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Thread: Recession of 2008 and impact on the DR

  1. #4331
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    The world is literally worried about deflation and is lowering borrowing rates or holding steady....while the DR hints interest rates might rise one or two points.

    The DR is now somewhat between a rock and a hard place.....economically speaking.

    They just floated bonds to pay off debt to Venezuela, and in doing so, quite possibly sent the smart money to the dollar. The dollar starts to run as pesos are dumped, so the government injects 150-200 million USD into the economy sopping up pesos to control the tasa.

    As that is a short term measure, they now announce an interest rate increase to keep a slower more orderly decline of the peso.

    But, this interest rate increase will choke their growth rate....slowing the domestic economy.

    Since all this comes on the heels of their bond offering to pay off Venezuela, I again fail to see how this bond offering which has been described by Pichardo as some panacea for the DR....really is a tailwind instead of the obvious headwind it has become.

    Something else may also be afoot here. Whether its a planned end to Petrocaribe by either the DR or Venezuela, or some other event unknown.....a whole lot of pesos got dumped for dollars in the last 10 days.


    Respectfully,
    Playacaribe2

  2. #4332
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    Thank a lot....... 20 char........... Isu500!!!

  3. #4333
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    Quote Originally Posted by a7mun7 View Post
    Thank a lot....... 20 char........... Isu500!!!
    chic..is that you?

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  5. #4334
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    Quote Originally Posted by the gorgon View Post
    there is a lot of truth in what you say, but the reality of Dominican slothfulness in the matter of repaying of debts intrigues me. in advanced societies such as the USA, being delinquent with debt obligations is a dangerous life choice, because of information system efficiency. if you fail to pay Best Buy for a toaster oven, rest assured that when you try to buy a suit at Macy's it will pop up on a computer screen, and you will be denied the most minimal of credit. people like Americans are forced by circumstance to honor obligations, and in general they do. i need not go into the labyrinth of consequences of bad debt insofar as it impedes any human ventures you might attempt in the future, such as job seeking, attempting to rent an apartment, and a myriad of other choices. being a delinquent debtor in the US and such places is a very toxic reality.

    Dominicans, on the other hand, do not usually borrow through formal channels. credit is not readily extended, because of the paucity of assets among the rank and file to collateralize debt. therefore, when they need money to replace the washing machine, it is usually done by getting the money from a loanshark, which means that some personal asset will have to be put up as security. more often than not, these surrendered assets are never redeemed. the debtors simply go through life without them, focusing on other needs, or wants, instead. the only thing that forces their hands is if they borrow the money from a loanshark, and they cannot pay the vig. the consequences then become either unpleasant or dire. in summary, Dominicans operate in a social ecosystem wherein loans are a survival strategy, and repayment only happens when life and limb are threatened. that scenario operates at all levels. i sold a high end stereo system to a prominent doctor for pennies on the dollar , ten years ago. he did not have all the cash on hand, and he promised to pay the balance the following week. at that point, it was a matter of trust.it has been 8 years, and he still owes me. why? because he knows i cannot take it by force. he altered the underpinnings from a matter of honor to one in which he would dishonor the obligation unless i could force him to live up to the agreement.
    Clueless as always aren't you?


    If in fact, the Dominican Republic has been showcased to the economic powers that are developed nations when it comes to credit vs risks of lenders. Whilst the formula relied upon by banks and creditors in the developed economies are based on a narrow list of records from individuals, in the DR the range is very broad and looks at more than just history of loans/credits and repayments.

    In the DR when a person needs to make a large purchase due to needs, they often look towards the seller's offering of in-house credit terms. When they are not offered, they look at joining or creating a savings group, where the person would pick the first spot on the list to get the funds first and make small payments over the term of the savings target.

    They often seek family loans, friends or in the worst of cases, they pawn some stuff to make the larger amount to purchase the item in question to later repay the pawned items in smaller payments for the term of that contract.

    Your post lacks real touch with how Dominicans buy and finance stuff...
    One Dominican at a time please!


