Live Blog/Webcast: 2012/13 Budget
[Updated] This morning [Feb.24] Premier and Minister of Finance Paula Cox will deliver the 2012 Budget in the House of Assembly. She is expected to leave the Cabinet Office at approximately 9.30am, and make her way to the House where she will deliver the Budget – setting out Government’s financial goals and expectations for the following year. Tune in below for live updates, and for all our budget coverage from today click here.
The latest updates will be posted on top, press your “F5″ key to refresh:
Update Feb.25: Mailboxes Unlimited president Steve Thomson said it is a “sad day for the consumer in Bermuda,” following the news that duty at all ports of entry will be 25%. His full statement is here.
Update 11.30pm: Videos of some post-budget statements added: Economy & Industry Minister Patrice Minors here, Public Works Minister Michael Weeks here, Environment & Planning Minister Marc Bean here, Estates Minister Michael Scott here, National Security Wayne Minister Perinchief here, Education Minister Dame Jennifer Smith here, Health Minister Zane Desilva here, Minister Glenn Blakeney here, Business & Tourism Minister Wayne Furbert here, and Transport Minister Derrick Burgess here.
Update 8.10pm: UBP MPs Kim Swan and Charles Swan issued an additional statement, which is posted here.
Update 6.05pm: Bermuda space and seabed assets could be used to raise revenue, Minister of Government Estates and Information Services Michael Scott said today. His full statement is here.
Update 5.29pm: A further statement from Shadow Minister of Finance Bob Richards is here.
Update 5.16pm: A response to the Budget from the Association of Bermuda International Companies [ABIC] is here [1 page PDF]. ABIC said they are pleased to see payroll taxes will be maintained at last year’s levels with modest fee increases on other items limited to 3%, but cautioned that “meaningful deficit and debt reductions can only be achieved with tangible improvements in new revenue sources as well as providing increased certainty to our existing business partners.”
Update 4.36pm: A response to the Budget from Sir John Swan and Larry Burchall is here [2 page PDF]. They note “Government is planning to spend $1,081,700,000 while projecting revenue of $909,634,000. That leaves a shortfall of $172,100,000,” and said “Borrowing of this kind is a short-term stop-gap. Bermuda’s economy is in substantial contraction. It cannot be sustained.”
Sir John also said, “On a personal note, as I recommended that Seniors pay land tax and vehicle registration above a particular ARV and class, I am glad to see its implementation by Government and will be happy to write my cheque in both instances and make my contribution to the economy.”
Update 4.32pm: 11-minute video of the reaction to the Budget from the Chamber Of Commerce below, written statement is here.
Update 4.28pm: The remarks made by Minister of Economy, Trade and Industry Patrice Minors at today’s post Budget Press Conference are here [2 page PDF], and the remarks by Minister of Health Zane Desilva are here [5 page PDF].. The proposed 2012/13 budget for the Ministry of Health is $190.98 million, which is a 10.9% increase on the base budget from the previous year.
Update 4.11pm: The initial reaction from United Bermuda Party Interim Leader Kim Swan is below. He said the Budget was “more of a rhetorical presentation” as it had a lot of “well sounding words”.
Update 3.45pm: Public Works Minister Michael Weeks said the Ministry is getting 8 new garbage collection vehicles in May 2012, and said “the delays or uncollected garbage evident in our neighbourhoods from time to time should be a thing of the past.” The cost is $150,000 per vehicle. His full post-budget statement is here [6 page PDF].
Update 3.40pm: The budget for financial assistance [including child day care allowance] is $39.8 million.
Update 3.19pm: $500,000 has been allocated for extended CCTV networking, Minister of National Security Wayne Perinchief said. His full statement on his Ministry’s budget is here.
Update 2.51pm: Short video with the initial reaction from Opposition Leader Craig Cannonier and Shadow Finance Minister Bob Richards, who said he was “very disappointed.”
Update 2.37pm: Environment, Planning & Infrastructure Minister Marc Bean’s post-budget speech is posted here. . $483,000 will be dedicated to the development of a shore side facility for the processing of fish.
Update 2.15pm: A few of the key points from the Budget are posted here.
Update 1.45pm: The press conference is over. A 22-minute webcast replay of the Premier’s speech is below, use the bottom bar to ‘fast forward’:
Update 1.45pm: A 60-minute webcast replay of the Ministers speaking and the Q&A is below:
Update 1.02pm: The press conference continues, video still playing below. The National Economic Report of Bermuda 2011 is here [27 page PDF].
Update 12.06pm: The Premier and Ministers are about to host a press conference at the Cabinet Office, live video below [removed see replay above]
Update 11.54am: Deloitte released a ‘Budget Snapshot’, details here.
Update 11.15am: A full copy of the 2012/13 Budget is here in PDF form.
Update 11.00am: The House is adjourned
Update 10.57am: The Premier concludes speaking, and the House is moving onto other business.
Update 10.54am: The Premier appears to be starting to wrap up the speech, saying she has “highlighted” some of the fiscal measures. She thanks everyone who “joined in the Open Budget process”
Update 10.52am: A “National Security Council” is being formed – with the Governor, Police Commissioner, Premier, Attorney General etc. “Making Bermuda safer is the goal,” the Premier said.
Update 10.51am: The arrivals area at the Airport will have a ‘channel’ system, with a “nothing to declare” line.
Update 10.50am: “Significant sums” have been allocated to the police. The Xray facility on the Hamilton Docks will be put in place this year.
Update 10.46am: Government will remove the stamp duty on transferring mortgages from one bank to another. Ferry and bus fares will remain the same. The Mirrors program will continue. There will be a renewed emphasis on job creation and job training programmes. The Bermuda Job Training Replication Programme will be run in conjunction with the private sector and aimed at 16-to-24 year olds.
Update 10.42am: The Government’s new debt to GDP ratio will be 24%, and the new debt ceiling will be 1.45 billion.
Update 10.40am: Quick video of the Premier arriving this morning:
Update 10.31am: Premier says “debt is neither good nor bad”.The budget totals $1.08 billion for the 2012/13 fiscal year. Government plans to cover shortfalls in revenue by launching another Bermuda bond issue in the near future.
Update 10.28am: Revenue estimates for 2012/13 are $909.6 million – down three percent on last year. Revenue from payroll tax has declined by $39 million
Update 10.27am: Airport duty is going back down to 25%. Duty on tobacco will be raised, hoping to raise $1 million dollars.
