From the blog, Josee 100:
Let me list down the stuff that the PAP & Singapore Government has done since the last election to piss off the general population:
Invest billions of dollars into Merrill Lynch, Citibank and UBS at the wrong time and price (even Warren Buffet – The Oracle of Omaha – didn’t dare to invest in banks back then. And Warren Buffet is a ‘long-term’ investor.)
Not being pro-active in resolving the Lehman Minibond Fiasco (and they call themselves ‘world-class’ and pay themselves the highest. But don’t you notice that they seem to copy everything that HK is doing?)
Proposing to house foreign workers in a middle-class neighbourhood (Which other country does it?)
Approving electricity hikes at the time of recession (Again, which other country does it at the onset of a recession?)
Increasing GST from 5% to 7% (and making a huge budget surplus in 2007 and at the onset of a recession. If they pay themselves top dollars and call themselves ‘world-class’, surely they would have foreseen the crisis approaching. Some economists have already pointed out the trend around that time.)
Opening the floodgates to an excessive number of questionable ‘foreign talent’ into the country (depressing our real wages & driving up housing prices)
Allowing the car population to explode and then installing more ERP gantries to tax usage
Keeping ineffective leaders like Chan Soo Sen around – Remember how he screwed up Joo Chiat and now he attended a diploma-mill’s graduation ceremony? (And they call him ‘world-class’ and pay him top dollars)
Giving scholarships freely to ‘foreign students’ while expecting ‘local talent’ to take up bank loans (get themselves into debt) or use their parents CPF money to pay for their own studies.
Under-investing in public transport – Sardine-packed trains. Fewer bus routes.
Hyping up F1 Race while the general public sees little positive spin-offs. Instead workers in CBD need to put up with road closures and traffic jams.
Sheding responsibility during the Mas Selamat case. Isn’t it weird that Ministers in other countries will step down to take responsibility if a serious error is committed but not ours? And we call ourselves world-class? I hope this is not an ‘honest’ mistake.
In my opinion, the PAP is getting increasingly out-of-touch with society. The list of items above pisses off almost the entire strata of the society – the elderly (Minibond victims and traditional PAP supporters), the young working class (competition from questionable ‘foreign talent’), the upper middle-income (Serangoon residents) and lower income (electricity and GST hikes)
Only the rich will support the PAP. With the financial crisis looming, I wonder how many of the rich will remain to ‘save’ the party.
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A good list of screw ups but I think some people might be against your inclusion of point number 3.
Nowadays I’m against growing number of FTs in our country, eating up our country resources and basically making live harder for the locals without having the “drawbacks” of being a Singaporean like serving the country etc
I notice that the title mentions “screw-ups” but the introduction writes “piss off the general population”. These two have pretty different meanings, in my opinion. For example, I wouldn’t consider the issues of foreign worker housing, foreign talent and ERP “screw-ups”, but they are certainly policies that “piss[es] off the general population”.
How about giving us a ATM card which allows to draw money from CPF account? You know, like you would draw money from any bank.
The sad thing is that with F1, hotel rates went up so much that it actually DROVE TOURISTS AWAY. Overall, visitor numbers dropped and even with big-spender F1 groupies, total spend was down too.
Transport Fare Hikes in addition to ERP? Double whammy. Damned if you do (take public transport). Damned if you don’t.
For a complete list of price hikes, check out:
http://theonlinecitizen.com/2007/08/the-relentless-rising-cost-of-living-in-singapore/
Some more salient ones:
Jan 30: MediShield premiums to go up for better cover. YEARLY premiums for basic MediShield insurance are set to increase – by about $120 for most people – to ensure that subsidised patients saddled with big hospital bills will get better payouts. (Straits Times)
April 25: Sharp hike in kindergarten fees. SOME 1,500 students attending the seven PAP Community Foundation (PCF) kindergartens in Woodlands will see their fees shoot up by 30 to 100 per cent. (TODAY, April 25.)
June 18: ERP rates in CBD to go up, 5 new gantries added. About half of existing ERP gantries islandwide will see their rates increase from July 7. (CNA) (Straits Times)
Electricity rates actually went up 3x from the article.
