SANTO DOMINGO.- The Chamber of Deputies declared it urgent and passed the bill, in two consecutive roll calls, to create the Mortgage and Trust Market Development Law, with amendments. The piece authorizes the use of the more than RD$110.0 billion accumulated pension fund, despite that the labor sector wasn’t consulted.
The controversial initiative approved with a two thirds vote will have to return to the Senate for new debates.
On Monday the president of the federation of unions grouped in the CNUS Rafael -Pepe- Abreu, warned the deputies that the working population harbors many doubts about the planned use of their money to create the mortgage and housing construction market. "For tomorrow (Tuesday) the deputies have that meeting and so far it’s an internal event without the participation of business or union organizations, or of any nature. The deputies are discussing it among themselves."
The bill submitted by the Executive has the support of the banks grouped in ABA; the Dominican League of S&Ls; the savings and credit banks grouped in ABANCORD and the Government’s economic sector.
The special Chamber of Deputies commission amended articles 59 and 60 that establish a unified window, which according to the Senate version would be in the hands of the Public Works Ministry, but rejected by the Federation of Municipalities, which noted that they are attributes of the City councils. The other changes relate to the text of the bill.
From: United States
Well, minus moron sheep.
You have just been taken to the slaughter house.
Your politicians will NOT be able to keep their greedy little fingers out of it.
You are so F...ed
Written by: Atabey, 16 Mar 2011 8:31 AM
From: United States, NYC
Poor execution of Democratic Republican principles as this shows an abject disregard for consensus building. Let's hope that the entrusted people prove wise and competent in the management of the funds. If done properly, the huge sums could establish one more pillar of economic vitality to the nation's modernization drive.
From: United States
Atabey issues
Poor execution of Democratic Republican principles as this shows an abject disregard for consensus building.
since when was the DR a democracy? whoever said it was? it is a country run by force at all angles. the transport unions decide whether or not you can have a railway. it decides who transports your products. it keeps companies like WalMart out.(not that that is a bad thing). the military run their own show, and so do the police. the politicians buy and sell votes, and the people can be bought for 500 peso a head. what democracy?
From: United States, FREEPORT, Long Island.... (Look, beyond the words)
"The piece authorizes the use of the more than RD$110.0 billion accumulated pension fund, despite that the labor sector wasn't consulted.<-- This is a criminal act against the Dominican society and it was done behind closed doors. Where's the JUSTICE? How can we TRUST the government and its shenanigans.
Just the other day it was said that the Dominican Republic is CONQUERING key markets and yesterday the Dominican republic is publishing a golf-outing magazine because we have the best golf courses on the block and Leo went overseas on a trip to acquire relations with key business leader(supposedly) , after Leo saying the DR is in the green, we find out that he really meant in the RED. Not one time have I heard leo's name mentioned, when these types of decisions are made, decisions that puts the burden on the 61% that makes less than 10kPeso's(270USD) a month. Which gives leo a chance to say "He didn't authorize it", knowing this is wrong,
Written by: Atabey, 16 Mar 2011 8:53 AM
From: United States, NYC
Dread,
While DR is no Democratic Republic a la Costa Rica or Uruguay, it has taken some noticeable steps towards such status. DR is still far behind and a work in progress, as this latest demonstration shows. But again, let's keep the attention on the implementation and management of these huge funds. That's the overriding consideration.
From: United States, FREEPORT, Long Island.... (Look, beyond the words)
What will happen if the monies vanishes on sight, like the way the 500Million USD that was allocated to pay the electric bill 3yrs ago, which is still owed TODAY!!!!!
OH Yeah!!! Thanks for reminding me "G",
GET T TO WORK, YOU MINUS C__CKWATCHERS !!!!!
From: United States
Atabey informs
While DR is no Democratic Republic a la Costa Rica or Uruguay, it has taken some noticeable steps towards such status
such as?
Written by: Atabey, 16 Mar 2011 9:08 AM
From: United States, NYC
Dread,
I know you have been in DR perhaps for the last 15 years or so. But if you had lived during the 1970s you would know better. DR is not a mature democracy by any stretch of the imagination, BUT it's not the same place it was during the 1970s.
