.com/business ... 51311.html

But to answer your question on laundering through Real Estate:

Third Party - Suspect money is funneled through your padna or family accounts to purchase the property. Most times, the deed would be under their name. Many "persons in public life" do this so they would not have to report their assets to the Integrity Commission and to get away from public scrutiny.

Mortgages - are used to buy the property where illicit funds are used to pay them off. They may over-value their properties to get a bigger loan. They would under-value to pay lower stamp-duty.

Sell - Buy property today with illicit funds, sell that property next year or two at a profit (flipping). Do this multiple times to "clean" your funds. Also, buy "lower grade" properties, use the illegal funds to pay off construction loans or to renovate the property, then sell it at a profit.

Companies - Move the funds or property through different companies where the companies themselves are owned by you, your family or a padna. Jack Warner did this a lot with FIFA funds.

Structured/Limited Deposit - You deposit money below the "reporting threshold" so you don't have to declare where the funds are coming from. You have accounts in different banks so you can spread the funds and still no need to report once you are below the threshold.

Rent - "Lease" properties (owned by your padna or family member) and pay "rent" using illicit funds.

Invest Overseas - Do any of what I stated above in another country where the laundering laws are not strong. A lot of the times, one of the carribbean islands.

[X2]

There needs to be a big push to agriculture and manufacturing if we are to ride out any type of storm. Unfortunately both governments have tirelessly pushed against this. Maybe we can make solar panels or microchips right ?

Ansa mcal buys USD also... they are also earners of foreign exchange so their consumption according to CB must be lower than normal.

We have no significant manufacturing or agriculture base short of corn curls, sweets, sugar water and fire water. We are a failed economy thanks to the easy money of energy products... as a country, we abandoned productivity and ingenuity to milk the teat of the energy sector. The government promised diversification in the 70s and has ridden that pretense ever since... 'the energy sector will fund our diversification'. The greatest lie ever sold to TnT.

Some may think that we are not close to what happened in the 80's, but given the exchange rate and volatility of the current economic wave in the Caribbean, we might as well say we are there. The real quality of life in Trinidad has not gotten much better than it was in the 70's either. A shiny new iphone and nike knockoffs shouldn't discount the fact that a lot of people still go home to thieves liming on the corner and a bucket and bottle shower.

Given the insane government expenditure over the last 20 years... and seeing that this spend was likely 20 times what it was in the decade prior... we should be living in an abu dhabi - esque paradise... proper housing for all, running water, electricity, safe streets.... business opportunity and growth opportunity to spare... yet, there are just small sprouts of businesses with huge portions of the wealth and the 'people' have to deal with violent crime, mysterious dead babies, people shot for a blue note... it's the wild west out there... If the economy is in a recession, the population is headed for a depression.

[bluesclues]

i await zr and co. and uml and rfari to say dis rowley fault...like in three months he should stop all crime, cure disease, and bring heaven on earth...

i can state simply, that our finance minister with all his experience should be better at reading the economy than he appears. and not have made any grandiose budgetary allocations.

im sorry but from the track record. it really looks like pnm problem is that they dont know how to manage the economy. they use a bunch of textbook solutions, bourne in a world so old its outdated. proven by the fact that all the authors they use as mentors are dead.

doubles to $15, usd exchange rate... 10:1

and there goes pnm, setting up themselves to be discarded from the polls. this time everyone seeing it in plain view. pnm enter... economy screwed. happens every time.

between 2001-2010 there was record growth. and manage an economy in three months? which econ textbook did you read?

the one that said inflation rose so high doubles went from $1 to $4 within 2 years under manning.

[BRZ]

There needs to be a big push to agriculture and manufacturing if we are to ride out any type of storm. Unfortunately both governments have tirelessly pushed against this. Maybe we can make solar panels or microchips right ?

Ansa mcal buys USD also... they are also earners of foreign exchange so their consumption according to CB must be lower than normal.

We have no significant manufacturing or agriculture base short of corn curls, sweets, sugar water and fire water. We are a failed economy thanks to the easy money of energy products... as a country, we abandoned productivity and ingenuity to milk the teat of the energy sector. The government promised diversification in the 70s and has ridden that pretense ever since... 'the energy sector will fund our diversification'. The greatest lie ever sold to TnT.

Some may think that we are not close to what happened in the 80's, but given the exchange rate and volatility of the current economic wave in the Caribbean, we might as well say we are there. The real quality of life in Trinidad has not gotten much better than it was in the 70's either. A shiny new iphone and nike knockoffs shouldn't discount the fact that a lot of people still go home to thieves liming on the corner and a bucket and bottle shower.

Given the insane government expenditure over the last 20 years... and seeing that this spend was likely 20 times what it was in the decade prior... we should be living in an abu dhabi - esque paradise... proper housing for all, running water, electricity, safe streets.... business opportunity and growth opportunity to spare... yet, there are just small sprouts of businesses with huge portions of the wealth and the 'people' have to deal with violent crime, mysterious dead babies, people shot for a blue note... it's the wild west out there... If the economy is in a recession, the population is headed for a depression.

What's worse is that None of the governments actually actively Support local manufacturers, all barriers have been removed and everyone sells every thing now, not restrictions, no proper monitoring of imports.
The labor market is horrible, no proper backing of employers with regards to importation of additional labor since the locals don't seem to want to do trades men type jobs.

[DVSTT]

How is money laundered through real estate? Won't there be a paper trail if you buy all the material to build a house (say $2 million worth) cash and then sell it? Won't someone in authority see that and connect the dots or am I missing something with respect to the procedure?

You can have all the paper trail you want, but if you can't prosecute because of loopholes in the legal system and/or not enough trained staff to deal with crimes like these, money laundering would keep going unchecked.

Read this: http://www.trinidadexpress.com/business ... 51311.html

But to answer your question on laundering through Real Estate:

Third Party - Suspect money is funneled through your padna or family accounts to purchase the property. Most times, the deed would be under their name. Many "persons in public life" do this so they would not have to report their assets to the Integrity Commission and to get away from public scrutiny.

Mortgages - are used to buy the property where illicit funds are used to pay them off. They may over-value their properties to get a bigger loan. They would under-value to pay lower stamp-duty.

Sell - Buy property today with illicit funds, sell that property next year or two at a profit (flipping). Do this multiple times to "clean" your funds. Also, buy "lower grade" properties, use the illegal funds to pay off construction loans or to renovate the property, then sell it at a profit.

Companies - Move the funds or property through different companies where the companies themselves are owned by you, your family or a padna. Jack Warner did this a lot with FIFA funds.

Structured/Limited Deposit - You deposit money below the "reporting threshold" so you don't have to declare where the funds are coming from. You have accounts in different banks so you can spread the funds and still no need to report once you are below the threshold.

Rent - "Lease" properties (owned by your padna or family member) and pay "rent" using illicit funds.

Invest Overseas - Do any of what I stated above in another country where the laundering laws are not strong. A lot of the times, one of the carribbean islands.

Thank you.