This is the first in a series of mini manifestos issued by the United Progressive Party as a part of our conversation with the nation of Barbados. After the delivery of the manifesto the Progressive Party and its candidates will make themselves available for further discussion. Given the constraints faced by Barbados the approach taken by the Progressive Party is to take a steady, measured path to A New Economy with a heavy reliance on the people of Barbados to adopt a new vision for progress…
Click image to read the Manifesto.
Bushie
Hahaha…..a disciple of BBE amassing wealth……not interested in being your brothers keeper…….no wonder your family distance themselves from you and shaving cream.
David
You made the point…..Bushie can only see Vincent…..who sticks in his craw…..hahaha…..one of these he might get choked.
@ David
Here is a little secret that you may find useful…
If you aim for the moon, you may reach the clouds
If you aim for the clouds, you may reach the treetops
If you aim for the treetops you may actually leave the ground…
If you DESIGN your social systems to accommodate brass bowls
YOU WILL END UP WITH A BARBADOS…. broke and down-graded.
If, like Singapore, you EXPECT SKY-HIGH performance from EVERY CITIZEN
then you may have to be harsh on a few brass bowl idiots
who have nothing to contribute anyway…
BUT YOU END UP WITH A WORLD CLASS COUNTRY – SINGAPORE
…see if you can explain that to Vincent.
@Bush Tea
You are aware that Singapore has many policies in place to protect senior citizens? It is what a caring society does. Because there are policies to protect the vulnerable it does not mean we are not aiming for the stars, all we are doing is helping those who cant make it, like the little bird with a broken wing.
https://www.gov.sg/news/content/7-ways-the-government-is-helping-seniors
No one in their right frame of mind would dispute or argue against helping the less fortunate or vulnerable for whatever reason misfortune beset their daily lives for seeking or getting assistance for better
however what is troublesome in these self help quick fix programs to help especially the elderly people is an underlying root of disadvantage pre planed and well orchestrated with legal jargon that most people does not understand which sends a message of goodwill but when revealed shows a one sided picture of self interest and opportunity tilted in the opposite direction.
What is even more instructive is that citizens should be educated and made very aware of their options to take care of themselves in senior years…..particularly if they have the means, ya cant hold on to things, many are still to learn that…and there is no excuse if you have the means and just want to sit around staring at it.
A really good example of government limitations as it relates to the elderly who have no means, most of the elderly in Japan are living to 100 years and over….
http://ow.ly/Bzmn30gOFdG
There are over 65,000 centenarians in Japan, the prisons, because of lack of crime and the younger generations are being worked too hard to find the tine to commit crimes……many are being housed in prisons…with prison guards as nurse maids.
So the burden is now on the younger generations to work too hard to support centenarians. …they young are not procreating because they have no time for sex, therefore there will be no one around to pay them government pensions…..at this rate….japan got a real problem..
Those who have means should be educated to make better preparations by real professionals or caring family members if available and not by crooks hovering around to see what they can steal…..it’s cheaper for the government to assign actuaries or accountants to advise those with means on their futures and how to dispose of those means to their own benefit, rather than to actually take care of them in homes…at taxpayer’s expense..
Elder planning is easy, planning for new generations from birth to adulthood….that’s the problem.
A look back at a barbados whose citizens activated a culture of community service and good will for the development of a barbados
We have so much more information now at your fingertips to better understand planning for the future, even if it dont always go to the letter, but ya well informed enough to take care of your basic needs in old age, if ya have the means.
There is this couple who live in an area of Jersey called Brams Hill, totally upmarket, they have no children, but they know they will have to sell the property in at least 10 years time, why, maintaining such affluence at a certain age is pointless, even though they can afford to keep it, why, family histories of various issues in old age….will more than likely render them helpless and vulnerable.
David
Chuckle ….waste of time trying to reason with hard ears Bushie or even AC of the anti MAM fraternity.
They remind me of a bank officer many decades ago looking at a friend of mine who had all the necessaries to put down on the purchase of a plantation….the two of them were of the same dark complexion and had known each other for a long time……and asked him why you want a plantation for…..note my friend was highly qualified in that area and had managed many……and tried to make his life hell after he bought it……he is now dead but the family still owns it.
Why are Bimmers so envious,grudgefull,spitefull and believe that they know what is good for the next person.
@ David
There is a reason why simple minded persons are not meant to be in leadership positions, and here, Bushie is not referring to Stinkliar’s “mis-appointment” … but to why Vincent is poor…
Education is about moving a people from mendicancy and serfdom TOWARDS self-reliance and social development. Not about accommodating laziness and ineptitude.
There are many DIFFERENT types of persons in a society….