From: Dominican Republic, NEVER FORGOTTEN, NEVER FORSAKEN!
It looks like the hand (s) will go into the cookie jar, DEEP very DEEP.
Written by: okian, 16 Mar 2011 9:16 AM
From: United States
For the life of me I can't understand why anyone would ever worry about giving Dominican politicians access to 110 billion pesos of other peoples money.
Signed,
National Sarcasm Society
From: United States, FREEPORT, Long Island.... (Look, beyond the words)
Might as well pour salt in the wound, it HURTS, right minus squad?
From: United States, FREEPORT, Long Island.... (Look, beyond the words)
You guys have your work cut-out today.
From: United States
Well, now the Domincan worker will get the screwing of his life with this new bill.
Written by: Yucahu, 16 Mar 2011 9:49 AM
From: United States, Miami
I hate to say it but their are going to be a lot of new yipetas on the road now.
Written by: Grosero, 16 Mar 2011 9:50 AM
From: United States
Monkey see Monkey do...
Uncle Sammy's Repukes are raiding pension funds sooooooooooooooooooo what does the criminal organization called the goverment do in the DR....The Vety same...
LICK LICK LICK UNCLE SAMMY'S BOOTS BOYS
From: United States
Bobby Joe.
Those minus moron sheep must not be able to read English or Spanish. They are government no show pukes that are going to steal working people pensions.
I would be in the streets burning tires and shouting Oh HELL NO !
From: Dominican Republic, NEVER FORGOTTEN, NEVER FORSAKEN!
This is a lot of money; 110,000/37=2.97 BILLION USD, no wonder.
From: United States
why are you guys bawling about this new initiative? have you seen the prices of Audi A7s and beachfront condos lately? how are these poor, downtrodden politicians supposed to support their lifestyles? please! give a guy a break.
From: United States
Operative word. "ramrod"
That is what this pathologically corrupt government is going to do to 80% of the populace.
From: Dominican Republic, Puerto Plata
"The Chamber of Deputies declared it urgent and passed the bill"..
Those are the key words.
There is absolutely nothing urgent in the housing and construction sector that justifies railroading that bill through the Chamber , (no, chamber, fluck the capital "c").
The urgency lies in the Government lack of funds. It has exhausted the country's borrowing capacity, milked every possible milking mammal in the country and is now strapped for cash.
Urgently.
Watch out foreigners, nationalizing your bank accounts could be next.
And as for you, proletarians, expect a very dry retirement.
Written by: bernies, 16 Mar 2011 10:52 AM
From: United States, key west fl
There goes our hard earned money. bunch of f crooks these a hole.
From: United States, FREEPORT, Long Island.... (Look, beyond the words)
"Commonwealth nations invest US$5.0B per year in Dominican Republic".... I forgot about this one, I don't think its a good idea to touch the pension fund. If the statement is true and if leo was the president for thee illegal terms, that means we saw more than 60billion USD go through here and thats not including the key markets DR is conquering(allegedly) ....... Why touch the PETTY CASH if we are doing so good......
Maybe the minus brigade can shed some lite on this, Oh, I forgot, the can't read, they determine a post is bad by the names that pop up.......good yob .
From: United States
in other words, Walter, the crap is about to hit the fan. so much for all the press releases about how great the economy is doing. Ricardolito, what say you?
From: Dominican Republic, vieja Santo Domingo
thank you Dreads for the question and I have written two times on this already ..I have said and most have agreed that the idea . in principle ,is a good idea and is adopted in other countries but everyone is worried about the administrators of the project in the DR..I do not disagree with that and so if there are doubts about the ability or the honesty of those who will be in charge of the plan , then it should not go ahead.
The economy is a fluid thing and has been going very well inspite of world wide problems .We are a poor country and never have had enough capital to do all the things that we want to do ,,we need better roads , better public transport, better education and housing for the poorer people but what are the priorities ...on that question everyone has different ideas
From: United States
there are no doubts about the integrity of the actors involved! they are all crooks! as if you did not know this. when last did you hear about honest people in the politics of this land? the plan should be scrapped, if only because it will be just one more opening for people to fleece the treasury. mark my words...this is not going to end well. i am sorry if you thing i am speaking disparagingly about politicians here, but consider me the baseball umpire...i calls them as i sees them.
