You know why Singapore can be called a Nation of Gamblers? Simply, because in this small island, you’ll only be someone IF you have money. And those poor people know that due to limitations in their skills, etc., the only way they can make it big is to gamble.

There are more to the world than money. Money doesn’t make the world go round. Before money even existed, the world was already round. Hahaha.. But o don’t think bartering is a good system either.

The casino issue. If I were the govt, I would ban all locals except for the privileged ones who can afford to lose a few millions. In Vietnam, this system is practiced, and the majority of the people support that. SO why can’t the govt do that? There’s no such thing as class in this system. A million to a millionaire CEO can be worth ten million to an accountant.

After all, the casinos are there not to generate revenue from locals, but from tourists. During the polls a few years back, I am sure that IF the government announced that they would ban all but privileged locals, there will be overwhelming support for the project.

As for those investors, not many knew the risks. Neither would the relationship manager. No one expected Lehman to collapse just like that.

The huge CPF funds were opened up for investment because MM Lee felt that they were wasting away inside with low interest returns.

As for those investors, not many knew the risks. Neither would the relationship manager. No one expected Lehman to collapse just like that.
The huge CPF funds were opened up for investment because MM Lee felt that they were wasting away inside with low interest returns.

So to say that MM Lee is now putting our taxpayers monies into this risky gambling business, am I right to say that?

tiredsingaporean,

MM Lee did not put out money into gambling purposes. Our monies are invested structurally, meaning that they are invested with returns.

Besides, even if our CPF monies were put into risky investments, we still get the sum back. The govt has no right to delay payment. We’ve paid for years anyway.

The only unfortunate thing is that the rate or returns for CPF monies is much lower then that earned by the investment.

The government always say that Singapore is too small to afford to make a mistake and yet they keep making a series of mistakes.

Their biggest mistake is to condone gambling in every aspects of the words. You get the feeling that the PAP is about to gamble Singapore’s future away.

The Singapore Story Part 3 will be the downfall of this city-state.

Casino is a great place for money laundering in case people do not know. That is the dark side of casino.

3) panter92 on November 22nd, 2008 12.37 pm
MM Lee did not put out money into gambling purposes. Our monies are invested structurally, meaning that they are invested with returns.

Besides, even if our CPF monies were put into risky investments, we still get the sum back. The govt has no right to delay payment. We’ve paid for years anyway.

so to say that MML Lee is still putting our taxpayers monies into RISKY INVESTMENTS as what you say, am I right?

tiredsingaporean,

You do realise that your question is not easily answerable? Who do you define risk in investment?

tiredsingaporean,

You do realise that your question is not easily answerable? How do you define risk in investment?

last time don’t have so many 4D outlets, under this bloody Goh Chok tong, many opened in HDB estates. What the shit PM

Tew N S,

Please mind your words. If gambling was not made legal, the heartlands would be thriving with gambling dens. Which do you prefer? 4D outlets or gambling dens with loansharks inside?

Make up your mind.

Gamble anyway You like.

But, please do no gamble with the Fate of the Country(NOT A NATION YET)

patriot

You’ve bundled lottery and casino gambling with stock markets; I’m not certain if that’s a valid categorisation of gambling. To begin with, lottery and casino gambling are all mathematically worked out such that the gambler will always have a negative expected return, regardless of his “skills”.

On the other hand, a very skilful stock market “gambler” can indeed win money. An average person… I’m not so sure about that.

Also, there’s always the so-called long term investment, in which the rise and fall are nuanced. Such investment are likely to give (small) positive returns. And strictly speaking, putting your cash in a bank account or in a tin can is actually a gradual loss due to inflation.

You do realise that your question is not easily answerable? How do you define risk in investment? – Panter92 (#8)

You do realise that everyone is entitled to his/her opinion on what the appropriate risk appetite is. Whether the government adopts this risk appetite is another issue. The mis-match between what the government’s risk appetite and that of each individual would result in each individual judging the government as either over-prudent or adopting too much risk.

Please mind your words. – Panter92 (#10)

When someone wants to condemn Goh Chok Tong using the term bloody, it is really not up to you to prescribe what standard he or she should adhere to. Please mind your tone and words! If you are one of those who prescribe to the idea that a comment must be of a certain construct or carries a certain ideology, then you already have an elitist mindset. I see absolutely no point to deal with elitists.

Look at the sentence structure of Tew?

I have no elitist mindset. So don’t worry. It’s not up to me, yea, but I believe each and very person should get his just deserts, whether good or bad. So… yea.

Every person has his or her own opinion on what “risk” is.

Hi I think is good to cool down as no point making enemies here in such hard times.