Update 10.26am: Seniors with houses with ARV over $50,000 [a value of approximately $1 million] will now have to pay land tax. Seniors with larger cars will have to pay to a licence fee, as it is said the exemption has been abused. This will gain an estimated $3 million in licence fees, she said.
Update 10.25am: The island’s Pension Act will be amended, allowing for a voluntary suspension of pension contributions in the hope some of these monies will be spent, stimulating the economy.
Update 10.23am: Speaking now on “worrying violence,” the Premier said Sandys 360 will get a $2 million grant – some smattered applause from MPs could be heard after she said that.
Update 10.20am: The Premier said Government will continue to do the right thing and make sound decisions. “Job preservation and expansion is a central theme in Government’s financial plan,” she said. Hotel payroll tax concessions have been extended she said.
Update 10.17am: Premier Cox said the effect of certain austerity measures suggested by others would have been “devastating’. She said the Finance Ministry thinks the economy will remain “weak” this year.
Update 10.15am: The Premier said Government actions such as tax rollbacks have saved “thousands of jobs.” She said the cost of Government’s measures was $98 million, which was added to our debt. “Government did the right thing,” she said.
Update 10.13am: The Premier is speaking of the world economic conditions, saying as we are “part of the global economy” we have been affected. She said Bermuda’s economy has declined since 2008.
Update 10.10am: The Premier has begun delivering the budget, saying “the 2012/13 Budget is focused intently on doing the right thing for Bermuda’s people and business.”
Update 10.08am: The Premier has asked that copies of the 2012 Budget be given to the MPs
Update 10.03am: The House is now in session
Update 9.45am: The Premier just arrived at the House of Assembly
Well! Is this going to be a opportunity to put things right or and obligation to continue to stick it to me even harder? Help me please make ends meet so my family and I can live.
….
I’m First … Governments goals and expectations is to Borrow More Money … Shut down More programs and do more patchwork on our roads … Say it ain’t so HatWreck ..
You forgot something: We need to employ more high-paid consultants to tell us how to ruin our country.
Gummts goals is to, at last once, get the projected figures right?
Is it too early for a budget drinking game?
Take a drink for “resetting the dial”, “Bermuda first”, “patriotism”, “revenue generation”, “cutting expenditure”, “safeguarding jobs”….
The whole bottle if she offers to refund the land license THEFT.
I’m not sure mixing drink with your impotent rage is a very good idea sweetie.
It never fails!
There’s an immediate savings of at least $250k walking behind her – Brimmer the overpaid non-Bermudian consultant…..
Yes, Mr Brimmer the financial consultant who has advised Premier Cox for quite some time. He has a lot to answer for. I’m glad I didn’t ask him for financial advice… he must be the one that advised her that debt is neither good nor bad. I suppose that is okay until you can’t actually meet your repayment obligations. Just wait for the interest rates to rise in a few years and see what we end up paying in interest alone.
Debt is neither good nor bad as long as your government paychecks for premier and minister of finance and MP still clear into your account.
The bonds are fixed rate. The rate on the bonds will not change prior to maturity which is why they went long in the first place. Provided they do not borrow any more, their interest cost relative to overall gdp will decrease as the economy improves.
I am talking about the further debt that will be incurred. Based on their history and comments they don’t seem to have any issue with borrowing more and more.
Recognize that a country or a corporate entity CANNOT continue to borrow indiscriminately. Your comment really shows your lack of understanding as to how these things work. At the point, that Bermuda has a downgrade of magnitude, the borrowing will stop. I agree that more should be done to prolong the time or avoid the time that this happens…
I understand quite well that there is a limit to the borrowing but they are going to end up pushing it to the very edge or over. There are plenty of Countries that have done that already, so Bermuda wouldn’t be the first.
You do realize that if a significate down grade does occur companies will disscontinue business here?
LOL
International business has been quietly slipping out for some time, they see the future and I’ll bet they would heavily insure themselves before buying our “bonds’”. The risk of default? Based on the track record, almost certain. Looks like the Government added 100 million for every year in power, and I do mean POWER. Last one out turn out the lights.
I’m sure Mr. Brimmer is a very nice man however he was born in 1926 and has been essentially retired for many years…..friend of Eugene Cox…
Hey, Fruitbat, there’s cronyism if ever you needed an example.
Wow. 86 year old consultant costing us $250K a year?
No, this 86 year old consultant has so far costed us $1.4 billion and counting.
Send Mr Brimmer packing please…
Who dresses this woman????
Stevie Wonder? Some lost Amazon tribe who have no concept of clothes?
I’m wondering the same thing????
Could be one of your family members who dress her……..smh
Quick question: With the “Nothing to Declare” channel at the airport…will one still have to join the secondary line where Customs directs you to the third line or wave you out? Or will this be at the discretion of customs where they can/will routinely pull you aside if you walk through “Nothing to Declare”?
All that complain about Customs doing their job re: searching arriving passengers or packages and then complain when illegal/ restricted items get into the island are truly amazing. No one ever wants to be searched yet you don’t want these things get Into the island. Make up ya mind.
I think you have got it wrong. People don’t generally complain about being searched, as unwelcome as it might be. The problem down at the Customs is more one of the demeanor of the officers and the attitudes of some that can be very unprofessional. Not always but enough for them to have a bad reputation down there. I know other countries where the Customs officials can be very stern and even unfriendly but never come across as rude or disrespectful.
I don’t mind being searched, just lose the attitude, dang what a buzz kill.
I have been searched many, many more times than most people Im sure. I apparently have that “look” I guess. …lol.
I have been questioned and / or searched in the US, Canada, US Virgin Islands, Cayman, London, Spain and of course Bermuda. However, in every country but my own, I was spoken to in a professional, respectable manner. I’ve had my bags searched and questions asked in most of those countries in a manner that never made me feel disrespected, belittled or angry. Even with the language barrier I was treated better in other countries than my own. This “how great thou art” / “I’ll show you who is boss” attitude that most ( but not all) Bermuda Customs officers have, has got to go, or they need to go. You can do your job just as effectively without acting like a miserable, arse. In every country but my own, I have been told after a search or questioning , “sorry for the inconvenience” or “thank you for your patience” or something similar. Here…all I get is …you can go now.
It was and IS that “attitude” thing that drove away many tourists and international business.
Remember the Colonel? While he had some strong viewpoints that often were right thinking, his delivery was out and out abusive yet HE didn’t think so. You all know how you’ve felt travelling in a another country and when mistreated you swear never to go back.