From: Dominican Republic, Puerto Plata
Ponzi for President.
Steal from the Pension fund to pay the Electric bill.
Stay tuned for some more!
From: Dominican Republic, vieja Santo Domingo
You have every right to speak as you wish about politicians here .despite what juanb may think , I have only met a few poliicians in the DR and then only briefly at golfing functions or charity functions or visitors to the schools where I teach ...I can not make a judgement on those meetings but I do believe that they , but especially the ministers are overpaid in comparison to what politicians get in other countries ,
I have seen where some politicians live and I have been told about their relative poverty before entering politics and so that also leads me to believe that you are probably quite correct in your assessment of them
Written by: Atabey, 16 Mar 2011 12:16 PM
From: United States, NYC
I think many on this board are failing to see an important issue: every modern nation has some scheme to promote their housing sector as one important pillar of their economic engine. Yes, where money is found, and especially public funds, lots of oversight is needed to ensure proper handling. DR is especially prone to having many sticky hands and so must handle this important funding source with extreme caution. However, this should not mean or imply that no pension investment take place, if it yields good fundamental investments in the modernization of the country.
If DR is ever to leave the low levels of productivity & third Worldish cycle of poverty, it has to take on these and other responsibilities of the modern Nation-State. So while I too have my doubts concerning the way in which this was handled and hope that we don't see a repeat of the Baninter bank fraud situation of 2003-4, we need to be responsible. A modern nation needs to develop a modern housing sector cycle
From: Dominican Republic, Puerto Plata
@Atabey
I couldn't agree more: A modern nation needs to develop a modern housing sector cycle.
Now: a modern nation doensn't see 80% of its wealth stay in the hands of 20% of its population. A modern nation doesn't see a 40% unemployment rate. A modern nation spends on education and social services. A modern nation doesn't import muertos de hambre quasi-slaves to pay them a pittance. A modern nation doesn't entertain a royal court somehow akin to France's before the Marie-Antoinette guillotine experiment in 1789. A modern nation...
Did I make my point?
From: Dominican Republic, navarette
as Reagan famously said, "here we go again", the bastard. During his reign the gummint' poured hundreds of millions into the Small Business Association through which small contractors were able to use taxpayer funds to build houses and businesses. Without oversight, the contractors used shoddy material and unskilled labor to cut costs and maximize profit. In the housing sector, tenants moved in and problems ensued from substandard materials used in construction. Before anything could be done, the contractors left and were on their way to the bank laughing all the way. So, would their be government oversight on building projects here? I doubt it. Pension funds belong where they are, collecting interest for future retirees.
From: United States
actually, Walter, i believe that the 80/20 distribution ratio is a generous assessment. i would think closer to 85/15. 42% below the poverty line. all the while telling anyone who will listen how great the economy is doing, and how great the country is progressing. NOT!
Written by: Atabey, 16 Mar 2011 1:27 PM
From: United States, NYC
Walter,
You know what, DR has been on this unending cycle for generations. Even Trujillo was part of the "import[ing] muertos de hambre quasi-slaves to pay them a pittance." And on and on. At some point a nation and state have to assume their collective responsibilities. If these folks mess things up again, as in Baninter in 2003-4, then DR will again be thrown into a tailspin and see investments dry-up and confidence fall.
The problem is not with the development of this sector. I think everyone knows that its development is very much needed in order to provide a substantial pillar of national economic strength moving forward. The problem is one of competent leadership in the sector and control of corrupting influences and practices.
DR is not a baby and if it truly seeks modernization and development, it needs to handle these responsibilities. People need to express themselves and agitate for good governance with Non-violent demonstrations and meetings.
Written by: Atabey, 16 Mar 2011 1:29 PM
From: United States, NYC
With enough citizenry participation, the elites will have to address the non-violent grievances or suffer international repute and a fall in investment confidence and support.
10% of the population= 40% of GDP
50% of the population <20% of GDP
lowest 10%: 1.5% Much too low
"The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP. High unemployment and underemployment remains an important long-term challenge."
