Wazua
»
Investor
»
Economy
»
Law Capping interest rates
Rank: Veteran Joined: 7/3/2007 Posts: 1,635
|
wukan wrote:Quote:A 71-year-old man has committed suicide in Gititu Village in Tetu, Nyeri County, apparently because of a Sh50,00 debt he owed a shylock.
Family members found Gabriel Mwambia Kiboi hanging in a macadamia tree in his farm at around 10am Wednesday and reported the matter to Assistant Chief Simon Kiritu.
The family members said Mr Mwambia was a friendly and talkative person and they were confused as to why he decided to take his life.
Tetu OCPD Stephen Obara confirmed the incident, saying he found the man hanging on the tree with a sisal rope on his neck but with no physical injuries.
According to residents, the man is said to have committed suicide after the moneylenders threatened to auction his property after he defaulted in payments.
The family, however, disputed the allegations saying that was not the reason that triggered him to take his life but added that they were yet to identify the reason.
This incident comes a day after women in Karatina staged a protest alleging the loan sharks were colluding with police officer to harass them for failing to pay up the debts they owed.
The women alleged the lenders seized their property without a court order.
For those shouting interest rate controls this is the future of lending 
This is not the future. It is the present.
I don't understand people who are arguing that, unless we cease our protests against the banks greed the sky will fall. For many Kenyans like Kiboi the sky has indeed already fallen.
Look at this logic: we control the price of fuel because it is too important to the economy to be left to market forces, but we can't control the cost of money for exactly the same reason?
Give me a break.
"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
|
|
|
Rank: Elder Joined: 10/18/2008 Posts: 3,434 Location: Kerugoya
|
Wakanyugi wrote:I don't understand people who are arguing that unless we cease our protests against the banks' greed, the sky will fall.
For many Kenyans like Kiboi the sky has indeed already fallen.
Look at this logic: we control the price of fuel because it is too important to the economy to be left to market forces, but we can't control the cost of money for exactly the same reason?
Give me a break.
Hear, hear.
|
|
|
Rank: Elder Joined: 3/19/2010 Posts: 3,505 Location: Uganda
|
FRM2011 wrote:wukan wrote:Quote:A 71-year-old man has committed suicide in Gititu Village in Tetu, Nyeri County, apparently because of a Sh50,00 debt he owed a shylock.
Family members found Gabriel Mwambia Kiboi hanging in a macadamia tree in his farm at around 10am Wednesday and reported the matter to Assistant Chief Simon Kiritu.
The family members said Mr Mwambia was a friendly and talkative person and they were confused as to why he decided to take his life.
Tetu OCPD Stephen Obara confirmed the incident, saying he found the man hanging on the tree with a sisal rope on his neck but with no physical injuries.
According to residents, the man is said to have committed suicide after the moneylenders threatened to auction his property after he defaulted in payments.
The family, however, disputed the allegations saying that was not the reason that triggered him to take his life but added that they were yet to identify the reason.
This incident comes a day after women in Karatina staged a protest alleging the loan sharks were colluding with police officer to harass them for failing to pay up the debts they owed.
The women alleged the lenders seized their property without a court order.
For those shouting interest rate controls this is the future of lending
Isn't the timing just great !!
A convenient story, what makes you think the hanging was related to the debt na si kukosana na wife? punda amecheka
|
|
|
Rank: Member Joined: 11/15/2010 Posts: 455 Location: Nairobi
|
Am not a banker, I happened to meet and discuss this interest
capping topic with several bankers from some of the main stream banks in KE.
Its surprising how all of them are in support of 'Wanjiku'. hope PORK is listening and in the fullness of time, he will side with 'We The People of KE'. however, I highly doubt he will sign it. ....He who began a good work in you will carry it on to completion..
|
|
|
Rank: Veteran Joined: 11/13/2015 Posts: 1,658
|
Venezuela started this game of socialism and price controls look at the outcome for the wazuans wa huko.  As always the road to hell is paved with good intentions. Let's stick to market forces.