A friend in need is a friend indeed!

Cheer up guys!

Gambling is just another illusion of making quick money.

People should just be educated that there’s no such thing as a quick buck. That’s really all there is to solve gambling.

Ever ask why people gamble? What motivates them to gamble?

Folks, seems like the tendency to take risk has been hardwired into our DNA. In 2005, researchers from Duke University did a couple of experiments with monkeys and found that they preferred the riskier option rather than the safe option. Those interested may want to have a read at the article with the link below. Maybe it sort of explains why, despite the odds and uncertainty, people are still willing to risk their money for an unconfirmed return.

http://www.sciencedaily.com/releases/2005/08/050823080657.htm

3) panter92 on November 22nd, 2008 12.37 pm

“Besides, even if our CPF monies were put into risky investments, we still get the sum back. The govt has no right to delay payment. We’ve paid for years anyway.”

The govt has no right to delay payment? The govt has moved the goalposts so many times that people have become dazed and confused as to when they will actually get their hard earned savings in CPF. When I started work, I was promised that I’d get it all at age 55. Lots of changes since then. Have we forgotten about the CPF tweaking that led to Longevity 85 Special Annuity Noodle?

Yes, even if they do not have the right, they can always create rights in the Parliament!

And now, you see full page ads on Sunday TImes luring innocents to top up Medisave with Lucky Draw prizes without even small print to warn that it can only be taken out in sickness or in death. Wonder if they are mis-selling here?

Oh, they have rights alright, until there’s nothing left!

feedmetothefish

feedmetothefish,

Goalposts cannot be moved. You must mean the penalty mark. Anyway, CPF entitles you to receive a lump sum at 55 and then there are regular handouts? You’re correct anyway. The system is really confusing.

They’re kind of like heavily structured. If only we can go back to the old system of universal pensions for everyone. Then everyone will be happy.

I disagree with the view that welfare creates lazy people. And even if so, then seeing how ’smart’ our government is, surely they can modify the welfare system such that it encourages hard work?

This is the government’s work, not mine. I can only suggest, but I cannot force. Seems to be off-topic? Haha..

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One question, Is the collapse of a blue chip company considered evitable?

Ya I always feel that there is something behind gambling. It is more than winning money or making the right bet. There is a high behind the wager and many I know find this thrilling.

Imagine the one who pulls at he one armed bandit. He is there not only to make some money but also to escape from some issue that bug him. It is a destressing activity for him as he make his way to the jackpot machine. There is also the escapism issue here when he hides his problem behind the bandit.
When the problem is solved, often, his bad habit will also disappear.

Punters who go to cruise ships nearby to gamble are also out to get some high from their mundane lifestyle. Many of course want to make some money from the cruises but my gut feeling is that there is more than one reason why they are there.

Singapore is indeed a gambling nation. Singapore Pools collected more than $1 billion yearly from punters. Many ordinary people I know lose around $300-$500 monthly from wagering on 4D, Toto, football and Big Sweeps.

Let us hope that the IRs will not add on to the already painful hit on our pockets.

253SA,

Thanks for the link! I recalled reading something related to (irrational) risk taking, but I dunno where I came across it.

Anyway, this makes sense from an evolutionary perspective. It helps the species as a whole to survive better because, although most risk-takers will fail, there will be a handful strikes gold, and overall, the species will benefit.

It’s easy to stop the IRs from further polluting the social health of Singaporeans. Simply ban all but the most privileged citizens. The government’s system of deposits here and there is pretty… jokable.

“Simply ban all but the most privileged citizens.”

Now you know why Singapore is known as the playground for the rich !

Daniel,

would you rather be a bankrupt?

Are the casinoes designed to suck money out of Singaporeans or tourists and the rich?

That’s the problem.

why does everyone talk about the economic benefits and stuff like that?

doesn’t the social aspects of it matter?
will the gambling exclusion order really be effective?
i think that would depend on the way it is being enforced don’t you think?
how will the casinos enforce it?

it’s quite impossible that they check the IDs of everyone entering the casino right? if that’s the case then HOW exactly would the exclusion order work?

just wondering..

We have a gahment that will not hesitate to introduce law that restrict our freedom e.g chewing gum etc but come to making money, a different rule apply. London used to attract many rich Arab to their casinos but even the rich Arab run out of cash when cruel oil prices dropped.The casino ended up depending on the local to survive. Hong Kong and Macau had a head start and it is much nearer to mainland China. Are we creating another set of social problem for the future? A commercial entity may start up with all the right intentions but the when faced with the reality of the bottom line, those rules may ended up in the bin or quitely dropped. There are created to make profit and do they really care where the money is coming from?