There are the Bush Tea types – who don’t give two shits about anyone else …and who will succeed because BBE wills it…
There are the Caswell types, who don’t give two shits about anyone else -including Bushie – and who will say what he thinks about justice and fairness …because his mouth wills it
There are the strong brass bowls who find themselves in position to steal and rob with gay abandon… Politicians and lawyers being the pick of this crop…
There are the weak brass bowls who largely follow the prevailing winds – which are currently blowing in a brass bowlery direction… Vincent being a case in point… 🙂
…and then they are those unfortunate ones who just ain’t able to cope….
Education, and Social vision is about creating an environment where EVERYONE moves closer to some defined ideal state – while admittedly making provision for the hopeless.
When you make Reverse Mortgages available, the multitude of misguided sheep-like brass bowls will now have YET ANOTHER avenue of brass bowlery – this time, putting at risk the FUTURE prospects for young generations to come….
These losers are ALREADY over their heads with credit card debt, normal mortgage payments, hire-purchase bills, utility bills and now you are creating MORE room for them to leverage FUTURE generations by putting the houses at risk too…?
Boss…
If you want to care for such losers, then invest in a nice public home and let them move there, and you and Vincent can have fun being their nursemaids…
ONE DOES NOT provide means for proven, failed, brass bowls to now pass valuable national resources into foreign hands – only because of their OWN failures /misfortunes/ ill luck etc…
It is NOT in the long term NATIONAL interests….. even though it may be politically correct and attractive in a land of lazy brass bowls….
LOOK!
Bushie dun wid DAT!
Lotta shiite!!!
Imagine ac making sensible arguments against David of all people ….
who listening to Vincent of all people…
Shiite man….. EVERYTHING topsy turvy…
Wunna got Bushie head confused….. with this situation of ac mekking sense…..
DUN WID DAT!!!!
@Bush Tea
Your position is understood, from the start. The vulnerable today will have to pay the price in their golden years…
The manner in which the commercial banks operate in Bim, I would have to caution our citizens about jumping into reverse mortages without due diligence. A word to the wise.
@William
Is it the banks or BARP and Bushell pushing reverse mortages.
#steuspe
Lol….all the evidence points to the risks, who wants to take them…have lots of fun.
Still surprise that this type of mortgage has taken roots in Barbados.
But not so surprised after I watched Bajans do a Black Friday shopping imitation.
Do we celebrate July 4th
@BT
Wunna got Bushie head confused
+++++++++
Normal state of affairs……
Maybe soon….in 2004 I realized the credit card scam was about to go full blast on the island and warned them it will enslave them just as it did everyone in US…they wont hear, now they feel.
Chuckle….yup…..Bushie’s confusion is par for the course….nothing new.
The consensus on this issue is that we need to make seniors aware of the many pitfalls if and when its brought on board and BARP would be the vehicle used to educate them.
The joke is that we are generally saying the same thing including the Rt.Hon.RH Bushie…..lol
@ Sarge
Wunna got Bushie head confused
+++++++++
Normal state of affairs……
++++++++++++++++++++++++
Actually very true….
Why do you think the bushman cussing like a pirate – it is not normal,
but EVERYTHING in this damn world seems to be inverted…
Right is wrong
good is bad
shiite is OK
LOVE is bad
Selfishness is Capitalism -and good
Up is down
War is peace
…and NCOs bossing bout big able commissioned officers…
Shiite man…. no wonder Bushie’s head is confused
But note that the whacker is as steady as a ROCK…. 🙂
David is an intelligent person it really baffles as why David would be fooled by this simple trick of an underhanded scheme to deplete the poor and vulnerable of their hard working fortunes in the older years just because there have fallen on hard times,
On the surface to the people/s mind the prospect of having money flowing without having to lick a stick sounds and enjoying a better life is exciting and inviting,
However when one let wisdom and commonsense takes first exit one is left with no rationale and depends only on the advice of the fox who is consistently watching the hen house,
The bottom line being that these financial Institutions have lost all credibility through the years and the first question one should asked before going head first into these schemes is What is in it for them and what price must be paid for all their goodwill,
As real estate continue to escalate across barbados one can predict that as banks gobbled up the older generation of family estates under these quick fix schemes many Barbadian would find themselves in a disadvantage state losing all power and effect to negotiate because of outside self interest that has placed another nail in the coffin of individual economic progress.
AS the old folks would be quick to infer There goes the neighbourhood with a newer set of occupants and the real owners looking from the outside
In other news, there is a tendency in Bimshire to apply First world remedies to Bajan sores no wonder the shopping extravaganza known as “Black Friday” has made its appearance locally. What works in suburban Boston, Miami, New York or Toronto will not be as effective on the rock.