People are sensitive on the whole and respond to attitude.We lost the service with a smile,
and now pay for it watching Cuba net 2 million tourists a year with hardly an advert!
Well at least the war on International Business is going well eh Colonel?
Seniors with houses with ARV over $50,000 [a value of approximately $1 million] will now pay have to pay land tax. Seniors with larger cars will have to pay to a licence fee, as it is said the exemption has been abused. This will gain an estimated $3 million in licence fees, she said.
Sure, lets screw with the people who are living off the little pension that G’ment gives them…. (FutureCare going up too??)
Irony is Soooo is the FACT they are the majority and most others have freekin left or about to.
What a load of crap. Where else can you find revenue.
Sad days ahead. Unless of course your at Westgate. Lets build another wing um sure Korea can hook it up whilst he fixes the ‘Doc’.
True Rummy… I personalluy know of a half a dozen seniors who can no longer afford to live in Bermuda and have or are in the process of packing up shop (the home that they have lived in for 50+ Year) and moving out.
Yep. Screw the Seniors because the young ‘weekend shopping trips to NY’ voter is who we really want to keep happy…. nice.
they will pay land tax on the excess above 50K which is reasonable. By your logic, the “retired” lawyer who spends his time between here, the Turks and his house in the Hamptons should be exempt from land tax merely because he is 65 although he has full time caretaking staff in each jurisdiction…lets be real
Sorry but I agree with the License thing. I know of two individuals that had their cars registered in their grandparents name so they could save money.
In one case the grandmother does not even hold a drivers license anymore. In the other case, the grandfather switched cars (on paper) allowing the grandson to save hundreds of dollars a year.
We all have to pay for the road we drive on. I don’t believe in free nothing! Nothing is FREE it always costs somebody something.
Agreed!
We are all supposed to do more with less right?
Well the freebies have to be roped in folks. Everyone is taking licks whether pay cuts, pension freezes, hours cut back, job loss, loss of business, etc. The seniors have to give a little too. The real problem of the future for seniors in this country will be their cost of healthcare. .
Did you report them? If not why not, they were stealing from you.
To who should this be reported too? The same people at TCD that tell me that I can’t have tint and must abide by certain rules while at the same time ignore those same rules. Take a look at the cars in the bays marked staff someday?
Or did you mean the same board members that grilled me and gave me third deegree about why I needed a truck to run my business and initially denied me. The same individuals that drive big shiny oversized trucks with chrome parts on them for their “businesses”. I’m talking about trucks built to carry tons of equipment and tow things behind them that have never carried more than a set of blueprints. C’mon bud….I understand your point but you know how things work at the mighty TCD.
Good point. The police would be a good place to start, isn’t fraud a criminal offence.
#1 Most Bermudians are land rich-cash poor (make mine a double after the last 12years)
#2 if you are or have given seniors a break, it should be a moral issue not a financial one.
#3 They may have worked day and night, saved, sacrificed, educated the kids, contributed to the community in many ways over 7 decades, not been spendthrift, jewelry,cars or gambling. Sure they spent most on their home. Being Bermuda after 12 years of the opposite lifestyle by the very people making the rules as they go along, that house from 1950 is now worth $1,250,000- oh wait, better lop off 250,000 for the collapse in the real estate market. So it’s 1,000,000 and costing a fair bit to maintain too. Now guess what older voters! You will once again join the toiling masses to add that land tax on and in the process help subsidize the older voter who did not do what you did all your life!
#4 Capitalists masquerading as Social reformers
#5 How much is the civil servants pension fund UNDERFUNDED by?
WELL DONE PREMIER. WHAT IS THE KKK GOING TO SAY NOW.
Always raising the level of disscusion I see good job Maddog dig up another bone…….
LOL
Maddog, what an idiot! As A PLP / Labour Paty supporter I would think you would know the meaning of “united we stand , divided we fall!”. Why try and divide people, unless of course you we one of those people that benefited from contracts and work given onlly given to those that “look like me”.
To Today & Renaissance Man
No need to go there about Madam Premiers dress code. Your are rude, and out of order. There are other items to be commented on.
your opinion…she DOES look a mess, though. Not very professional at all.
Yes, the seniors who have a $1million dollar home will now pay land tax, out of their little goverment pension check. Should have increased duty on alcohol!!!!!
Yeah right that nothing to declare line at the airport will not work. Cause you will be sent to two other lines. The only way that would work is if you get off the plane with the clothes on your back.
That line is reserved for G’ment Ministers!!
“The duty rate for personal importation of goods will be harmonised at all ports of entry at the fixed rate of 25 per cent.”
Bad News for Mailboxes
So what? The tax strategy is imposed for the good of the people, not one single business man…if Thomson can afford to recently purchase a $8M estate, he ain’t hurting, trust me.
Mailboxes allow you to import at the “true” rate
Can it be proven that the exemption has been abused? What proof does the Government have?
Why are the seniors being penalised because of someone’s speculation?
today says:
February 24, 2012 at 10:25 am
Who dresses this woman????
*
Renaissance Man says:
February 24, 2012 at 10:50 am
Stevie Wonder? Some lost Amazon tribe who have no concept of clothes?
this is all code from the anger parade.
How is it relevant what she is wearing? Jeez
It’s not agreed. Moving on……
LOL
Really, that was what you focused on! Don’t like what you see, listen to the radio.
Shows you how many people have left the Islands or are out of work. Payroll tax revenue $423m in 2010 down to $312M this year!
will be down even more this year from the people I see leaving..
I bet Masters and Gorhams do a brisk business these days..in FOR SALE signs
The ownership of Class H cars by seniors has increased 358 percent since the exmption for car licences was introduced. This is clearly an abuse – children/grandchildren having cars registered in their parents/grandparents name. If they can afford to buy a class H car then they can afford to license it.
The payment of land tax is based on the differential over $50k. For instance, an $84k ARV house pays $4800 in land tax but the differential over $50k (i.e. $34k) draws a land tax bill of $500. I’m not saying this doesn’t put an additional burden on seniors with a fixed income – it clearly does. I just wanted to point out that the impact is not as large as one might at first expect.
Mark,
Is the H class the only one affected?
Any class above D is affected – across the board above Class D there has been increase in car ownership by seniors. Class H is just the most egregious example of an increase.
