Free zones are still holding on.
SANTO DOMINGO.- For the first time in many years the Dominican Government’s revenue estimates posted a significant loss, slipping 9.8% from the expected figure in the third quarter.
Hacienda minister Vicente Bengoa today said for the first time income projections of the Internal Taxes and Customs agencies fell, whereas those of the Treasury are also expected to fall due to the closing of the Falconbridge nickel mine.
The official said the decline was foreseeable after the Government adopted the measures that have restrained the economy, in response to reduced public spending as the industrialists had asked. “The three agencies couldn’t meet the estimate.”
Bengoa said the measures also affected imports, Customs revenues and consumption, and stressed that their effect over the economy is less fiscal income than estimated.
Speaking in a press conference, the Hacienda chief said September was an extremely difficult month for public coffers, not only because of foreign debt payments (sovereign bonds and electrical sector), but also because, “for the first time in many years the income estimated was 9.8% less.”
Written by: josean, 15 Oct 2008 3:42 PM
From: United States
Those US 700,000,000 million parked in those mud tunnels, rusting away, looks like a mighty BIG MISTAKE ah, Lie-onel!
Written by: Juango, 15 Oct 2008 3:54 PM
From: United States, far S. Florida (formerly Santo Domingo)
"Oh, let me see now. What shall I do?, What must I do?." says Leonel. "Let me schedule another trip abroad, to beg for mo' money!" Meantime in the backroom you can hear LF shout, "Mr Secretary, call the jet leasing company, order the GV for next Monday, and make certain I get those Frequent Charter Points, I almost have a freebie and my wife need another pair of those new designer high heels shoes from NY, you know the new style, those 6 inch heels."
Written by: generoso, 15 Oct 2008 4:08 PM
From: United States, DR
What they should do is reduce government expenses by 10% at least to make up for the deficit and stop all those free junkets from public officials traveling abroad to "conferences" and important BS meetings and seminars.
The world wide economic contraction will keep reducing income from the aduana taxes caused by the fact that consumers are spending less and in turn importers are importing less including automobiles, consumer goods, appliances et all.
There is no where to hide your head like an ostrich and wait for the danger to go away, these austerity measures need to be enforced as of Jan.7, 2009 as the Christmas season and doble sueldo are coming around and nobody is going to do anything until next year's celebrations are over with anyway.
Written by: josean, 15 Oct 2008 4:13 PM
From: United States
generoso,
Please do not offer Lie-onel logical solutions he said DR is IMUNE to the world crisis. He like you doesn't believe DR is in the TROPICS but on MARS!
Remember Lie-onel lives in the UTOPIA called METROLANDIA!
Written by: josean, 15 Oct 2008 4:16 PM
From: United States
Written by: josean, 15 Oct 2008 4:30 PM
From: United States
Chauncey,
To paraphrase Mark Twain "The rumors of my recovery have been greatly exaggerated"
THE DOW closed down - 733 plus.
As Alan Greenspan would tell you, please control your "Irrational Exuberance!"
The only thing more erratic than the market is John MCLAME!
From: United States
Look at the bright side, at least our government has not gone the way of Iceland...
Written by: josean, 15 Oct 2008 5:18 PM
From: United States
Manhattanite,
The proverbial night is young yet!
Written by: josean, 15 Oct 2008 5:19 PM
From: United States
Written by: josean, 15 Oct 2008 5:25 PM
From: United States
Written by: josean, 15 Oct 2008 5:29 PM
From: United States
From: United States
running a country is, in large measure, similar to running a business. the thinking has to be similar. when expenditure exceeds revenue, you are in difficulty. and one of the things any sensible businessman seeks to keep at its lowest possible level is fixed costs. in the case of the Dominican government, the fixed costs are excessive, because there are far too many government posts, assistant ministers, botellas, diputados, and so on. the ratio of government ministerial positions to citizen is far too high. their productive index is questionable, and so, the system is overburdened. Leonel apparently has very little understanding of economics, but has extreme powers of discretionary spending. he, therefore, is responsible for the burgeoning civil servant classes, which have lead to a topheavy bureaucracy. the united states makes do with 2 senators per state, regardless of population. each senator in the USA represents roughly 700,000 people, in the most complex society
From: United States
on earth. here, there is a senator and diputado under every coconut tree. all making exhorbitant salaries for doing next to nothing. it is just a matter of time before the whole house of cards implodes
Written by: josean, 15 Oct 2008 5:37 PM
From: United States
dread,
"there is a senator and diputado under every coconut tree"
That should be on a Tshirt!
