FINSAC Not Forgotten - Councillor Maragh

Before the last general election, several people had reminded me about the FINSAC period in Jamaica. Several people became bankrupt, suffered from depression, and died, while some even committed suicide. I agree that people must know their history, or else they might repeat the same mistakes. FINSAC came about because of poor economic policies. Jamaicans do not have to be economists to understand certain basic financial matters.

We must not forget that many suffered under Ponzi schemes such as OLINT and Cash Plus. Many became cash minus rather than cash plus. A large section of our business class was impacted by the financial earthquake at the time, which brought on a subsequent tsunami which wiped out most of our business class and the middle class. It is clear why many profited from FINSAC while some lost. Jamaica now has to depend on external sources for major capital development.

Thanks to Mr. Winston Maragh, who sent me this video.

If we do not learn from our history, then there will be others like SSL and more FINSAC and OLINT.

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