By owners… how many Seniors do you see driving around in Class H cars. I wonder how many Seniors know their names are on those cars and they don’t have a licence to drive….
hope that the non cyber bullies here realize that the barrage of anti govt hared that is spewed here all day every day is not organic, it is a mostly conscious effort by the same mostly ex pat angry hateful group who post on another site. They have an agreement with each other to troll bermuda’s blogs and post as many hateful things as they can.
Their constant comments on the premier’s figure and clothes is straight from he KKK playbook.
Many of them don’t live here and cant vote and have a problem with this govt. mostly based on old racist ideals. The rest are old bermuda and its progeny who cant move into the future.
These angry posts are very coordinated and destructive it’s a tactic used against the civil rights movement in the US and against the anti apartheid in SA. hateful Letters to the editor and opinion pieces produced by a handful of regressive sympathizers.
Remember how cathartic it was when the UBP was voted out, if the OBA gets voted in it will be the UBP all over again.
DO NOT VOTE DUNKLEY, GIBBONS, RICHARDS AND CROCKWELL’S PARTY INTO POWER.
Hi Vance. Still a PLP/BIU Party hater I see.
Geezzzz… Copy and paste some more dude…. It’s easied that typing something sensible…..
Always raising the bar on the disscussion. Do the PLP realy think the KKK is here or is this some new code the reminace of the Black Berets use…………….
. You know the racial group that did operate here……….
LOL
Trident, like the Pee el Pee he supports, is obviously out of ideas and can’t scrape together an original thought. Birds of a feather flock together. Then there’s the one about empty barrels…..
more cathartic when the plp is flushed out of office…sure bring in civil rights and apartheid signs of desperate people who see the money chain drying up and when you are gone the new government will coming looking for the funds…
Hi Vance, you tried this yesterday. You need a new script.
1. I am not an expat.
2. I know the site you’re talking about and have never written anything on it.
3. I live here, and can and do vote.
4. I know of no other person who writes on here, and I certainly coordinate with no-one.
So, do you have any other bright ideas?
By the way, folks, Trident is Vance. He coordinates his hate speeches with LaVerne, his mummy. Trident and 7 others are her ‘loyal voter base’.
@Trident…..Thanks for the Alert !!! Wow….this is something……Thanks for saying what is going on, I guess this hateful group are still trying to do the same thing. Is it possible these persons include: Rick ROck, navin Johnson, Starman, Rockfish, Sandgrown…WOW.,…please tell me who else is apart of this dangerous group of people?? IN this day and age there is still this hateful group of people out there? Something will have to be done about them……
What, you needed an alert….?! Bwaa-ha-ha-ha!!
I’m flattered to have made your list of hateful and dangerous people. I’m famously FAMOUS!! Yea!!!!! Thank you.
Do I get an Oscar?
@ specialgirl.. actually yer funny. Like Vance.
What EXACTLY are you going to do? Sounds like a threat to me. Do I need to inform the authorities?
Nobody hates the government, what they don’t like is the constant failure to perform, increasing debt and wasting of Bermudians money. This budget does little to stop the rot the current government are responsible for. Increased debt ceiling and no way to pay down the debt.
Your post is the only thing that matters. It IS the reason that the majority of people are pissed off, not because they are racist and hate the PLP as many continue to claim. The government needs to drastically cut spending and I mean beans and rice cutting.
Actually I do hate the government. But for no other reason for the utter disaster they have been for this island and it’s people.
Incompetent failures.
Brainwash,Trident i see they got u program just like your blog!!
If you ever spent any time reading here you would have read the hundreds of hate related posts written by a certain union member. They are often filled with so much hate that you might think that this individual has read a few handbooks on hate. I’m sorry , I forgot it’s not anti white , just pro black. Where are your comments when this individual posts? If you are wondering who I am talking about you are either clueless or you really don’t visit this website as much as your writtings would suggest, By the way, I am born, raised and educated here…in our public shool systems and no I don’t come from money in case you are wondering. In fact I still don’t have any. LOL
Trident! The only cathartic thing here is our ability to vent our frustrations at the embarrassing debacle perpetrated on us since we introduced gambling (on the PLP) in 1998!
This is the only freedom of speech we all have without fear of being chucked out of the country by vengeful spiteful little Immigration Tzars or, if Bermudian like myself, (sorry for not being an angry expat) in fear of some other clever little reprisal yet to be schemed. Kudos to the operators of this site for allowing a venue for us all to speak our mind without fear or favor. Don’t forget Trident, in many other countries who don’t have democracy or the right of free speech, they get frustrated and go to guns. Nuff said.
I am a Bermudian, I am black, I voted PLP all my voting life but I will definitely NOT be voting PLP in the upcoming election.
I am beyond disgusted by the shambles that has been made of our economy; the desecration of the environment; the no-bid contracts given to friends; the increasingly dismal state of public education; the increase in violent crime; the cuts in funding to services for the underprivileged and underserved; the refusal to significantly cut salaries for Ministers who, in my opinion, are vastly overpaid, earning nearly 3 times what an ordinary non-government worker might get; not to mention the constant taint of “unethical but not illegal” activity.
What is worse in my eyes is the blanket unwillingness to acknowledge that there is anything wrong. Instead, all criticism, at least on this web-site, is termed “cyber-bullying” – a misnomer in itself, since bullying by definition implies “an imbalance of power, which makes it hard for those being bullied to defend themselves,” which is absolutely NOT the case here.
KKK? Are you kidding me? Talk about not moving forward. Tell me why do you vote PLP…is it because they have done soooooo well for this country? Is it because they have brought the people of Bermuda together in unity? NO and NO. Bottom line is PLP needs to go! They haven’t done anything prosperous for this country. I don’t care if its the OBA or some new party that comes along…thay have to go! When something is broke you need to fix it and unfortunately its beyond repair for the PLP. It is owed to the people of Bermuda to have a government in place to do what is best for US! And people, any party that’s not PLP is not a racist party.
Hold on, Hold on…. why is :Sandys 360 will get a $2 million grant – and nothing coming down to St. George’s Community Centre and why was money put in Sandy’s for this wonderful facility when bermuda’s supposed pride and joy “National Stadium” moved to the background when the Sandy’s facility was being built.
I remember when a group from St. david’s were promised a Community Centre – nothing…. all they want to do is dump dump dump… very tired of the dumping- first it was asbestos in open containers not far from the then proposed site, then Mr. Pitcher used it as a rubble dump and now site has been fenced off supposedly because the bus depot is moving from st. George’s to the Islander’s back yard. Also, did those two buses ever get moved or are they new residences for rats, mice, lizards and new homeless in the area.