Investment (gross fixed):
15.4% of GDP (2010 est.)---->too low for a developing nation. DR needs to increase this to at least 25%
Distribution of family income - Gini index:
49.9 (2005)------> too high
country comparison to the world: 24
47.4 (1998)
Household income or consumption by percentage share:
lowest 10%: 1.5%--------> too low
highest 10%: 38.7% (2005)---> too high
https://www.cia.gov/library/publications/the-worFrom: Dominican Republic
It also appears that the measure reported below may have difficulty in passing constitutional muster. Especially since two well respected deputies, Minou Tavárez Mirabal and Pelegrín Castillo, have taken issue with it.
http://www.7dias.com.do/app/article.aspx?id=94943From: United States, words of wisdom from the nutcracker
It would be a shame if the politicians steal money out of this pension fund , that rightfully belongs to the working class. only way they could fight this if they protest and riot egiptians style all over every street and block in santo domingo . what there doing goes against the constitution and they know it.
From: Dominican Republic, vieja Santo Domingo
Atabey I have given you pluses to counter the childish minus queen who is too cowardly to even write a comment
Written by: Atabey, 16 Mar 2011 6:12 PM
From: United States, NYC
The way forward is to bring down the GINI coe from its current .5 to say .35 over say 10 years. But the key is to invest the taxation in productivity enhancing development. education, sanitation, health, export development, etc. Never, never in Welfare type of social spending. People in DR need to enhance their skill sets.
The Retirement or Pension system Funds represent a large almost 3 billion dollar pool of investments for the nation. DR has many needs and housing is one critical area in great need. Again, the use of these funds for such a purpose is not the problem; the issue is keeping the sticky hands from malfeasance. I too want a very high threshold for the people handling these funds. But in life there are no 100% proof systems of operations. DR has to develop and mature as a nation-state. At some point, it has to take the leap. The citizens need to hold their representatives responsible and that's their right and more importantly their DUTY!
Smaller
Bigger
Close Gallery
Facebook
Digg this
del.icio.us
Technorati
Yahoo
Well, minus moron sheep.
You have just been taken to the slaughter house.
Your politicians will NOT be able to keep their greedy little fingers out of it.
You are so F...ed
Poor execution of Democratic Republican principles as this shows an abject disregard for consensus building.
since when was the DR a democracy? whoever said it was? it is a country run by force at all angles. the transport unions decide whether or not you can have a railway. it decides who transports your products. it keeps companies like WalMart out.(not that that is a bad thing). the military run their own show, and so do the police. the politicians buy and sell votes, and the people can be bought for 500 peso a head. what democracy?
Just the other day it was said that the Dominican Republic is CONQUERING key markets and yesterday the Dominican republic is publishing a golf-outing magazine because we have the best golf courses on the block and Leo went overseas on a trip to acquire relations with key business leader(supposedly) , after Leo saying the DR is in the green, we find out that he really meant in the RED. Not one time have I heard leo's name mentioned, when these types of decisions are made, decisions that puts the burden on the 61% that makes less than 10kPeso's(270USD) a month. Which gives leo a chance to say "He didn't authorize it", knowing this is wrong,
While DR is no Democratic Republic a la Costa Rica or Uruguay, it has taken some noticeable steps towards such status. DR is still far behind and a work in progress, as this latest demonstration shows. But again, let's keep the attention on the implementation and management of these huge funds. That's the overriding consideration.
OH Yeah!!! Thanks for reminding me "G",
GET T TO WORK, YOU MINUS C__CKWATCHERS !!!!!
While DR is no Democratic Republic a la Costa Rica or Uruguay, it has taken some noticeable steps towards such status
such as?
I know you have been in DR perhaps for the last 15 years or so. But if you had lived during the 1970s you would know better. DR is not a mature democracy by any stretch of the imagination, BUT it's not the same place it was during the 1970s.
Signed,
National Sarcasm Society
Uncle Sammy's Repukes are raiding pension funds sooooooooooooooooooo what does the criminal organization called the goverment do in the DR....The Vety same...
LICK LICK LICK UNCLE SAMMY'S BOOTS BOYS
Bobby Joe.
Those minus moron sheep must not be able to read English or Spanish. They are government no show pukes that are going to steal working people pensions.