August 30: SINGAPORE‘S public hospitals have raised ward charges in the last two months. The increases at Alexandra Hospital (AH), Changi General Hospital, KK Women’s and Children’s Hospital and SGH took effect at the beginning of July. Tan Tock Seng Hospital and the National University Hospital (NUH) raised their fees this month. (Straits Times).
Oct 6: SingTel increases local fixed line subscription and call rates. SingTel is increasing its local fixed line subscription by S$10 a year from January 1, 2009. Residential customers will therefore pay S$110 per year in subscription and business customers will pay S$160 per year. (CNA)
Oct 23: Singapore’s September inflation up 6.7% on-year. Singapore’s consumer price index rose 6.7 per cent in September compared with the same period last year. (CNA)
I wonder what is the author’s views on the TC investment ?
I wonder am i right to say no one is interested to know where else money is invested in or how much is not much that is affected by the lehman thingie?
Where is the source of funding?
I wonder is it absolutely mission impossible , no way , no solution to prevent walkovers?
I am not clear.
yours truely,
Ho Pinkie
Did you miss the casino investment? I think that’s the biggest mistake in the past 5 years.
There could be 3 possibilities why they still continue and go ahead with all the price hikes even when so many citizens protested.
1. they need alot of $$$ to cover up the huge losses on practically all their $$$billions foreign investments thus, depleting into the country reserve which is the people’s monies,
2. intentionally pressurizing its older citizens to leave the country so they can just do away with all this heavy burden upon their shoulder, so they can and will continue to bring in more FT welcoming them with ready citizenships to replace those who are leaving or already left the country for good,
3. continuing to implement more or increase taxes to the extent that there would be huge amount of $$$ surplus in the shortest span of time, so they can just go ahead and highly reward themselves again and those who are willing to be their coffers and those who can cast more votes for the coming GE.
anymore possibility, pls feel free to add up here.
I have another thing to raise as well.
POLY FARES ARE TOO HIGH! Government must tell SBS (Shameless Bus service) to lower or make our fares fair
Let’s be honest…in the end at the next election…some cash bonus from our dear leaders will ensure that they will win by a bigger margin than the last election.
CPF Compulsory Annuity scheme, being forced down onto citizens who have no say at all on what to do with their own hard earned money.
“Allowing the car population to explode and then installing more ERP gantries to tax usage”
As a driver, it is so true. Worse is now my estate HDB open car park is always full. sigh.
#9
Well only those “blind” people would be bought over by the “package” but I’m amazed that there are indeed a lot of this kind of “blind” people in Singapore.
#12
I think it’s abit harsh to label others as ‘blind’ just because they have different concerns from you. After all, before our own ‘awakening’ and increased awareness weren’t most of us ever like that in the past?
To you, they might be blind, but to them, they are just doing what they feel its best for them in resolving what they care about – the ‘bread and butter’ issues. To them, covered walkways and lifts are things that they care about, things that are tangible and directly affect them.
12) Komenos on November 12th, 2008 10.50 pm +0 #9
Well only those “blind” people would be bought over by the “package” but I’m amazed that there are indeed a lot of this kind of “blind” people in Singapore
Yes, I agree but I also observed the no. of “blind” people already woke up and can see now, do not understimate the power of the people when they finally realised they has all the while been cheated through and through by the one they chosen all these years.
The next GE is interesting because the current crop of youths (around 18-20 year olds) will be able to vote and I can tell you there are many who are anti-establishment (be it those who are more politically aware and/or sick of the same ruling party or those who are opposing for the sake of opposing). I know more who lean against the establishment in my social circle than outright PAP supporters.
You have missed out the most important reason: The outrageous minister’s salary which has been increased three times since the last election. Now a minister earns in one month what many people will take one whole life to earn.