BIAW……………………………………
Came yesteryear….still here.
I see this as nothing more than an election bugdet. It makes minimal impact on our financial situation. She just can’t quite grasp that nettle she keeps referring to. I have no doubt she is saving any big cuts for after the election, that’s if she really wants to improve the numbers. Maybe she doesn’t, if she says debt is neither good nor bad. As if she is acknowledging that we should all get used to living with it ad infinitum – or in other words forever.
Much of this is too little too late and won’t even put a dent in the debt. Government must drastically reduce spending in every area and eliminate wasteful spending/traveling. No ministers should be traveling at all in 2012. Time for a travel freeze. I understand the premier may need to travel, but nobody else needs to. If you can freeze pension pay you can freeze travel for a year.
If there is one thing politicians of today will always embrace it is debt. It gives them the ability to spend beyond their means, and let the next set of politicians (and tax payers) deal with the problem.
Our expenses are rising faster than our revenue. It is that simple. The government’s response since 2006 has been to borrow to make up the shortfall. This has resulted in massive interest payments. Every penny spent on interest is a penny not spent on Bermuda and her people.
And the solution? Borrow more. Issue more debt. Which will incur more interest payments.
But hey, as Trident said “KKK” , “Ex pat”, “race”, “hate”. Because that is really what this is about right?
this is the same anger we heard in 97, in 2003 and in 2007, it has nothing to do with govt. performance and it usually has no impact at the polls. limey in bda, politics.bm, bda sux, biaw, catch a fire, bernews, rg site, the online spaces may have changed but its the same people bitching about the same thing, and i is not about govt. performance, it is about this govt. colour and his govts history. get over it or like toppy and quinton edness, leave, we are not going backwards and we will not vote obaubp. The nonsense that you spew on websites does nothing, the plp has been through the fire of the bermudian apartheid, they are battle tested not soft. they persevere while the ubp, bda cement and mid ocean fold.
and the same people spewing the same rhetoric? You still in Canada?
@Trident. Then keep voting your beloved PLP in again and again and see this Island go down the drain once and for all. Bermudian apartheid???? There you go again – when you don’t have anything else to fall back on play that that good old race card!
Trident provides us all with a good example of what it’s like to be a “mental slave” in 2012. I wonder how long it will take people like Trident to realize they were screwed over hardest, and continue to be played by their own party. It’d actually be funny if it weren’t so pathetic/sad.
Racist. You are irrelevant.
who isn’t going backwards – I guess you are the only one… we are being held to the grind… it started with getting back against the White folks (portuguese/white bermudians/look like white bermudians), then it was the land licences/licenses to get back at the white people who had set up trusts – did they check to see how many colored bermudians did this as well – grief… by the way, did you see that this bought in $1.3 million dollars to the cuffers but nothing said about where it was spent or where it was proposed to be spent.
Everyday you hear people talking about comments made in 2006 and onwards – people that look like me, Bermuda for Bermudians, apologize for what you people (white people) did to my people (seems people forgot that white’s had white slaves and black’s had black slaves – so who apologizes to who for what) and today it continues. see your last words :They persevere white the UBP (white party???), Bda cement (white owned) and mid ocean (white owned) fold.. You need to visit Russia, India, China, Africa (all of it) and visit the sweat shops, sex places, etc…. and then come back with a new view on life….
@Trident
You couldn’t be more correct. It is the same group at it again here. No interest in discussion and every interest in their own political agenda. Isn’t this the same group that endorsed racist advertising in an attempt to defame Delaey Robinson? …up to the same old tricks. When will Bermuda move forward?
When the PLP are voted out of power.
Vance, your posts are still truly nauseating. Young folks are not into that crap, haven’t you noticed? Oh yeah, you don’t live here. BTW, your mummy has been carrying on about posters not using their real names on bernews and RG. How does she feel about you?
Vance, if you might have some credibility if:
1. you lived here
2. you refrained from the racist hyperbole
3. you didn’t plainly hate everyone who opposes the PLP
4. you admit that the opposition is comprised of a mixture of people, many of whom look similar to you.
But those things won’t happen. You stay up there in Canada and spew your racist hate filled nonsense.
As long as Vanz holds a Bermuda passport and/or a birth certificate that says he was born in Paget, his comments are welcomed. I’d rather hear from him than any one of you who stayed married to some biddy for 10years in order to fully milk the cow. He should drop the racist hype but honestly he cant help it any more than your 5 year being scared of black peoplef, when she sees us at Lindos. This is assuming that Trident is Vanz which we have not had confirmed. He does not have to admit 4 – it is self evident and really of no significance.
Well, if you spew racist views as well, you get ignored too.
Grow up.
That’s pretty disgusting.
@media… I agree it’s absolutly an Election Budget and once the election is over (whoever wins) things will have to change.
I kind of agree that debt can be good, in moderation, as it can help infuse capital into the economy. However when your debt rises continually at a rate that is out of control (400% over 5 years) whilst revenues have remaind almost stagnent. This my friend is a scary situation!!
Darnit! There goes any internet shopping I may have done…It’s has been only neccessity shopping in Bermuda and now will be the super neccessity online. Well at least we get $200 allowance at the airport! (big whoop)
A nothing budget. She’s merely crossing her fingers and hoping that things will get better.
Let’s see…would you vote for PLP if it had a white leader?
Sure but if that’s going to happen what would all the pregidous supports in the PLP go and who would they support? Are you sure that you support base would be able to handle that? Or would said candidate be a Tim Wise impersonator? I’m sure Trident and others on here would be upset the first time this fabled person tried to lead. Try it see what happens could be fun to whatch.
LOL
Sorry mean watch I know some one might jump on my spelling don’t want that to happen now do we!!!>……….
LOL
Zane? No freakin chance. He’s a dumbass.
NO.
@Sandgrownan
here who is actually irrelevant, ubp, bda, oba, mid ocean news, h8 brigade bloggers, craig, bob etc. i love that the cyber world is the only place that you have to rant. nice and silent. and irrelevant. you and your ilk have been spreading cyber h8 for years but were has it got you. even with a controversial leader like dr. brown and trumped up scandals smeared everyday in the gazette we still won in 2007 and then we dismantled the ubp and got two of your mps to cross over from the darkside, one of them was your leader. what you dont and cant understand is that you and what u rep is on the wrong side of history, always will be. when it comes down to being in that voting booth who do you think will win. it wont be craig, we know him, we grew up with him, we know hes a dunce, its only you lot who think that cuz he looks like something he actually is. we know craig from waaaayyy back. there’s a reason why we nvr courted him. and there’s a reason why you have to settle for him. a party lead by craig will never win an election in bermuda.
