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The 13 richest canadian and 265 in the world comes in at a cool $2.1 billion as per Forbes magazine [img]/forums/images/graemlins/70409-waytogo.gif[/img]
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Re: Micheal Lee-Chin
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The 13 richest canadian and 265 in the world comes in at a cool $2.1 billion as per Forbes magazine [img]/forums/images/graemlins/70409-waytogo.gif[/img]
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He deserves a dime. It is people like those who should be wealthy. [img]/forums/images/graemlins/70409-waytogo.gif[/img] -
Re: Micheal Lee-Chin
Yep that man deserve every red cent, from bringing back NCB to its former glory recruiting Aubyn Hill and encouraging companies to invest in Jamaican instead of sending profits overseas, the man left Jamaica but yu know seh him heart never left Jamaica. I wonda daily how much Micheal Lee-Chin a chop sugar cane right now or a sell bag juice cause dem never get the opportunity a yawd.Comment
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Re: Micheal Lee-Chin
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Yep that man deserve every red cent, from bringing back NCB to its former glory recruiting Aubyn Hill and encouraging companies to invest in Jamaican instead of sending profits overseas, the man left Jamaica but yu know seh him heart never left Jamaica. I wonda daily how much Micheal Lee-Chin a chop sugar cane right now or a sell bag juice cause dem never get the opportunity a yawd.
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M. Lee Chin got more than most Jamaicans.
Taxpayers’ money from Shearer to fund his education in Canada.
Taxpayers’ money used to rescue NCB and then hand over it assets for a song to the said M. Lee Chin.
An of course his AIC and NCB is one of the major beneficiaries of the most massive transfer of wealth from the Jamaican poor to the rich that has every occurred in the history of Jamaica since slavery was abolished.
No I am not saying he does not work hard for the money and therefore deserves every cent that he gets, but one should put this in the context of what is Jamaica is at this time and place in history.Comment
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Re: Micheal Lee-Chin
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but one should put this in the context of what is Jamaica is at this time and place in history.
[/ QUOTE ] please elaborate on this, I do not understand.Comment
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Re: Micheal Lee-Chin
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but one should put this in the context of what is Jamaica is at this time and place in history.
[/ QUOTE ] please elaborate on this, I do not understand.
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People in the business including the beneficiaries of the most massive transfer of wealth from the poor to the rich that has ever taken place in history of Jamaica since slavery was abolished, are seeing the light.
They are sensing that the over reliance on JATBills to fatten their portfolios has left them successful and wealthy but the rest of the country improvised and almost ungovernable.
Banks and financial houses are doing well but factories and other industries are dying off and their principals have instead turn to speculation in Dr. Davies Pyramid Schemes.
Of course Mr. M. Lee Chin or any one or all of the beneficiaries themselves are in no way responsible they are just persons and institutions in the right place at the right time.Comment
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Re: Micheal Lee-Chin
I see,...not trying to defend these bankers, but after the financial meltdown of the 90's.. people still not ready to trust the traditional sources of banking (i.e. loans) for interest income, when goverment paper paying 12% interest with little risk of default, I would do the same thing too. Mi cant fault the man fi dat. Nuff people lose dem shut when those banks went down.
But how long can interest rates stay at 24% before market pressure drive it down. What happening in Tourism is a warning sign to other sectors of the economy including FS, Butch stewart was full a big chat couple years ago about not investing anymore in Jamaica moving to another island and ray ray ray, now that RUI and Festiva coming on board all of a sudden Stewart and Issa planning on expanding thier hotels locally. The financial markets are very ineffecient in Jamaica, I work in one aspect of it and I see tons of opps. Derivatives are non existent so are factoring of receiveables, securitization of loans such as ABS and MBS, repos and reverse repos. Many more tings I see where I could provide a service and make good money when I am ready.
As for manufaturing, the freezone garment industry model was dead before it born, we dont have a comparative advantage in the sweat shop game, call centers and data processing yes, child and cheap labor ..no. Specialized "niche" manufacturing can work such as rum, cigars,and "brand" jamaica products (i.e. cooyah, catch a fire clothing, soaps, etc.)Comment
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Re: Micheal Lee-Chin
Sorry jamaica does not have comparative advantage in any area you suggested,other than english speaking call centers,and at the rate they are going with formalizing communication with patois in schools we soon loose that too.
