Over the past several months Jamaica
Investment Houses, Credit Unions and Commercial Banks have change their stance on the
impact of the failed Alternative
Investment Schemes and the economy, several banks have being increasing their provisions for bad debt and hoping that the impact will not be significant.
Two of the major banks in
Jamaica has reported several millions of additional loans that were not being serviced, these are loans that were once serviced on time and in full, since the callapse several persons have return car keys to the banks and even find their homes being auctioned to repay their loans.
It is even worse now that the world's market is in recession, no remittance are coming into Jamaica and the credit market has dried up so it even more difficult for the loans to be repaid. Several high rank professionals have been impacted and several more are struggling to maintain the image they once had but the market is showing everyone those who hope it wouldn't.
The Government is still trying to keep persons from making a run on the bank like what happen in the early 1990 and the creation of FINSAC, we are still going around as if what is happening around us will not actually affect us personally, they are so wrong. The last increases in oil prices two months ago impacted us so badly that gas that would previously cost $50 was selling for $90 and the cost for food was sky rocketed. It went so bad that one of the leading producer of chicken was selling half of a chicken as person were unable to purchase a whole chicken
Jamaica is in Crisis and as we speak and no preparation are being done by the people or government to offset or even make the necessary steps to ensure that the country is not severely impacted.