Garth Rattray's column 'Wi lose offah Bruce' is very germane to the existing economic situation in Jamaica. Others have made some of the points he emphasised.

It seems that the Government was bent on chastising the people with scorpions and not whips.

Some have hailed the rollback as a great move and a victory for the people.

The only way this can be called a victory is when the Government taxes the exorbitant returns of the banks at least at the rate that the minor savers are taxed on the meagre interest they receive on their savings. I recall that the tax is at least 33 per cent.

Making a profit

Please note that the banks cash cheques from abroad in two to three days yet do not make the funds available to Jamaicans for 30 and even 45 working days.

Banks make huge profits on this float alone. In addition, I suspect that they hold government paper and reap additional huge percentage interest. This is what is called a double whammy.

If the Government (present and to come) is worth its salt, and has the interest of the people at heart, it would increase the tax on the profits of these institutions.

This should substantially reduce deficit in the budget.

Good corporate citizens should equally share the burden. Banks and other like financial institutions should not be regarded as some 'golden calf' god to be worshipped.

I am, etc,

Louis Alexander

Hemans

lahemans@aol.com

USA