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A failed golden goose?
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Posted on Sep 30 2004
I have followed the recent CDA debtor’s “forgiveness” legislation headed by Senate President Joaquin G. Adriano in the local news and I may have missed the better part of its rationale and justifications. Regardless, I have to wonder if any of those currently sitting in the CNMI House and Senate have any understanding of the free market system that is purported to be at work in the CNMI. There has been much to say from the law perspective but has there been anything from our local economists such as Mr. Stewart, Mr. Ashraf and Mr. Stephens?
On the other hand, perhaps, it might be best for CNMI capitalism and enterprise if these failed and CDA indebted “local” business people are brought to the table once again to feast on the government’s Golden Goose, as Adriano’s bill allows. If CDA’s record of 38 percent (their stats) or 85 percent defaults is an indication of its effectiveness in carrying out its mission to promote local business growth, it could be the time or opportunity to eliminate it. I think both CNMI and U.S. taxpayers would benefit from leaving this bird’s nest emptied of any future eggs and gilded birds. I’ve come across a bit of economic wisdom of the 19th century American Thoreau who is quoted as having said: “Government never of itself furthered any enterprise, but by the alacrity with which it got out of the way.” The pending legislative attempt to override the veto is yet another example of our local politicians manipulating the CNMI’s financial capital for questionable ends.
George Haberman
Sadog Tasi