What Jamaica is experiencing in these areas could be considered as pre-empting. It is just a matter of the other countries copying what we are doing and we will bee out of the running. Where Jamaica has competitive advantage is in anything to do with tourism,and it is not based on just our location,weather,and facillities. It is based primiraly on the warmth of the people. all other coubtries will try to copy that,but it is very difficult. That is why Jamaicans are more popular as hotel workers,than even the europeans,in the US.
Jamaica has other competitive advantage in other areas too,but I will leave that for another post.Comment
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Re: Micheal Lee-Chin
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I see,...not trying to defend these bankers, but after the financial meltdown of the 90's.. people still not ready to trust the traditional sources of banking (i.e. loans) for interest income, when goverment paper paying 12% interest with little risk of default, I would do the same thing too. Mi cant fault the man fi dat. Nuff people lose dem shut when those banks went down.
But how long can interest rates stay at 24% before market pressure drive it down. What happening in Tourism is a warning sign to other sectors of the economy including FS, Butch stewart was full a big chat couple years ago about not investing anymore in Jamaica moving to another island and ray ray ray, now that RUI and Festiva coming on board all of a sudden Stewart and Issa planning on expanding thier hotels locally. The financial markets are very ineffecient in Jamaica, I work in one aspect of it and I see tons of opps. Derivatives are non existent so are factoring of receiveables, securitization of loans such as ABS and MBS, repos and reverse repos. Many more tings I see where I could provide a service and make good money when I am ready.
As for manufaturing, the freezone garment industry model was dead before it born, we dont have a comparative advantage in the sweat shop game, call centers and data processing yes, child and cheap labor ..no. Specialized "niche" manufacturing can work such as rum, cigars,and "brand" jamaica products (i.e. cooyah, catch a fire clothing, soaps, etc.)
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How can you glibly dismiss the Garment Sector when China came to Jamaica, studied our 807 Program then used it as a template to build their export based industries. Singapore did the same thing, but where we concentrated on Import substitution in the 40s, 50s and 60s they concentrated on using it for export.
How do you get from Garment factories to Child and Cheap Labour? Make the connection please?
Is the wages paid in the lower rungs of financial sector and the call centers any better than it was in the Garment Sector that employed hundreds more workers than those two sectors combined?
The so-called financial sector what is it based on?
When the GOJ destroyed the Jamaica's Historic Financial Sector it was replaced with the largely Paper Market. What is the real under pinning of this so-called Market?
As for the Call Center look again, didn’t you read last week that Jamaica has slipped in its lead role as Call Center of the Caribbean? That Dominica is now the place to be?Comment
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Re: Micheal Lee-Chin
Isn't garment industry the lowest form of cheap labour?
Isn't that from where the term 'sweat shops' coined/
the only industry in which a lower wage acale is paid is in agriculture.
..and China's economic base was not in anyway related to any visit to Jamaica and copying the 807 program
The 807 program was not invented by Jamaica,neither was it esclucive to Jamaica.
the 807 program was developed by the Us congress due to the lobbying efforts of the Us cotton industry.
Those same organizatiosn chose to remove from Jamaica to other countries that became more suitable for it. Jamaican cost of living was too high for local workers to make a living doing garment work. As a result in the latter years,they factory operators,had actually resorted to importing their labour force from as far as Thailand,and the Phillipines.
the shift came when the foreig workers succesfully won a decision in Jamaican courts,that allowed them the same labour requirements,such as 40 hrs,and paid holidays,and other benefits allworkers in Jamaica is entitled.
they moved majority of their operations to The Dominican Republic.
Of course Jamaican government owned the plants and machinery,which the government sold much to the Dominicans,and some is still in moth ball in the country,for those who still think it is possible.
the final nail came when mexico got into NAFTA.
The chinese were manufacuring all along,but perfecting their products in europe,asia,and other regions,due to US restruictions. these restrictions have been all but removed January this year,and both the US ans europe has been trying to limit the movement of China in their markets.
Jamaica has never been able to, cannot and will never be able to compete with China in high volume sewn products,in the for of ordinary aparel.
Jamaica has a develeoped a very effective labour laws,wcich is not yet the case in China.Comment
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Re: Micheal Lee-Chin
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Isn't garment industry the lowest form of cheap labour?
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the only industry in which a lower wage acale is paid is in agriculture.
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As usual you asked a question then the answer with your own questions with an answer opposite to what your thesis is, as in the examples above.
No Slavery is.
There is no such thing as Cheap Labour.