From: United States
do you think it will fit? nope, i better not!
From: United States
I thought Leonel said the DR was immune?
From: United States
i think the vaccine wore off, Jim.
Written by: josean, 15 Oct 2008 7:52 PM
From: United States
Jim,
Lie-onel meant the PLD was immune since they have stolen enough for two life times!
Written by: BASTA, 15 Oct 2008 9:21 PM
From: Dominican Republic, =Ghetto/Legalize Drugs
those 6 inch heels." are for our great president
Written by: Jander, 15 Oct 2008 10:12 PM
From: Dominican Republic
This will all even out but before it does there will there will be alot of corrections.
http://online.wsj.com/mdc/public/page/2_3024-indices_alltime.htmlThe market has been over valued for too long anda lot of wealth will be lost and unfortunately jobs as well.
The one positive in all of this for the DR is that the dollar is much stronger against foreign currencies. So Leonel needs to buddy up to the US even more.
Don't trade in those greenbacks for funny money quite yet.
Exchange Rates Currency US Dollar
British Pound to US Dollar 1.728609
Euro to US Dollar 1.348254
Japanese Yen to US Dollar 0.010018
Canadian Dollar to US Dollar 0.839560
From: United States
Jander, can you explain what you mean when you say that the dollar is "much stronger against foreign currencies"? are you being sarcastic, or are you serious?
From: Dominican Republic
generoso & dread;
Didn't you hear Bengoa?!? He explains that it is precisely BECAUSE the Gobmint cut spending that their revenues are down. Read it again...even in the original Spanish (Listin D1).
He says that the Gvt. cut spending (like the private companies wanted) to confront the crisis (that the DR is immune to) and the result was reduced consumption in the economy which in turn lowered Gvt. tax revenues.
How much f@#$Ing money did they NOT spend this quarter to cause that effect?
These guys are f@#$ing geniuses. Not only are they excusing themselves to the public for not fixing the damn roads but they are also blaming it on the private sector and preparing the excuse to spend more int he future. Soon you are going to hear them talking about the crisis and quoting Roosevelt to justify hiring more Gvt. employees to "spend their way out of recession"
Outstanding !!!
From: United States
Maldito, maybe the guy is making sense. listen man, if you buy less jeepetas for less botellas, and less mansions for each of the 24 deputy ministers of Sports, and other ministries, do you realise how much ITBIS you lose?
Written by: rym87, 16 Oct 2008 11:19 AM
From: United States, Ithaca, NY
The tax idea doesn't make much sense. As far as I'm concerned, most taxes must come from non-government consumption anyways, so I don't see how slightly lower spending can quickly cause a drop in 10% in revenues. It must be the slowing global economy's effect on the DR.
Written by: juliony, 16 Oct 2008 1:37 PM
From: United States, New YOrk
Generoso:
I had a phone call from a minister from DR.. wants me to attend a
conference in New York.. I wonder what's Leonel is selling now...
Patria o Muerte venceremos.
From: Dominican Republic
You can trust it...and the government banks on it....litteraly
From: Dominican Republic
rym; the theory is just about putting cash into the economy through purchasing but the joke is that Bengoa is citing partial consumer market economics and if you buy his pitch and fill in all the blanks in that economic theory then there are some funny implications and contradictions.
This government likes to throw intelectual buzz words into the public discourse because they know that every dominican fancies him/herself an expert in everything so all they have to do is through a couple of interesting words into the discussion and 9.5 million propagandists will creat so much smoke and misinformation that it makes it easy for them to continue doing whatever kind of bull caca they want to do without anyone paying much attention.
The press are probably the biggest culprets. I have never seen a better example of such incapable illiterate journalists as those we have the pleasure of here. A bunch of amatures and you can trust that if a journalist wrote it they got the info wrong.
Written by: josean, 16 Oct 2008 4:51 PM
From: United States
Written by: generoso, 16 Oct 2008 10:55 PM
From: United States, DR
dreadlocks:
I like your style...you are very well informed and can express yourself in an assertive manner,
without being offensive yet there has to be space.......
One of the few lessons that I really got a few years back was that you always have to leave at least 3% possibility
that you MAYBE wrong.
Anyway is a pleasure when the level raises and the discussion is exciting and informative.
The information we share is tremendous.
I am definitively hooked on to about 2-3 hours on the net.
You have to put "Genteal" in your eyes to protect your vision from the brightness of the screen.