Perhaps there are some examples of elderly people in Bim who are house rich but cash poor, (it would be wonderful if we could see some statistics). Can this be addressed with reverse mortgages? As usual some people are looking for quick fixes instead of long term solutions. What we should be doing is encouraging today’s workforce to use savings plans as a vehicle to retirement; too often retirement is looked upon as something on the distant horizon and not something to be concerned about because “Big Brother” aka Gov’t will take care of the problem.
@Sargeant
Have you considered emailing BARP the entity 30 thousand strong that is representing this matter? Can you tell us what savings plans are available in Barbados?
Interesting to see how former Senior Banker,former Senator and present Government representative to the United Nations Mr Tony Marshall is being denigrated,lampooned and villified by this ac creature.
One wonders if the animosity towards MAM supersedes the commonsense as promulgated by Mr Marshall on the reverse mortgage situation.
Mr Marshall presented papers on it and hosted public debate on the issue…..where was this creature ac then?
More to this mortar than the pestle…..ac probably wants to see somebody collapse and suffer in order to get a property cheap…..a bit like how Bushie acquired his wealth……the mind boggles.
A lot of people in Barbados build houses that are great when they are young and raising a family but when the children become “successful adults” parents are left with empty rooms.
The parents should be able to use the value of the house to continue living a reasonable standard if they choose.
A reverse mortgage can be good for some people.
@ ac
David is an intelligent person it really baffles as why David would be fooled by this simple trick
++++++++++++++++++++++++++++++++++++
Get a life woman … or at least loosen the weave….
It is obvious that David gets this from the very start – can’t you see when someone is stringing you along to get you to say something intelligent at long ast…?
Steupsss
Just say thanks nuh.
@ David /Sarge
On the matter of the upsided – down world
Is that REALLY Peter Williams on Brass tacks representing Integrity Barbados?
The SAME Williams that gave away BL&P to the Canadians under questionable circumstances just a few years ago..?
Perhaps he will explain that scenario to us now….
Shiite man… what next?
A former CJ coming out against corruption…
Oh Wait… We already had that!!!
Wonders never cease..
@Bush Tea
Isn’t there a difference between Barbados Integrity Movement and the Integrity Commission?
reverse mortgage was not coceptualized in Batbados and came about when the US housing market crashed and parasites were looking for a new cash cow, if you know and accept the risks, it is a matter of choice…it can only go one of three ways….unless those with ulterior motives find a 4th more sinister way.
New restrictions on reverse mortgages and the effect on senior citizens
Updated Sep 15, 2017; Posted Sep 15, 2017
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shares
By Stewart Welch
Stewart Welch Founder of The Welch Group, which specializes in fee-only investment advice to families throughout the country. Contact welchgroup.com
The Department of Housing and Urban Development (HUD) has announced its intentions to change the requirements for its reverse mortgage program — specifically, to raise premiums and tighten up the limits on loans.
But such a change could have tremendous ramifications for senior citizens, and there’s not much time to plan; the proposed revisions to the plan will go into effect on October 2.
Implications for the HECM Program
The Home Equity Conversion Mortgage program (HECM) has always been considered a bit high-risk, in spite of past improvements. It’s one of the most unstable parts of the Mutual Mortgage Insurance Fund, which is the flagship fund of the Federal Housing Administration.
In spite of its risk, the HECM has been of great benefit to many seniors age 62 and older who still live in their home. Under the program, these seniors could withdraw some of the equity in their home, implementing a reverse mortgage that provided income for them through a lump sum, regular payments, or a line of credit. These loans didn’t have to be paid off until the borrower died, moved, or sold the house.
I am confused. A conventional mortgage can ‘unlock home equity’. Reverse, conventional, LOC, personal, they are all loans secured by a fixed asset. Why the extended debate?
@NortherObserver
The difference between the conventional and reverse is the senior citizens don not pay the loan?
Peter Williams, Scott Weatherhead, i would hate to hear who else, ya known by the company ya keep.
@ Hants
A reverse mortgage can be good for some people.
+++++++++++++++++++++++++++++++++++++++++
Your point being what exactly? … no fishing today?
We already established that fact.
It is DEFINITELY good for the foreign sharks looking to disenfranchise Barbados
It is good for those who selfishly want to hold on to a house that no longer suits their purpose – rather than pass it on to RELATIVES, NEIGHBOURS, or to other BAJAN associates who NEED such a house…
It is good for lazy bums – who may have inherited such a home themselves, and who then choose to splurge the gift, while handing the legacy out to strangers…
It is BAD for future generations who will end up RENTING from Trickidadians…
Why don’t you invest in a heated indoor pond …so that you can fish when it gets cold….?