  6. #4335
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    GORGON LIVES HERE, YOU CAN'T SAY THE SAME THING!!!!!!!!!!!!!!!
    I'd say he is better in tune to the DR than you are!!!!!
    I agree with him, not you, but then I've only lived,worked, and raised a family here in Santo Domingo for the last 20 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

  7. #4336
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    Quote Originally Posted by Criss Colon View Post
    GORGON LIVES HERE, YOU CAN'T SAY THE SAME THING!!!!!!!!!!!!!!!
    I'd say he is better in tune to the DR than you are!!!!!
    I agree with him, not you, but then I've only lived,worked, and raised a family here in Santo Domingo for the last 20 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    Funny I felt the same way, Gorgon perspective was far more accurate than Pichardo's glorified version. Yes they borrow from friends family et etc. I just had another request today, BUT, rarely do they ever pay it back! Pichardo fails to realize that the fundamental values that exist im most(not all) people here crossover into everything. The government , police etc. do the same giving I guess some twisted sort of justification!
    Who is really clueless! Buckle up and prepare for the next deflection technique!

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  9. #4337
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    Quote Originally Posted by PICHARDO View Post
    Clueless as always aren't you?


    If in fact, the Dominican Republic has been showcased to the economic powers that are developed nations when it comes to credit vs risks of lenders. Whilst the formula relied upon by banks and creditors in the developed economies are based on a narrow list of records from individuals, in the DR the range is very broad and looks at more than just history of loans/credits and repayments.

    In the DR when a person needs to make a large purchase due to needs, they often look towards the seller's offering of in-house credit terms. When they are not offered, they look at joining or creating a savings group, where the person would pick the first spot on the list to get the funds first and make small payments over the term of the savings target.

    They often seek family loans, friends or in the worst of cases, they pawn some stuff to make the larger amount to purchase the item in question to later repay the pawned items in smaller payments for the term of that contract.

    Your post lacks real touch with how Dominicans buy and finance stuff...
    PICHARDO, maybe we live in two different countries.

    actually, we do.

    i said they pawn their items, and i stand by what i said. i can furnish an entire house by going to any compraventa in POP. i can get you any amount of household domestic items you want in 15 minutes. all put up as security. maybe it is different in Florida.

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  11. #4338
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    Quote Originally Posted by Expat13 View Post
    Funny I felt the same way, Gorgon perspective was far more accurate than Pichardo's glorified version. Yes they borrow from friends family et etc. I just had another request today, BUT, rarely do they ever pay it back! Pichardo fails to realize that the fundamental values that exist im most(not all) people here crossover into everything. The government , police etc. do the same giving I guess some twisted sort of justification!
    Who is really clueless! Buckle up and prepare for the next deflection technique!
    PICHARDO believes that if he says something, that makes it a fact.

  12. #4339
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    Quote Originally Posted by Criss Colon View Post
    GORGON LIVES HERE, YOU CAN'T SAY THE SAME THING!!!!!!!!!!!!!!!
    I'd say he is better in tune to the DR than you are!!!!!
    I agree with him, not you, but then I've only lived,worked, and raised a family here in Santo Domingo for the last 20 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    True, but to be fair Pichardo owns businesses here in the DR as well as property and has a large family as well. whethr you agree with his economic outlook or reasoning, he is certainly aware of the situation the DR.

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  14. #4340
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    Quote Originally Posted by Criss Colon View Post
    GORGON LIVES HERE, YOU CAN'T SAY THE SAME THING!!!!!!!!!!!!!!!
    I'd say he is better in tune to the DR than you are!!!!!
    I agree with him, not you, but then I've only lived,worked, and raised a family here in Santo Domingo for the last 20 years!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
    CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    But, but, but! Yes I do! More than he does or you could for that matter, 20 years and all!

    I do travel a whole lot, that much I can give you!

    You just want me to invite you to my new home in Jarabacoa! Just admit to it!
    One Dominican at a time please!


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