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Law Capping interest rates
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enyands
#291 Posted : Friday, August 12, 2016 11:00:52 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
mlennyma wrote:
enyands wrote:
mlennyma wrote:
enyands wrote:
@Githundi these are nice points . The man is walking on a tight rope .I'm wondering where @MaichBlack went to. Now here is my take ;

If he ascends and bows to pressure to append the signature, wanjikus will be happy for a short, but assured of votes 2017, hence prolonged presidency

Now if he choses not to do anything, he will be seen as someone who doesn't connect with wanjiku ,understand their plight ,hence it will give babuon a chemical weapon for campaign.

So option kamwana has: resend the bill back to mpigs for ammendment and also propose they look at the mou from banks and come up with a consensus.With this,2 birds will be destroyed with one bullet ,
1 The rates will come lower hence wanjiku gets happy(I don't know how lower the rates will go)

2 the banks will get their way hence not punish the economy either intentionally or unintentionally

I'm for the consensus option.i feel pain of people losing businesses because of skyrocketed rates overnight ,and I feel bad if the economy gets messed up,the ripple effect is huge.

Things to note :

I don't know why this pigs are sensitive with this bill when they are almost out of job .Joe donde tried 1 or 2 years to elections .don't know if this is a way for them to survive once 90% of them loose their jobs.

No gun holder can shoot their own foot with their own gun . Impossible and it will never happen.


i know how deeply entrenched tribalism is in this country, the president wont sign and he wont be affected politically thanks to our tribe


Expound more ,are you from babuon or kamwana?depends on how you look at the bill

u see serious discussions take tribal angle when we say hizi benki ni zetu wale hawana mtaji huko


Was waiting for you to announce then I lash at you,but you jumped out first
Laughing out loudly
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  | | Edit by user: Friday, August 12, 2016 11:06 PM | Reason: Not specified
enyands
#292 Posted : Friday, August 12, 2016 11:03:48 PM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
Boris Boyka wrote:
enyands wrote:
@Githundi these are nice points . The man is walking on a tight rope .I'm wondering where @MaichBlack went to. Now here is my take ;

If he ascends and bows to pressure to append the signature, wanjikus will be happy for a short, but assured of votes 2017, hence prolonged presidency

Now if he choses not to do anything, he will be seen as someone who doesn't connect with wanjiku ,understand their plight ,hence it will give babuon a chemical weapon for campaign.

So option kamwana has: resend the bill back to mpigs for ammendment and also propose they look at the mou from banks and come up with a consensus.With this,2 birds will be destroyed with one bullet ,
1 The rates will come lower hence wanjiku gets happy(I don't know how lower the rates will go)

2 the banks will get their way hence not punish the economy either intentionally or unintentionally

I'm for the consensus option.i feel pain of people losing businesses because of skyrocketed rates overnight ,and I feel bad if the economy gets messed up,the ripple effect is huge.

Things to note :

I don't know why this pigs are sensitive with this bill when they are almost out of job .Joe donde tried 1 or 2 years to elections .don't know if this is a way for them to survive once 90% of them loose their jobs.

No gun holder can shoot their own foot with their own gun . Impossible and it will never happen.

Possible.. Very possible. It has happened very many times.Guns and the owners.


Let me break it down to make it more palatable for you, no owner of CBA can sign that bill because it will affect his bank
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Liv
#293 Posted : Friday, August 12, 2016 11:07:30 PM
Rank: Veteran

Joined: 11/14/2006
Posts: 1,311
githundi wrote:
mlennyma wrote:
githundi wrote:
mlennyma wrote:
githundi wrote:
3.These wanjikus who think they will benefit from low rates will be shocked to find out they will in first instance not qualify for a loan

i can see how bitter you feel breaking your points a post after the other instead of a single script,how about earning more interest on deposits?

Simple banks reaçtion; preference for huge fixed deposits from corporate and raise operating costs for Wanjikus accounts to cover for the lost revenue...

Safaricom is an option for wanjikus small savings if banks raise operating expenses

Yes,an option at zero interest rate. Not the 7 %..you are talking about..



I hear that some banks are likely to reduce deposits from Wanjiku, as there will be no need to receive expensive funds and lend them out in a high risk low return environment. So Wanjiku will not win with high returns on her deposits.
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MaichBlack
#294 Posted : Saturday, August 13, 2016 7:47:38 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
chemirocha wrote:
streetwise wrote:
Here we are talking of persons who have died due to distress from banks. A bad law is better than the current situation. We will amend the law along the way as we experience these bad things people are talking about. I am sure those who said the constitution was bad can tell us about lessons learned


So how about being denied a loan because you don't fit the banks' risk profile? This populist garbage doesn't solve the issues with accessing credit.

Or avoid loans all together!! A loan is not a human right neither is it forced on anyone.

Unlike most of the other commodities and services - which we haven't bothered to regulate - a loan is something you could avoid if you wanted!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#295 Posted : Saturday, August 13, 2016 8:14:11 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
enyands wrote:
@Githundi these are nice points . The man is walking on a tight rope .I'm wondering where @MaichBlack went to. Now here is my take ;

If he ascends and bows to pressure to append the signature, wanjikus will be happy for a short, but assured of votes 2017, hence prolonged presidency

Now if he choses not to do anything, he will be seen as someone who doesn't connect with wanjiku ,understand their plight ,hence it will give babuon a chemical weapon for campaign.

