2 Hour Video: PLP Town Hall On Airport Project
The Progressive Labour Party hosted their Town Hall Meeting entitled “The Privatisation of Bermuda’s Airport” last night [Aug 20] at the Warwick Workmen’s Club.
The featured panelists included Deputy Leader & Shadow Finance Minister David Burt and Shadow Transport Minister Lawrence Scott together, while the moderator for the evening was Colonel David Burch.
The audience — which included Shadow Public Safety Minister Walter Roban, Shadow Education Minister Lovitta Foggo, former Premier Alex Scott and more — were given a presentation and slideshow by both speakers before the floor was opened for questions from those in attendance, with many engaging the panelists until the end of the night at approximately 9.00pm.
The Airport Development presentation follows below [PDF here]:
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For God’s sakes OBA. Stop this and to a rethink before it’s too late…
When you get to the slide “the PLP believes” you realize they are absolutely clueless.
Are you trying to make us laugh ? David Burt is a special person…but he has not gotta clue what he’s doing. The cluelessness sends chills down my spine….to think that anyone could support this Ship of Fools
Mr. Burt, please explain why you mention the surplus in slide 3, but omit it on slide 4. Please also explain how “we can build a new airport and maintain control of our airport (slide 12). The financing of a new airport is a glaring omission from your presentation. You seem to agree with Minister Richards that a new airport is needed, but you offer no solutions as to how it will be financed. Even if it could be borrowed by Government the repayments would go abroad just like with the Aecon model.
If BDA Govt borrows at current borrowing rates say 5%.
200m at 5% = 10million, so Alvin’s 11m profit per annum would be 1million in yr 1 and in each year until the principal payment of 200 million is repaid. 35million does not cover 200m
It is a non starter PLP. #Whatdon’tyouunderstand.
These characters did not produce a single project that did not go over budget, and that did not go forward under a shadow of accusations of corruption and graft.
They have no credibility.
Why is he factoring in inflation. You have to present value future cashflows. $1 in 35 years will not have the same purchasing power as it has today. Just as $1 today won’t buy you as much as $1 did 35 years ago.
I can’t fathom why an ex junior minister of finance and current shadow finance minister doesn’t understand simple project evaluation. It’s either that of he is doing it on purpose to mislead us.
Thank you! It’s scary to think that someone who wants to be Finance Minister does not understand this most basic concept of project valuation. Absolutely frightening.
#burtmath
He still continues to only accentuate the revenue, would expenditures not be effected by inflation as well??? When are we going to get a shadow finance minister who can effectively calculate value through the subtraction of expenditure from revenue? Even if we create an authority, there are 2 things that will still happen…
one, you will still be privatizing the airport, same as they did with Tourism, the few public employees would still have to reapply for their jobs and they would be under the cushy CS contracts anymore. Besides the OBA has already said they would absorb anybody who doesn’t get employed at the new airport into the CS in other departments.
two, the authority would still have to borrow the money to build the new airport, and if they do as the PLP wish and build a new causeway as well, that will easily double the cost. The current profit margin will prove to be insufficient to pay the loans, so the government will still be on the hook for the differences, just like the PLP did with the hospital… the main reason our premiums skyrocketed this year. Plus, with no profits to pocket aside, how will the authority pay for any potential future upgrades… oh yes, they will have to borrow.
PLP and an infrastructure Strategy…..that’s what got us in this hole in the first place…PLP have learned NOTHING from their failure.
more poo being flung at the people by the PLP
Yeah because the PLP sure don’t do that.
Straight and clean right down the line, right?
Oh yeah!
PLP – lest we forget -Berkeley/BIU, Dame Lois Bldg. fake cheques, Mystical mailed bullet, TCD, Morgans Point low cost housing, oversized Cabinet cars & abundant 1st class travel, Port Royal Golf Course, New fast Brown Ferries, New Dockyard Cruise Terminal, Grand Atlantic, new Hospital, Term Limits, Bazarian, Corp. of Hamilton, We had to deceive you and NOW they want us to believe that THEY know how to best develop a new HAIRPORT………………
Hey HUH. You forgot former Premier Brown offered the same airport project to the Chinese in 2005 , and for a 30 year deal, they turned him down. Sadly the OBA are copy catting his idea.