Show me a comparative study of the wages paid to Jamaicans in unskilled and semi-skilled categories in Jamaica. My guess is the garment worker had the ability to earn just as much or more than the other categories.
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Isn't that from where the term 'sweat shops' coined/
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No you don't know anything about the Industrial Revolution. The term sweatshop predates the modern garment industry.
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..and China's economic base was not in anyway related to any visit to Jamaica and copying the 807 program
The 807 program was not invented by Jamaica,neither was it esclucive to Jamaica.
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The Chinese went to Jamaica and studied the Garment Program they also invited three persons who were not in Government and at least two Government Minister to China to talk about the Industry.
I have two of those persons on tape.
Again show me where I said that the 807 Program was invented in Jamaica. In any case China and Singapore before that recognized that Jamaica was going at the time in a direction that was progressive. Jamaicans seems not to have recognized that yet.Comment
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Re: Micheal Lee-Chin
You sure do not know as much as the nothing I no about the 'industrial revolution'
The term, 'sweat shop's was coined by journalists destribing the infamous sewing factories in the north eastern United States.
Did the Jamaican garment factories had a problem os the shortage of local workers,or not?
Did the operators resort to the use of Asian workers,that they kept in hostels and bussed daily to the factories or Not?
Did these workers not demonstrated and had legal proceedings brought against the factories by the Jamaican government under the labour laws or not?
Why would Asian workers be imported if the locals were working for less in other industries in Jamaica?
as far as i jnow the only thing the jamaican economy of the time was doing was to put food on the table of workers,but progressive it certainly was not.
If the Jamaican economy was progressive,then it would have developed a light machinery industry. It bever did, it still has not seen it possible to do. if jamaican economy was progressive it would have developed adequate irrigation for the 93% of it's arable lands to transform it sa a tool of production,instead of depending on the vagries of the weather,as a gamble betwen drought and flood,and the milloins lost in such persuit.
Jamaica still does not have a progressive economic program and has not one in it's history.e
for an economic program to be described as progressive it must be able to produce enough surplusses,to allow social developement of the country. Jamaica has not in it's history produced enough toi pay for it's social needs.
it has always depended on hand outs from either former colonial masters,trading partners,or international agencies.Comment
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Re: Micheal Lee-Chin
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You sure do not know as much as the nothing I no about the 'industrial revolution'
The term, 'sweat shop's was coined by journalists destribing the infamous sewing factories in the north eastern United States.
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Really!
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Did the Jamaican garment factories had a problem os the shortage of local workers,or not?
Did the operators resort to the use of Asian workers,that they kept in hostels and bussed daily to the factories or Not?
Did these workers not demonstrated and had legal proceedings brought against the factories by the Jamaican government under the labour laws or not?
Why would Asian workers be imported if the locals were working for less in other industries in Jamaica?
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So tell me what are these new questions in aid of?
The argument is that the garment industry was dead before it started. That is not a fact. Omar Davies and company was arguing throughout the early 90s that the Garment Industry was not good for Jamaica as it relied on Cheep Labour and the PNP had a better alternative.
Where or what is that better alternative?
The Paper Market?Comment
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Re: Micheal Lee-Chin
Sorry i ammended my post while you were replying to it.
Yes TuffGong, although the garment program seem as if it was agood idea.
It was really only usefull as a transition which never took place.the garment industry should be phazed out with the implementing of a light industrial economy. that is training the local workers in CNC computer controlled machining,which would have developed a high value work sector. this sector would have allowed the tax base of the country to support the level of developement that would take the countrty toi the next stage. it never happened.they stayed in garment for too long.Comment
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Re: Micheal Lee-Chin
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As for the Call Center look again, didn’t you read last week that Jamaica has slipped in its lead role as Call Center of the Caribbean? That Dominica is now the place to be?
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Jamaica slipped only because of lack of commercial space to expand to meet demand. And no one wanted to relocate to crime ridden Kingston, everyone wants to stay put in Montego Bay free zone, the goverment was slow to build out the space needed and the DR govt has provided more space. We did not slip because we cannot offer a superior service. I think Dr. Dudd has made the points I was about to cover so I leave it at that.
Dr Dudd- I do think Jamaica can be competivite with exports of certain products tied to "Brand Jamaica", like Puma and red stripe are doing and also some other farrin rum company (i.e. the ad about the island rush hour traffic) but I admit we do not posses an absolute advantage in reagrds to rum and cigars.Comment
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