Vincent i am not speaking from what is written on paper and handed to any one source or entity as a convincing argument for RM by Financial Institutions who for all means have the betterment of their interest first while withholding the negatives and all the trappings associated with RM
i have seen the first hand the toll which have raised its ugly heads as families left behind struggle to find ways of holding on to large estates which now legally is now consider bank own.
A property which initially was paid for by the owner and because of a poor advice might have given into pressure as to accommodate monthly checks unaware of the pitfalls to become towards the property and remaining family members after death.
The family is in no position legally to question the terms of the loan or even mount a legal response as to the state of mind of the owner during negotiations of the loan The financial institution has all rights as ownership bar none
Either the family buys the property or take a hike,
@Cut’n’paste
they have been around long before that. The US are not on the leading edge. It has to do with the deductibility of mortgage interest on a primary residence. Australia, Canada and some Euro countries have had them for many decades.
Bushie
Hahaha…..poor you……like you got a overdose of shaving cream to distribute today.
Yuh dun noa yuh wrong but…..yuh cyan back back….wuhloss…..stansoe den……lol.
i dont think some were sure how it actually works and the devil only knows what crap the ones who will now act as though they designed it will make up for senior citizens who are not savvy about the realities.
reverse mortgage was around since 1961 but was upgraded after the Fanny Mae, Freddie Mac et al crash.
ac
The point has been made time and time again….educate seniors to discuss these transactions with their immediate family and look at all the pitfalls….BARP will spearhead the education…..do not through out the baby with the bath water.
We are for once in agreement.
Northern….i only just saw your post, yes it has been around for about 50 years.
You ALWAYS pay, it is about when, how much and how.
We already know financial ignorance is bountiful. Just making it easier to grease the money from your pocket, cause you don’t ‘feel it’ every month. The net effect in all is similar.
@David
Perhaps I can get my mother or some of my friends to do that “email” as they are members (recently we made a mid- four figure purchase and she asked if there was a BARP discount so it must be good for something).
Since the issue of reverse mortgages has entered the political arena via the BLP, one should ask whether they should be trying to establish “savings plans” to help todays generation rather than the quick fix that they are advocating.
BTW I am not against reverse mortgages in jurisdictions where they make sense, you may recall that a few months ago a bank sought to enforce its right to sell a home which was encumbered by a mortgage which had fell into arrears because the homeowner couldn’t meet the payments there was a hue and cry that the Bank was going to sell it below market valuation just to recover its outstanding debt.
Reverse mortgages will see a flood of foreclosures and homes sold just to meet outstanding debts when the mortgagee departs for the Elysium fields.
@Sargeant
The question about savings plans was asked tongue in cheek because the investment market in Barbados does not support and will not in the foreseeable future. On the point of RM, Barbados is not a market where flipping is common like in your neck of the woods. The question remains, why is BARP championing RMs, they did a lot of research on it.
the problem i see is that ya locked in….if you get sick and have to leave the house, that is not the bank`s problem, ya have to repay the loan
if you decide to sell the house, you have to pay the loan, why not sell the house, get the best price you can and ya home free, dont owe anyone..
…if ya die..the bank will sell the house…anyway.
i bet the banks will put restrictions and ceilings on what they interpret as a house with value for resale purposes.
it`s not that simple.
Bush Tea i do not have a weave i have been blessed with a healthy head of hair thanks to parents
In any case what is your problem with me or any woman having a weave, is this an extension of your bombass and crude anti female attacks on woman in an age when women does not feel to be pressured by what the male gender thinks is best for them
i therefore advice you on this issue of hair to crawl right back unto your bush bed and simply nestle among the bed bugs
if i do not trouble you do not become of trouble to me because i would burn your bush bed down with plenty bad words
It seems as after all these years on Gods almighty earth you have a problem with woman being independent and able to call their own shots. What difference does make to you if a woman adorns her head with a weave or cane grass, there are many men who wear hairpieces why dont you lecture them on their choices,
Get loss bull frog!
for the younger generation….this is your best option…find ways and means to save your money, like some people i know…. without losing it in the process.
After due dilligence,consultation with family and friends and one does a reverse mortgage with the full knowledge and understanding that the house will belong to the bank and you will live in your ex-house untill you die in comfort.
Whats wrong with that……..children already have their own property and more…..no family is interested in it…….you are living where you have always lived with out worries.
Well let me tell you this . This talk of educating people is nothing new . The bottom line is legislation that would help citizens who for the most part are at an advance stage in life and most likely on medication which can impaired their decision making.