Quote:THE ALBINO MINE, Venezuela — The 12th time Reinaldo Balocha got malaria, he hardly rested at all. With the fever still rattling his body, he threw a pick ax over his shoulder and got back to work — smashing stones in an illegal gold mine.
As a computer technician from a big city, Mr. Balocha was ill-suited for the mines, his soft hands used to working keyboards, not the earth. But Venezuela’s economy collapsed on so many levels that inflation had obliterated his salary, along with his hopes of preserving a middle-class life.
So, like tens of thousands of other people from across the country, Mr. Balocha came to these open, swampy mines scattered across the jungle, looking for a future. Here, waiters, office workers, taxi drivers, college graduates and even civil servants on vacation from their government jobs are out panning for black-market gold, all under the watchful eyes of an armed group that taxes them and threatens to tie them to posts if they disobey.
http://www.nytimes.com/2...-malaria-mines.html?_r=0
|
|
|
Rank: Elder Joined: 9/19/2015 Posts: 2,871 Location: hapo
|
You know on this particular thread, the only person who's been honest is Maichblack.
The next person was Liv...Unfortunately by stating the truth, they stated the obvious...It's the gov'ts fault. Ipso facto, it's Uhuru. When you tell Liv and Murchr, Uhuru, these people start wetting their beds
Yet, facts are like Itumbi says, facts.
Now in Kenya when you say Uhuru, guys either start crapping or clapping. Depending...Just like the Donald Trump games...
The fact is Gov't is borrowing tooooo maaaash.
Rates have got to go up!!!!!!
Capping interest rates shall never happen in Kenya. Not when this CBK governor is alive. It shall never happen. Obiero pole. But it shall never happen!!!!
And it's a good thing it never happens because I believe in markets..I believe in water finding its own course.
Yet!!!!!!!!!
The Kenyan banks are just shylocks.
So as much as I'm capitalist, these people have to be stopped from stealing.
As Njunge said, next year we can reform that bill.
Lakini as it stands
Uhuru shall not sign it
Parliament shall be given money and Mpigs shall disappear from the floor
Wanjiku is still screwed because Murchr has another Konza project he's thinking about.
The people making your rates go up are right here on Wazua. Someone has to "lease" their car.
Tafakari hayo kaka.
Thieves are not good people. Tumeelewana?
|
|
|
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
|
@Alma1 wait for this months 10 year bond you see the rates...makes sense giving gava cash as compared to loaning the kawaida raia. possunt quia posse videntur
|
|
|
Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
|
alma1 wrote:You know on this particular thread, the only person who's been honest is Maichblack.
The next person was Liv...Unfortunately by stating the truth, they stated the obvious...It's the gov'ts fault. Ipso facto, it's Uhuru. When you tell Liv and Murchr, Uhuru, these people start wetting their beds
Yet, facts are like Itumbi says, facts.
Now in Kenya when you say Uhuru, guys either start crapping or clapping. Depending...Just like the Donald Trump games...
The fact is Gov't is borrowing tooooo maaaash.
Rates have got to go up!!!!!!
Capping interest rates shall never happen in Kenya. Not when this CBK governor is alive. It shall never happen. Obiero pole. But it shall never happen!!!!
And it's a good thing it never happens because I believe in markets..I believe in water finding its own course.
Yet!!!!!!!!!
The Kenyan banks are just shylocks.
So as much as I'm capitalist, these people have to be stopped from stealing.
As Njunge said, next year we can reform that bill.
Lakini as it stands
Uhuru shall not sign it
Parliament shall be given money and Mpigs shall disappear from the floor
Wanjiku is still screwed because Murchr has another Konza project he's thinking about.
The people making your rates go up are right here on Wazua. Someone has to "lease" their car.
Tafakari hayo kaka.
People weaned on Thatchernomics have too much belief in privatisation and free markets.
Need to wake up to the fact that Thatchernomics failed, hence Brexit, Trumpism etc.