At first its difficult to believe that the plp are so clueless. But then on reflecting on their 14 yr record it all falls into place. Lots of hot air and no action and lots of do you know who I am attitude.
The brilliance of Burt. Stunning.
The old dazzle with PowerPoint, so it must be true
sooooooo…..let’s get me working again…me n’my boys need somah DAT work thing…so do DAT who do that voodoo DAT you do…let’s get crackin!
Goan get me a fish sandwich on a bun, and some popcorn and watch this her movie.
Build the damn thing now. S**** the plp bulls*** baffles brains rhetoric. They lied, lie, and spin more than a childs top. At the same time lets get gaming UP AND RUNNING and anything else that p***** them off. For one I am sick and tired of their cesspit tactics of late. Why can they not tell or show the truth. My vote has swung to the right.
If the Island of St Helena can get a whole airport paid for by the British, why can’t we get something?
Because they did not have one to begin with and have a tiny population.
You can’t blame the current persons of the PLP for what they say…its their shadow Govt. writing their scripts…pre programmed is all they are…”who”is in the shadows?? Who is sitting in their homes at night trying to figure a way of organising a good offensive attack by concocting their strategy ? I can sure tell you that it’s NOT someone who is thinking about YOU.
PS…I’m terribly afraid for the 97% of Bermudians totally oblivious to the reality and truth.
The herd mentality and the OBA and it’s political supporters are quite prepared to rush off the cliff on this Airport deal dragging Bermuda with them. Nero and the burning of Rome comes to mind.
Do you believe the PLP proposal to be superior Alvin?
I find it more in line with a high school business class project.
Strange Alvin , you didn’t make remarks like that back in 2005 when then Premier Brown was trying to get the Chinese to back him to do the same thing , and for 30 years ??
I used to dislike these fake town hall meetings that the PLP uses for their now know strategy of misinformation from the former leadership puppet masters, but now I like them, because while all the OBA supporters know the opposition for what they are, their own followers can see their complete ineptitude and lack of substance.
Keep the town halls coming lol.
Scary…..
So it’s settled then. The PLP agrees we do need a new airport.
So that part of it doesn’t need to be debated any more.
Moderated by Col. “All the For Sale Signs Make Me Smile” Burch.
There is someone who has remained very very quiet recently. Then he pops up for this lesson in economic stupidity. Makes sense.
I’d rather shovel manure in my garden for two hours then listen to the horse bye-product coming out of Burt’s mouth.
Much like their 14 lackluster years in Government, the PLP’s power point presentation is remarkable for its total lack of original thought (the vast amount of the referenced verbiage is attributable to selective quotes from a Deloitte report which the Government commissioned in the first place to ensure best practice is followed) and amateurish arithmetic that conveniently ignores some major cost factors.
Furthermore the $1,000,000,000 PPP hospital deal the PLP tied us down to far outweighs the financial obligations of the airport project. Unlike the AECON model, taxpayers must foot a minimum spend of $35,000,000 per annum (plus inflation adjustments) to Paget Health Servies whereas voters will owe nothing for a brand new airport which we’ll end up controlling in 35 years at no additional cost.
This is yet another example of premature PLP politicaljaculation meant to confuse and obfuscate the facts solely for selfish gains. Mr. Burt should stick to bootlegging as his grasp of real world economics and financial modeling are sorely lacking.
Yet again the PLP heirarchy does a grave disservice to the electorate with their spin and voodoo economic projections. No wonder we’re $2,000,000,000+ in the hole to non-Bermudian lenders. But they conveniently forget that major factoid when complaining about government plans and programs to encourage new foreign investment. Their duplicity and hypocrisy is head spinning.
Moderated by Col.(Collateral Damage) Burch. He wont go away will he. If he has his way again the PLP will lose.They should fire his mate Santucci for biased and incompetence.