Waffle
We ain’t finished with the Brownites yet….
PLP are liars.
You are an irrelevant racist. You are obsessed with skin colour. You live in the past.
Oh, and lay off the cupcakes.
Trident!Dont care who you actually are or even if you’re an avatar, I am responding to your ideas not your Skin tone. You revel in this false bravado, this self congratulatory “It’s our turn now” and look at how we are dismantling the the big bad white oligarchy! You suffer from looking in the rear view mirror for so long, you keep crashing. Think for a moment about what you are saying. It will be painful when you realize you have finally become all that you so despised in the UBP.
Don’t fret over who might lead the opposition as Bermuda is actually run by the Banks, international business, small business people, entrepreneurs and little old ladies! Even Ghandi looked unimpressive as did Napoleon but now let’s look at the alternative,..let’s not.
@ lol, layton, clinton, chretien, all white and voted for them all
@Trident – Is that you Vance?
The original 2011/12 estimated budget deficit was $147m. The actual deficit mushroomed to $268m – a difference of $121m. Now the PLP are estimating a deficit of $172m for 2012/13 which, when combined with the current year, totals a shortfall of $439m in just two years!!
In 2011/12 revenues were $70m less than budgeted while expenses were $70m more, a staggering difference of $140m.
Given the PLP’s absolutely abysmal track record of keeping within budgetary constraints (they consistently overspend, year after year after year) what are the odds the 2012/13 estimates are correct especially when considering we have a contracting economy and the PLP seems to think revenues in 2012/13 will actually be $40m more than the current year?
Where are the sustainable expenditure reductions? Where is the fiscal restraint? What are the odds the PLP will have shortly again be forced to increase the debt ceiling beyond $1.45b to satisfy their insatiable desire to spend beyond the taxpayers’ means?
These jokers are borrowing just to cover weekly salary expenses and they have no idea how to ween themselves off the taxpayers teet.
very easy to borrow your way out of debt…until the downgrade and the well runs dry….weep for bermuda….fantasy budget..sad
32n64w from 5 years ago:
“they probably are good people (in the PLP) but have unfortunately picked up on the bad habits of their political parents and this in turn may have negated their ability for independent and/or rational thought.”
code
Yeah, It’s code for them being stupid.
I am very proud of this realistic and practical budget by Premier Cox.
The haters will hate, as usual, but they arent hating because of the Budget – the hatred is so deep rooted that is has to be about more than that.
but keep it up – you will go too far and hit below the belt…
Why is it realistic and practical, every year she has been wrong in the wrong direction. Please enlighten us.
No, the hate is for what the PLP done to destroy this island. It’s quite simple. Keep plugging race as being the factor. But it’s not.
We are NOT haters, we are LOVERS… of integrity, empathy, intellect, honesty, transparency, frugality, common sense, good judgement and vision. Ideals sadly lacking in Ewart’s PLP/BIU Party.
Sandgrownan from 3 years ago:
“I understand, appreciate, empathise with all of the legacy issues associated with segregation in Bermuda. Hell, they’ve been repeatedly explained to me over and over again. And yet, I’m spoken AT rather than TO, I’m abused verbally and threatened by the public displays of race hate by our glorious leaders.
The fact is, there is absolutely nothing I can say or do that will change any of this. Nothing. And when I try to explain that I understand and that I act in a non-discriminatory manner, I still get crap. Over and over again. I can’t criticise a politian without being accused of having a racial motive. When I’m friendly to a black man, I’m accused of being patronising, of trying too hard or worse of being insincere. It’s at the point where I have to second guess or question everything I say so that it’s not taken out of context. It’s complete and utter bullshit. So, I’m done with it, I’m bored with it and I don’t give a crap anymore. This issue has been hijacked to death to be used as a political tool.”
make of it what u will – sez a lot about why he and his ilk use these message boards as hate spaces
Hey Trident…see if you can pull up the same kind of historical comments from Laverne. Should be interesting.
Hey Vance,
You cyber stalking me? That’s pretty weird. I’m almost honoured.
But you know what, i stand by all of that, and the PLP are still useless and incompetent. Look at the budget. Failure.
imagine being an unemployed script writer, sitting on his backside in Canad having been fired for plagiarism and unable to come back to Bermuda after that incident with the ace girl in Sandys – I’d be bitter too.
That budget sux
Ha!
Sad day for Bermuda, the day we did nothing !
Sadly void in this conversation are the ideas….specifically what would any of you do if you were in the Premier’s seat today? How would you a) diversify the economy b) re-susitate businesses and c) improve tourism results? No generic responses….Be strategic. If you have nothing…shut up.
I agree with you. I don’t know what I would do but I have always thought that one of the biggest problems is not wjust with what spend but the what we waste. I drive to work each day and see government equipment, things like street sweepers, cones, trailers, left on the side of the road and abandoned most of the time and then new ones purchased when someone finally looks for them. We see government workers building walls paid for by us that have at times been destroyed by people in cars driving drunk (years earlier). Shouldnt they be paying for these when they hit them. An accident is one thing but DUI!!! No reason why we should pay.I know Im talking small dollars but the same exists Many departments are overstaffed to the point they are actually ineffiecient. I actaully admire Ms. Cox, she takes a lot of heat and does her best for all the right reasons and is picking up the pieces after those before her that have since split! Sure she was the minister of finance but is there anyone here that believe she or anyone before her had power over the former premeir?
Increase liquidity in the local market. There are many ways of doing this. She’s knows too, but has been half assed having one eye over her shoulder at the Unions and the mouthbreathers.
How would you increase liquidity in the market?
There are a number of ways – one is to loosen the real estate market. No-one is lending, rents are falling, confidence is low. Home equity loans are down due to people being in negative equity situations.
That liquidity flows into construction, local builders, tradesmen, suppliers and so on. It’s pretty basic, but it only works if the market is vibrant. Unfortunately, due to PLP interference the real estate market is dead. Let me repeat, due to direct ham fisted poorly thought out interference, the market is dead.
SO, question is, will the PLP be able to do the unthinkable?