From: United States
thank you , generoso. FYI, there is much more than 3% chance i can be wrong. that is why i refuse to post on certain issues, because i know next to nothing about them. i will never try to say anything authoritative regarding the history of Hispaniola, for example. there are some guys here, such as Mr Lautaro, Carlos Franco, Arkatype, Baldoria, and others, who really know every detail, in great depth. when those guys talks, like EF HUTTON, everybody listens. or, at least, they should!
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The world wide economic contraction will keep reducing income from the aduana taxes caused by the fact that consumers are spending less and in turn importers are importing less including automobiles, consumer goods, appliances et all.
There is no where to hide your head like an ostrich and wait for the danger to go away, these austerity measures need to be enforced as of Jan.7, 2009 as the Christmas season and doble sueldo are coming around and nobody is going to do anything until next year's celebrations are over with anyway.
Please do not offer Lie-onel logical solutions he said DR is IMUNE to the world crisis. He like you doesn't believe DR is in the TROPICS but on MARS!
Remember Lie-onel lives in the UTOPIA called METROLANDIA!
http://www.breitbart.com/article.....13127.9uzhf7lf&show_article=1
To paraphrase Mark Twain "The rumors of my recovery have been greatly exaggerated"
THE DOW closed down - 733 plus.
As Alan Greenspan would tell you, please control your "Irrational Exuberance!"
The only thing more erratic than the market is John MCLAME!
The proverbial night is young yet!
Thank God for the rational Canadian Press!
"Not just economy: Palin, negative attacks on Obama decimating McCain"
http://canadianpress.google.com/a....LeqM5idaRC3Xw5hh-JV-hYLhW132zQXKQ
http://www.mb.com.ph/OPED20081016138147.html
http://www.cnn.com/2008/POLITICS/10/15/obama.burbs/
"there is a senator and diputado under every coconut tree"
That should be on a Tshirt!
Lie-onel meant the PLD was immune since they have stolen enough for two life times!
http://online.wsj.com/mdc/public/page/2_3024-indices_alltime.html
The market has been over valued for too long anda lot of wealth will be lost and unfortunately jobs as well.
The one positive in all of this for the DR is that the dollar is much stronger against foreign currencies. So Leonel needs to buddy up to the US even more.
Don't trade in those greenbacks for funny money quite yet.
Exchange Rates Currency US Dollar
British Pound to US Dollar 1.728609
Euro to US Dollar 1.348254
Japanese Yen to US Dollar 0.010018
Canadian Dollar to US Dollar 0.839560
Didn't you hear Bengoa?!? He explains that it is precisely BECAUSE the Gobmint cut spending that their revenues are down. Read it again...even in the original Spanish (Listin D1).
He says that the Gvt. cut spending (like the private companies wanted) to confront the crisis (that the DR is immune to) and the result was reduced consumption in the economy which in turn lowered Gvt. tax revenues.
How much f@#$Ing money did they NOT spend this quarter to cause that effect?
These guys are f@#$ing geniuses. Not only are they excusing themselves to the public for not fixing the damn roads but they are also blaming it on the private sector and preparing the excuse to spend more int he future. Soon you are going to hear them talking about the crisis and quoting Roosevelt to justify hiring more Gvt. employees to "spend their way out of recession"
Outstanding !!!
I had a phone call from a minister from DR.. wants me to attend a
conference in New York.. I wonder what's Leonel is selling now...
Patria o Muerte venceremos.
This government likes to throw intelectual buzz words into the public discourse because they know that every dominican fancies him/herself an expert in everything so all they have to do is through a couple of interesting words into the discussion and 9.5 million propagandists will creat so much smoke and misinformation that it makes it easy for them to continue doing whatever kind of bull caca they want to do without anyone paying much attention.
The press are probably the biggest culprets. I have never seen a better example of such incapable illiterate journalists as those we have the pleasure of here. A bunch of amatures and you can trust that if a journalist wrote it they got the info wrong.
Palin School of Economics; Milton Friedman must be rolling in his grave!
http://blogs.wsj.com/washwire/200....-enough-money/?mod=googlenews_wsj
I like your style...you are very well informed and can express yourself in an assertive manner,
without being offensive yet there has to be space.......
One of the few lessons that I really got a few years back was that you always have to leave at least 3% possibility
that you MAYBE wrong.
Anyway is a pleasure when the level raises and the discussion is exciting and informative.
The information we share is tremendous.
I am definitively hooked on to about 2-3 hours on the net.
You have to put "Genteal" in your eyes to protect your vision from the brightness of the screen.