@MaichBlack is here. I took a back seat because I had already given my points and reasoning and I realized most people are just repeating things that have already been said and countered while others are just shouting sign, sign, sign!!! How do you reason with a person shouting sign, sign, sign while being totally ignorant of basic financial and economic facts???
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#296 Posted : Saturday, August 13, 2016 8:21:46 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
newfarer wrote:
enyands wrote:
mlennyma wrote:
githundi wrote:
3.These wanjikus who think they will benefit from low rates will be shocked to find out they will in first instance not qualify for a loan

i can see how bitter you feel breaking your points a post after the other instead of a single script,how about earning more interest on deposits?



Laughing out loudly Laughing out loudly .that's cold mlennyma, very cold Laughing out loudly

yea I want that 7% on my few coins. They have been using my few coin to lend at 24%.it's my time to eat

You want people to think and work on your behalf??? Take your few (or many) coins from the bank and invest for yourself!!! Mama mbogas and hawkers are making in excess of 100% per day on their few coins. You will never hear them complaining of low interest on deposits.

I am not suggesting you become a mama mboga or hawker. I am just saying, think, invest, earn. Sio kuweka pesa kwa bank ati ni investment plan!!! That happens no where in the world!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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githundi
#297 Posted : Saturday, August 13, 2016 8:34:15 AM
Rank: Veteran

Joined: 11/19/2010
Posts: 1,308
Location: nairobi metropolitan
Liv wrote:
githundi wrote:
mlennyma wrote:
githundi wrote:
mlennyma wrote:
githundi wrote:
3.These wanjikus who think they will benefit from low rates will be shocked to find out they will in first instance not qualify for a loan

i can see how bitter you feel breaking your points a post after the other instead of a single script,how about earning more interest on deposits?

Simple banks reaçtion; preference for huge fixed deposits from corporate and raise operating costs for Wanjikus accounts to cover for the lost revenue...

Safaricom is an option for wanjikus small savings if banks raise operating expenses

Yes,an option at zero interest rate. Not the 7 %..you are talking about..



I hear that some banks are likely to reduce deposits from Wanjiku, as there will be no need to receive expensive funds and lend them out in a high risk low return environment. So Wanjiku will not win with high returns on her deposits.

Yes @ Liv. .that is what may happen
Democracy does not belong to the dead
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MaichBlack
#298 Posted : Saturday, August 13, 2016 8:35:25 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
And I can see most Wazuans have the villager mentality of "Banks are making billions" at the expense of mwananchi.

When a bank with assets of 566 Billion makes a profit of 16 Billion, what is grand about that??? That is a MERE 2.83% ROA!!! But you can bet your average Kenyan will just see the 16 Billion!

Financial literacy should be made compulsory in Primary and High School. It would serve people better than "If a train leaves mombasa at 9:00am and another one leaves Nairobi at 9:30am bla bla bla..." kind of questions.
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack
#299 Posted : Saturday, August 13, 2016 8:47:47 AM
Rank: Elder

Joined: 7/22/2009
Posts: 7,910
githundi wrote:
Liv wrote:
githundi wrote:
mlennyma wrote:
githundi wrote:
mlennyma wrote:
githundi wrote:
3.These wanjikus who think they will benefit from low rates will be shocked to find out they will in first instance not qualify for a loan

i can see how bitter you feel breaking your points a post after the other instead of a single script,how about earning more interest on deposits?

Simple banks reaçtion; preference for huge fixed deposits from corporate and raise operating costs for Wanjikus accounts to cover for the lost revenue...

Safaricom is an option for wanjikus small savings if banks raise operating expenses

Yes,an option at zero interest rate. Not the 7 %..you are talking about..



I hear that some banks are likely to reduce deposits from Wanjiku, as there will be no need to receive expensive funds and lend them out in a high risk low return environment. So Wanjiku will not win with high returns on her deposits.

Yes @ Liv. .that is what may happen

Very true!!!

These are the kinds of deals that would be taking place. Why would a bank give you 7% while it can source the funds at 2%? And because there will be credit rationing, they will not need as much money/deposits as they do now!!!

Wait until banks reject your money. They don't want even your salary to be paid through their bank just in case you refuse to withdraw and start demanding for 7%!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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alma1
#300 Posted : Saturday, August 13, 2016 8:57:24 AM
Rank: Elder

Joined: 9/19/2015
Posts: 2,871
Location: hapo
There are two issues here that MaichBlack wants to confuse us with..

The meaning of Banks cannot be the same as Kenyan Banks.

While I'm not for capping things, Kenyan banks are not banks per se, but actually shylocks.

The shylocking industry must always be capped. They are called PayDay loans in the US. In fact, its not only the US gov't that wants to shut down shylocks, even Google will not allow you to advertise if you charge over 15% interest in your products.

Hmmmm

Kenyan banks are at sijui 30% variable interest rates including penalties for paying your debt early.

If that is not shylocking I don't know what is.

I know of a guy who took a 80k loan...He travelled out of the country. When he came back this year, he went to the bank, and found that he now owed 500k..

To make things worse, he went to another bank and found that his 200k he had left behind was now 5k...

True story...

These banks are just thieves.

We can't legalize shylocking in the name of sijui protecting Wanjiku.

Wanjiku shall survive without a loan from the bank. Infact, Jubilee shall be giving Wanjiku a present when the banks refuse to lend to them.

How can a bank come and demand 5 times the value of their loan? Kweli pesa ni ya mama yao?

This is the reason why Kenyans default on paying.

I'd rather have bad credit than pay some fool sijui 5 times what he lent me. My kids are more important than the bank. Wakae ni pesa zao.

Let the bill be signed. Pronto!
Thieves are not good people. Tumeelewana?
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