Some more:
* Labelling Singaporeans (heartlander/cosmopolitan, post-65/pre-65, etc)
* Stop at two policy
* Graduate mother policy
* Making citizens pay for public infrastructure
* Outsourcing public services (estate maintenance, road-sweeping, etc)
* ‘Corporatising’ stat boards and utility & public transport companies
* Requiring almost every public service to be self-funding
* Not clearing dead wood from public service
Continuing their tactic of bullying, bankrupting or black-painting opposition politicians.
Result: No plausible opposition; walkover; no check-and-balance in parliament.
Exactly and well said here, it is the younger lions that the ruling party is fearing cos they are our highly qualified and knowledgeable teams that will not succumb to rubbish talks and bullshits, they are and will be our future leaders of singapore and do not be surprise apart from the present opp parties, there would not be just 1 or 2 newly formed parties emerging anytime to take over all these present bunch of good-for-nothing so called elites. Unless the present ruling party plays very dirty but then again don’t forget the world is now watching singapore very closely, so either they play by the rule or . . . . . you guess what can happen.
It’s all very subjective.
What is poison to you may be wine to others.
#13) Chorus
“To you, they might be blind, but to them, they are just doing what they feel its best for them in resolving what they care about – the ‘bread and butter’ issues. To them, covered walkways and lifts are things that they care about, things that are tangible and directly affect them.”
I would call them blind not for having different concerns, but for not realising that blackmail never ends until they stop paying it.
To tiredsingaporean
1. they need alot of $$$ to cover up the huge losses on practically all their $$$billions foreign investments thus, depleting into the country reserve which is the people’s monies,
We are their ATMs, any time they make $$mistake we have to pay for it. Most of the essential businesses here are owned by the gov and GLC. When they need $$ just increase the prices. Thats simple, nobody will protest in singapore.
See the investments outside singapore, all screwed. Only businesses in singapore are profitable because we have “rules” to bully singaporean.Ask our GLCs to increase prices in malaysia, indonesia, thailand …etc see what will happen?
3. continuing to implement more or increase taxes to the extent that there would be huge amount of $$$ surplus in the shortest span of time, so they can just go ahead and highly reward themselves again and those who are willing to be their coffers and those who can cast more votes for the coming GE.
We pay low income tax? think again. all price increases are artificially created by them.
all the bullshits about “rental rate is still lower than HK, NY…etc” think again. They tell you the good thing but carelessly didnt tell u that HK has 1 billion people behind them. what do we have ?
What a perceptive person you are, Josee 100.
I take it that you do not represent the whole of singapore? From my perspective of your “screw-ups”:
1. “Invest billions of dollars into Merrill Lynch, Citibank and UBS at the wrong time and price…” Nobody can invest at the right time and place or pick the bottom. If the value is fair value, when you hold for a long time, you will still gain.
2. “Not being pro-active in resolving the Lehman Minibond Fiasco” – when the milk has already been spilled, whether you cry immediately or cry 20 mins later, makes no difference. Besides, many investors also admitted that they went into the Lehman deal knowing the risk but they took a chance. Different from HK – they all went in blind.
3. “Proposing to house foreign workers in a middle-class neighbourhood (Which other country does it?)” – Please grow up and don’t be so class-conscious. We are all human beings, regardless of the colour of our skin. Besides, they are taking the jobs that Singaporean shun and loathe.
4. “Approving electricity hikes at the time of recession (Again, which other country does it at the onset of a recession?)” – there is a need to expand the infrastructure to support the growing needs of the country and the hike also helps people to be energy conscious to help save the world from global warming. If price go up, use less lah!
5. “Increasing GST from 5% to 7% (and making a huge budget surplus in 2007 and at the onset of a recession. If they pay themselves top dollars and call themselves ‘world-class’, surely they would have foreseen the crisis approaching. Some economists have already pointed out the trend around that time.)” – Look at Chen Shui Bian. If you don’t pay your top official high pay, they will be tempted. Increasing GST but reduced corporate and income tax – you only telling half-truths. Furthermore, but still lower than other countries. The rich consumes more, so pays more GST, it’s good!