@ Have a Cold One: I don’t know all the answers either, but I do know that the old adages of “look after the pennies and the pounds will look after themselves” and “waste not, want not” could be applied with surprising results. Small dollars quickly add up to large amounts. Its really a mind-set. We all need to move away from the “throw-away” culture that we have been developing into. In the first place, there is no “away.”
I think one thing for sure I would do to save money is to cut out all ‘perks’ at the prison. It is appalling to me that it supposedly costs over $80,000 to incarcerate one person for one year!! That’s more than some families of 4 exist on. Surely there must be some way to cut back there.
I would put a moratorium on all building projects that relate to increased housing. We can’t rent what is out there now. We don’t need any more. Instead, I would put prisoners to work fixing up these derelict houses that thickly dot the island. They don’t get paid as much as Govt. workers and it would give them something constructive to do besides pumping iron. Chain them together if necessary. Prison used to be a shameful thing, so nobody wanted to go there. Maybe if it was shameful again instead of a rite of passage, we might have less crime.
I’ll think some more on what could be done to save money – that is in addition to cutting the salaries we pay to Ministers. I don’t know much about creating revenue, otherwise, I’d be out there creating some for me.
OK here you are for one.
Cambridge Beaches must have 100 cottages up there, most looking pretty empty.
That situation has been ongoing from what i have seen and applies to a few other vacation properties. If Bermuda opened up these to Foreign buyers (leases maybe) who wished to retire to a warm stable friendly place not far from the U.S. (Yeah I know, Bermuda in the UBP days) this would translate to increased foreign exchange on an ongoing basis, demand for services, banks,boats,maids,cabletv, pets,take outs, restaurant, Belco, Telco,Cell One,(just give me 10% kick back on that one ) etc. It would be no different than having 100% occupancy 365 days a year!
But those services mentioned would pour a good bit into the money merrygoround. Multiply that scenario by a few others. Now I know this influx of foreigners is bound to scare the xenophobes but guess what? we are all from planet Earth! They are not scary creatures. They will fill your pockets with cash, if you got something they need. Then you can once again afford to dream, think of the future, get ambitious, edumacate da kids and so on. Damn I was getting into this for a moment till I came to and got realistic instead of optimistic.
By the way “Where are the ideas?”….where are yours?
Interest rates are a b*tch and Bermuda will be feeling the heat by late 2014. This government is absolutely lost and Bermuda is going to pay. The sad thing is OBA has no chance – get ready for the real s%it to hit the fan. Sell while you can, if you can.
From the last election:
Re: Harold Darrell claims he leaked BHC file & premier never had anything to hid
November 02, 2007, 08:17:54 AM »
Lost in Flats, songrownman and 3243w where gleefully praying to teh darkside over this in 2007:
“Harold Darrell should be awarded the Community Patriot Award
He says the public needs to know the details of the corruption,
theft,drug laundering schemes,Cuban connection
and homosexuality contained in the BHC report”
Now like then, the h8 brigade thought that they’d found the silver bullet, but that only works if ur the good guy. But the rusty gameplan was in place:
paint our leader as corrupt, maybe communist,drug dealing of course, and th topper, homosexuality. You thought the election was urs. But 26 PLP seats, 2 ubp and 8 ubpoba. bahhahaha. C u @ the nxt lecshun
What/who ARE you talking about, mate?! Gay, communist, Cuban drug dealers? Rusty game plan? Huh…?
homophobes find it difficult to move on – its sad but he has a lot of anger issues
h8r nation thought they had the trifecta win the election cuban drugs, corruption, homosexuality. Did no work. So what do they try now, AG corruption charge, warick camp homosexuality charges, but instead of drugs, its gun crime – all laid at the feet of the premier. i see all the h8rs praying to make it all stick this time. i suggest you watch the cohen brothers film, The Lady Killers. Cox s the lady – guess who prevails and who does not
your problem isn’t watching the films – its copying them….
bhwahahahaha
My people are so short minded! They only focus on things right in front of their nose. Forget there is a train wreck up the road, they just know their car (who is speeding toward it) works and looks good.
I will just wait patiently for next year when all the persons on here who are supporting this budget change their tune! should be funny and sad at the same time. I wonder what people are going to do next year when the service debt has to be paid and we have to borrow more and more.
If u won’t consider yourselves PLEASE consider your children’s future!
Vote no to all party politics! We can get it done together!
Will the stamp duty exemption also apply to conveyance of property from one part owner to another? The process involves obtaining a new mortgage.
No. You would be subject to conveyance because actual ownership is changing.
Face it, the budget sucks! But a true PLP supporter will NEVER admit to it. They would rather see this country turn into shambles and be destroyed before they swallow their pride and admit that the current leader (and I say that with hesitation) messed up BIG time. As far as the race card, that will never go away but I can sleep knowing that I teach my kids that even though we’re all different, we have to respect one another. When my kids play outside they play TOGETHER! The saying is “what you do in your home life reflects how you are at work”…I can imagine whjat some you say in the privacy of your home and what your children hear. I am born, raised and educated in the public school system. My parents worked various jobs to make ends meet, so I know struggle. Which is why I am so passionate about making sure I vote for a government that will look out for childrens future and not piss it away on overspending and pride. And lets get it straight, black doesn’t equal Bermudian. Bermudian people have all skin types, different backgrounds and different religions.
Seriously….Bermudians need to honestly stand together and speak up, including me. Why are we allowing Government to continue to be happy with their lined pockets and make us suffer for the money that was mis-used or stolen if you will. Government is saying they are looking out for the countries best interest but their the ones forcing us to lose our jobs, put us out of business and have us out on the street, when they will have a place to sleep and money to live!!!! SMH!! Paula its definitely time for you to hang up ur boots…cause ur done! One leader after the other continuously leading this country into disaster!
What comparable countries are doing better than bermuda. I read the financial pages daily and see the economic destruction going on. Yet bermuda still keeps its superior debt and credit ratings. We still import a large percentage of our workforce, meaning jobs are here if we train for them, yet as they have for the last 20 years the h8rs claim the sky is falling. i’ve been to a lot of the small carribean nations and lived in a few large developed ones, its a fallacy when the h8rs say bermuda is doing badly, in his climate and by comparison bermuda is holding its on. they just can stand that the PLP and not their stooges are in power. guess why? it aint about performance.
You have no grasp of the reality of business in Bermuda.
You are correct that we can’t stand that the PLP are in power. What you consistently fail to grasp, its not for the reason you think. Actually, when you’re not stealing intellectual property you probably think about the reality and understand why the PLP are unpopular.