I would be in the streets burning tires and shouting Oh HELL NO !
Operative word. "ramrod"
That is what this pathologically corrupt government is going to do to 80% of the populace.
Those are the key words.
There is absolutely nothing urgent in the housing and construction sector that justifies railroading that bill through the Chamber , (no, chamber, fluck the capital "c").
The urgency lies in the Government lack of funds. It has exhausted the country's borrowing capacity, milked every possible milking mammal in the country and is now strapped for cash.
Urgently.
Watch out foreigners, nationalizing your bank accounts could be next.
And as for you, proletarians, expect a very dry retirement.
Maybe the minus brigade can shed some lite on this, Oh, I forgot, the can't read, they determine a post is bad by the names that pop up.......good yob .
The economy is a fluid thing and has been going very well inspite of world wide problems .We are a poor country and never have had enough capital to do all the things that we want to do ,,we need better roads , better public transport, better education and housing for the poorer people but what are the priorities ...on that question everyone has different ideas
Steal from the Pension fund to pay the Electric bill.
Stay tuned for some more!
I have seen where some politicians live and I have been told about their relative poverty before entering politics and so that also leads me to believe that you are probably quite correct in your assessment of them
If DR is ever to leave the low levels of productivity & third Worldish cycle of poverty, it has to take on these and other responsibilities of the modern Nation-State. So while I too have my doubts concerning the way in which this was handled and hope that we don't see a repeat of the Baninter bank fraud situation of 2003-4, we need to be responsible. A modern nation needs to develop a modern housing sector cycle
I couldn't agree more: A modern nation needs to develop a modern housing sector cycle.
Now: a modern nation doensn't see 80% of its wealth stay in the hands of 20% of its population. A modern nation doesn't see a 40% unemployment rate. A modern nation spends on education and social services. A modern nation doesn't import muertos de hambre quasi-slaves to pay them a pittance. A modern nation doesn't entertain a royal court somehow akin to France's before the Marie-Antoinette guillotine experiment in 1789. A modern nation...
Did I make my point?
You know what, DR has been on this unending cycle for generations. Even Trujillo was part of the "import[ing] muertos de hambre quasi-slaves to pay them a pittance." And on and on. At some point a nation and state have to assume their collective responsibilities. If these folks mess things up again, as in Baninter in 2003-4, then DR will again be thrown into a tailspin and see investments dry-up and confidence fall.
The problem is not with the development of this sector. I think everyone knows that its development is very much needed in order to provide a substantial pillar of national economic strength moving forward. The problem is one of competent leadership in the sector and control of corrupting influences and practices.
DR is not a baby and if it truly seeks modernization and development, it needs to handle these responsibilities. People need to express themselves and agitate for good governance with Non-violent demonstrations and meetings.
10% of the population= 40% of GDP
50% of the population <20% of GDP
lowest 10%: 1.5% Much too low
"The country suffers from marked income inequality; the poorest half of the population receives less than one-fifth of GDP, while the richest 10% enjoys nearly 40% of GDP. High unemployment and underemployment remains an important long-term challenge."
Investment (gross fixed):
15.4% of GDP (2010 est.)---->too low for a developing nation. DR needs to increase this to at least 25%
Distribution of family income - Gini index:
49.9 (2005)------> too high
country comparison to the world: 24
47.4 (1998)
Household income or consumption by percentage share:
lowest 10%: 1.5%--------> too low
highest 10%: 38.7% (2005)---> too high
https://www.cia.gov/library/publications/the-wor
http://www.7dias.com.do/app/article.aspx?id=94943
The Retirement or Pension system Funds represent a large almost 3 billion dollar pool of investments for the nation. DR has many needs and housing is one critical area in great need. Again, the use of these funds for such a purpose is not the problem; the issue is keeping the sticky hands from malfeasance. I too want a very high threshold for the people handling these funds. But in life there are no 100% proof systems of operations. DR has to develop and mature as a nation-state. At some point, it has to take the leap. The citizens need to hold their representatives responsible and that's their right and more importantly their DUTY!
http://www.noticiassin.com/2011/0....onal-aprobacion-ley-organica-cnm/