Most of the time people only see a way forward in these schemes and would jump for the quick fix approach.
One should only feel comfortable if govt look closely and do research gathering information from other sources that have been engaged in the RM process and activate legislation that would be of benefit and a comfort zone to the elderly when they have an interest in undertaking RM.
The elderly have been great contributors to the country and should be given the highest level of respect by govt in their golden years especially when financial decisions can negatively affect their better judgement
Putting legislation in place which would help them avoid loan sharks barons would be enough to suffice
The stock market in Barbados is somewhat limited. From what I have read online, one has to be very careful even in these regulated Bajan waters.
However, depending on the age of the individual, I would suggest an element of risk (the stock market) be a part of their portfolio. Savings and CD can be too conservative for the young.
What stock market!?!
David
A number of seniors have well to do kids and grands who are not interested in the family property and though they would willingly help Mum&Dad……parents prefer to be independent …..so why not RM property…..live in it untill both die and thats it no headaches for any one.
I think the objections offered was really based on a poor family whose only asset is that one property under those circumstances,I would suggest that the family find another way out.
AC
As I pointed out to David above our discussion was at cross purposes as you were dealing with a one property family whereas I was dealing with a multiple property family that could afford to let the bank have a property.
Hence my agreement with you for that one property family to seek another avenue other than RM.
Note….Tony who raised the issue could afford to RM a property.
Wondering if like the reverse mortgage, bitcoin, ethereum, black Friday, and halloween , we hava also imported financial planners who can give sound advice to those entering, in and exiting the labor market…
http://www.bse.com.bb/
Pickings may be slim, but a few nuggets are there.
Think we need to discuss what is available for people age 18 to 80.
stock market on the island is not an option, there is no regulation of insider trading, it should not even be a thought.
..accident insurance and disability insurance, fine, anything else is way to risky..
Clico is a good example of high risk investment..
the sale of Banks and the insider trading involved another..
options are very limited in that regard hence the reason those with means invest outside the island..
@ ac
You lie!
You have a weave….
If Artax say that you have a weave, then you have one… just loosen it ..and stay calm.
BTW … it is good to have you back….
angela was getting on Bushie’s last nerve with her ‘namby pamby’ shiite talk.
Look how you only just came back (by mistake) and already you looking to ‘burn’ Bushie; cuss Bushie …and all the good old interactions that we used to have.
On the matter of the weave though…. perhaps Artax is wrong.
Bushie always leaned towards the theory that the problem is that your underwear is two sizes too small…….
An it is NOT the Barbados Revenue Authority of which Bushie speaks…..
LOL
ha ha ha
wha loss ….
🙂 Your love letters to ac are just too sweet.
@ Vincent
So why exactly would a person who owns multiple properties be in need of a reverse mortgage on the property in which he lives?
No rental income from the others?
No buyer interests in the other unrented properties?
No children /grands /girlfriends/ drinking pals looking for somewhere to live?
No neighbours in need of a better place for their family?
..or just no damn common sense?
Have you ever heard that when you find yourself stuck in a deep hole,
the FIRST order of business is to stop digging?
…or are you of the ilk of the minister of fine ants
who will dig the tax hole until he comes out in Australia?
nothing Theophilis…nothing, not even interest on a bank account…there are people i know who bought shares in companies IN Trinidad, Jamaica etc…now with oil discovery Guyana will come into play….
no options worth looking at on the island…people live on a wing and a prayer.
and all ministers do is live for tourism….they have spent 50 years regressing just to reach the stage of pathetic.
Bushie
You really that dumb…..or lack comprehension…..read what I wrote to David and stop disgracing Cawmere of my era.
What you wrote to David was nonsense.
David is just too decent to tell you to your face that it was shiite.
You want hand BARBADIAN real estate over to foreigners in exchange for a few years of selfish freeness on the foolish notion that ‘no family is interested in it’.
The ONLY way family will be not interested is if you are seeking to sell them at ridiculous prices.
If not family, there is always EXTENDED family looking for somewhere to live. somewhere to better settle a growing family etc
Your ONLY interest is to the end of your short miserable life?
How about the GENERATIONS of youth still to come – looking for a roof over their heads…. hopefully some of whom will be MUCH smarter than you are…?
How about THAT responsibility?
Bushie
Chuckle…..like you pun de bush agin……what you just wrote is tru tru bovine excrement of the GP variety.
Ah here fuh de aftnoon….so keep up de jobby and leh muh cut yuh RH……lol
Bushie
You are so stubborn. I can’t believe you’re still here arguing wrong and strong. It is not like reverse mortgages is the KEY I referred to in my first post on this thread.