But because you are a disgusting vile bitter individual, you won’t let reason get in the way of a good race baiting.
when obama became president, his detractors all of s sudden wanted to see his birth certificate, questioned how he got into harvard, wanted to see his grades, wanted to actually see what papers he wrote in college. ridiculed him because he had never run a business. they say he’s spending our children’s future with his reckless financial plans.
sound familiar.
under the UBP/oba we were told to smile always, be polite to tourists and make them feel happy to be here OR we would lose our great paycheques. it was as if we were human props for a foriegners fantasy. it was about them not us.
now under the plp we are all of sudden “taxpayers” who are encouraged to march on the grounds of the cabinet building and to go over the budget with a fine tooth comb and to question every move that the govt. makes.
why were we not encouraged to do any of this under the UBP, or in the 50s and 60s when the civil service was completely white and british citizens war allowed to vote in our elections. it was absurd, yet aside from the PLP no one said anything. The UBP actually argues to keep the provision in place that allowed british people who had only been here for a year or so to be allowed to vote.
we need to question why the haters have been so angry since 1998. it is not about performance and budgets and numbers.
just as when obama, the president of the US decided to release his birth records, something no president had ever had to do. it was not really about whether obama was born in the US was it?
we need to move past the fact that those who don’t like this govt will never like it and concentrate on moving forward in spite of the hate, like we did in the 40s, 50s, 60s, 70s 80s, 90s and now.
It’s always been about performance, or lack of it. And that’s what bites doesn’t it, you really can’t face the reality of repeated PLP failure can you?
Keep looking backwards chubbs, the rest of us are trying to move forward.
Trident. Again. What has Obama got to do with Bermuda? His mother was white for goodness sake as were the grandparents who helped bring him up! Does he bleat on and on about race? No. Sorry you see this big conspiracy centered around whites. I suppose part of the problem is you are living in the middle of the White dominated region of the planet and not in Africa. We can’t help that but Europe, Britain, Canada, The United States, Mexico and South America don’t seem to be stopping your freedom of travel or domicile in this case. The past history of all people is littered with man’s inhumanity to man, try to overcome this “thing” that plagues you so.
as sandgrownan said years ago on the bermuda sucks site , “…I’m done with it, I’m bored with it and I don’t give a crap anymore.” this needs to be our sentiments exactly. You continue to h8, we’ll move on without you. kinda like we always have anyway.
Hey…you still cyber stalking creep?
No PLP supporter has yet answered my question…would you vote PLP if it had a white leader? And to go personal, I voted PLP last time but I don’t like getting kicked in the a%%!
I’m plp and I will vote for a white leader. Many of us voted for Dr. Ball when she was a bout leader
Where’s LaughVerne when we need Jokes?
another bit of onsight into sandgrownan’s bitter psyche:
sandgrownan
Superhero Member
*****
Re: Does the white community in Bermuda deserve a Barack Obama
« Reply #7 on: December 24, 2008, 09:04:01 AM »
“At least Williams is admitting that Brown is no Obama. Jesus, what a bunch of ****heads we have in the PLP,”
You still stalking Vance? Jesus.
Weird.
Hmm…however, that comment seems fair, the PLP continue to be idiots.
I think I agree with that comment. Brown was no Obama.
Bermudas government is nowhere near the level of Obama and never will be ,no charisma,passion ,vision or integrity. Obama unites ,Bermudas current lot divide .
He’s a Havard alumni while the PLP barely have a functioning synapse between them.
@ No say, bye you must be 12, Obama, though good for the left, is considered to be the most divisive president in our history.
Well, he’s actually centre-right but never mind. Halfwit.
Sorry Trident> It is not Obama who is divisive but the Republicans/Big Business/Moneyfolks who are working overtime to divide the people, distorting every effort made by Obama to help the 99%. Obama’s message has always been inclusive. The situation in the States and Bermuda cannot be compared. Neither Brown nor Cox could stand in Obama’s shoes and it is the government in power on this island that is distorting the facts and jacking up their own.
not only that, obama is acussed of, being in over his head, of being a “cog” for pelossi and the congress, he was called a liar during his state of the union address by a congressman, and his been labelled a typical chicago thug who has no business running a country. and this was after 8 yrs of pretzel chocking Bush. Sounds familiar huh.
Vance, keep f***ing that chicken. Any comparison between Obama and the Democrats to Cog and the PLP only has any similarity in your tiny, troubled and underworked brain.
“f***ing that chicken”? c’mon, you can use better language than that. Come out from under that cyber hood. I don’t know who vince is, a past boyfriend? Don’t worry. Remember, it get’s better.
let go of the hate, move forward. You know the PLP moved from mistreated worker, to united workers, to the biu to the opposition and then to government. As you see we’re always moving forward. Shall I chart your growth? Angry to angrier. 
http://www.itgetsbetter.org/
pretty weird Vance…as always…
Listen, sandgornan, don’t do anything rash. It does get better. Peace. I’ve got to my night watchmen job. bye.
Vance – its difficult to occupy the moral high ground when are dropping the casual homophobic taunts amidst your other effluent.
your usual schtick works on other sites where you can bait stodgy expats but here it’s mainly locals, locals who’ve been dumped on by your party and your family. Locals who are wondering why a small group have got rich with no private enterprise involved, just public funds that have been taken. Bermuda could be like a many other tax havens who have come through this crisis stronger. The next time you go to the vineyard who might want to spot the difference between the good doc and the others there – how hard work not graft can get you where you want to go.
Peace out cuz
If the Vance’s strategy was to disrupt constructive criticism on another failed budget by filling these forums (is there no moderator?!) with useless drivel, then he has once again succeeded.
For the love of all that is logical, do not try and engage in debate/ discourse/ anything with him. You’ll just end up fearing for humanity that such a troll can exist in reality.
It would be informative and enlightening if someone who is in possession of the facts were to explain in some detail..exactly what spending created one billion three hundred million, item by item.
If you add up every major construction project and of course include the TENS OF MILLIONS over budget for each, then throw in 12 years of miscalculated budgets with a sprinkling of unnecessary
advisors on top, round up to the nearest 50 million, i think you will find around $132,434,262 smiling back at you, unethically as they say. Seniors take note, students take lots of notes and the rest of you victims..call your insurance provider and have the home premium reduced by the same %drop as in values the banks are now collateralizing at, likewise everyone call Land Tax assessors to come drop the ARV and tax by the same. Start a revolution! What you got to lose now besides everything.