Govt controls are a necessary evil to maintain sanity in any market. Life is short. Live passionately.
|
|
|
Rank: Elder Joined: 6/23/2009 Posts: 14,320 Location: nairobi
|
sparkly wrote:alma1 wrote:You know on this particular thread, the only person who's been honest is Maichblack.
The next person was Liv...Unfortunately by stating the truth, they stated the obvious...It's the gov'ts fault. Ipso facto, it's Uhuru. When you tell Liv and Murchr, Uhuru, these people start wetting their beds
Yet, facts are like Itumbi says, facts.
Now in Kenya when you say Uhuru, guys either start crapping or clapping. Depending...Just like the Donald Trump games...
The fact is Gov't is borrowing tooooo maaaash.
Rates have got to go up!!!!!!
Capping interest rates shall never happen in Kenya. Not when this CBK governor is alive. It shall never happen. Obiero pole. But it shall never happen!!!!
And it's a good thing it never happens because I believe in markets..I believe in water finding its own course.
Yet!!!!!!!!!
The Kenyan banks are just shylocks.
So as much as I'm capitalist, these people have to be stopped from stealing.
As Njunge said, next year we can reform that bill.
Lakini as it stands
Uhuru shall not sign it
Parliament shall be given money and Mpigs shall disappear from the floor
Wanjiku is still screwed because Murchr has another Konza project he's thinking about.
The people making your rates go up are right here on Wazua. Someone has to "lease" their car.
Tafakari hayo kaka.
People weaned on Thatchernomics have too much belief in privatisation and free markets.
Need to wake up to the fact that Thatchernomics failed, hence Brexit, Trumpism etc.
Govt controls are a necessary evil to maintain sanity in any market.
Even the CBR, KBRR are control mechanisms. UK via the LIBOR also avails a guide to sane rates. Current borrowing rates in the country are simply criminal. Whether this is caused by heavy domestic borrowing by the government is debatable COOP, IMH, KEGN, KQ, MTNU
|
|
|
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
obiero wrote:sparkly wrote:alma1 wrote:You know on this particular thread, the only person who's been honest is Maichblack.
The next person was Liv...Unfortunately by stating the truth, they stated the obvious...It's the gov'ts fault. Ipso facto, it's Uhuru. When you tell Liv and Murchr, Uhuru, these people start wetting their beds
Yet, facts are like Itumbi says, facts.
Now in Kenya when you say Uhuru, guys either start crapping or clapping. Depending...Just like the Donald Trump games...
The fact is Gov't is borrowing tooooo maaaash.
Rates have got to go up!!!!!!
Capping interest rates shall never happen in Kenya. Not when this CBK governor is alive. It shall never happen. Obiero pole. But it shall never happen!!!!
And it's a good thing it never happens because I believe in markets..I believe in water finding its own course.
Yet!!!!!!!!!
The Kenyan banks are just shylocks.
So as much as I'm capitalist, these people have to be stopped from stealing.
As Njunge said, next year we can reform that bill.
Lakini as it stands
Uhuru shall not sign it
Parliament shall be given money and Mpigs shall disappear from the floor
Wanjiku is still screwed because Murchr has another Konza project he's thinking about.
The people making your rates go up are right here on Wazua. Someone has to "lease" their car.
Tafakari hayo kaka.
People weaned on Thatchernomics have too much belief in privatisation and free markets.
Need to wake up to the fact that Thatchernomics failed, hence Brexit, Trumpism etc.
Govt controls are a necessary evil to maintain sanity in any market.
Even the CBR, KBRR are control mechanisms. UK via the LIBOR also avails a guide to sane rates. Current borrowing rates in the country are simply criminal. Whether this is caused by heavy domestic borrowing by the government is debatable
Hypocrites - hate govt control on fuel prices but want interest rate control in banks. Its simple. this is just a control of who can borrow. If you don't qualify to borrow at 14%, you'll simply be locked out. Banks will simply lend that extra to infrastructure projects.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Wazua
»
Investor
»
Economy
»
Law Capping interest rates
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|