6. “Opening the floodgates to an excessive number of questionable ‘foreign talent’ into the country (depressing our real wages & driving up housing prices)” – This is a supply and demand issue. Local companies want to hire FTs because locals want high pay and refuse to do dirty jobs. With FTs doing menial jobs, locals just focus on working in higher pay jobs. Your real wages depends on your worth to the company hiring you. Nobody owes you a living.
7. “Allowing the car population to explode and then installing more ERP gantries to tax usage” – Why restrict car population? Are you trying to restrict the freedom for people to purchase what they want? ERPs saves manpower and is effective in controlling jams. Don’t you realise it is much smoother when you are travelling on CTEs in the morning? If it is not working, instead of complaining why not you suggest something better?
8. “Keeping ineffective leaders like Chan Soo Sen around – Remember how he screwed up Joo Chiat and now he attended a diploma-mill’s graduation ceremony? (And they call him ‘world-class’ and pay him top dollars)” – How can you generalise this man as a screw-up just because he made a couple of mistakes? Are you perfect? Joo Chiat is a much better place to live and to work in now, compare to 10 years ago.
9. “Giving scholarships freely to ‘foreign students’ while expecting ‘local talent’ to take up bank loans (get themselves into debt) or use their parents CPF money to pay for their own studies.” – my friend, scholarships are given to the cream of the crop, which includes locals. This encourages them (foreigners) to stay in Singapore and contribute to society. We improve because other more talented people around them are better and we learn from them.
“Under-investing in public transport – Sardine-packed trains. Fewer bus routes.
Hyping up F1 Race while the general public sees little positive spin-offs. Instead workers in CBD need to put up with road closures and traffic jams.” – Packed trains during peak hours are expected – why you so pampered? Got aircon, bus lanes, TV in bus not enough for you? Having the F1 puts Singapore in the world map and generate future interest and potential long term gains for the country – why are you so narrow minded? Can people have a little tolerence for the road closures for a couple of weeks when they can be working in the area for the last 3 or 4 years?
“Sheding responsibility during the Mas Selamat case. Isn’t it weird that Ministers in other countries will step down to take responsibility if a serious error is committed but not ours?” – The right people already been reprimanded and dealt with. Why still flogging a dead horse? No jail in the world is perfect but as long as the lesson is learn, let’s close rank and move on.
There is no such thing as a perfect decision. There will always be pockets of people who disagree with certain policies because such policies do not benefit them; but on the whole, in my opinion, Singapore Gov is on the right track.
Whatever decision taken by the PAP, sweet or bitter, is in the best interests of the people. Perhaps people cannot see and realise it in the short term, but they’ll soon come to realise the benefit it brings to society and Singapore. Sometimes, one need to take the bitter medicine to see results and cure. History has shown.
Whatever decision taken by the PAP, sweet or bitter, is in the best interests of the people. – physician (#24)
The question is whether PAP is still acting in the interest of The People. Hence the remainder of your claim in #24 becomes invalid.
To #23)
Wah ! Your arguements sound exactly like those comments that have been coming from PAP ! Are you Woody Goh ?
I read with amusement and of course anger at some of the latest PAP’s hiccups. I wouldn’t list all of them as screw-ups as some have pointed out certain policies may be bitter medicine – bad for the time being but will be good in the future for our country. Nevertheless, I could see most of the points raised are in one way or another related to money issue. It goes to show how much our country has attached ourselves to the importance of monetary value.
I remembered when GST was raised from 5 to 7%, GCT was the PM then and he delayed the impending rise for about half a year due to the SARs epidemic. If I am correct, LSL was asking for the rise then. He was abit paranoid about topping up the govt coffers all this while as PM and perhaps his training and experience in economics may have influenced him along this trend. He was also Finance Minister for a while while being PM and only recently relegated that Finance post to Tharma. It goes to show how much importance he attaches to money matter.
This is actually not wrong. In Australia here, the financial crisis has burnt a big hole in the budget and they are now facing a deficit of more than few hundred billion dollars. Only yesterday, NSW annouced a mini-budget which essentially is clawing back some revenuefrom the public here. Imagine just three weeks ago, they have announced a budget to expand the economy – each Aussie will get up to $1000 in cash!
Some of their mini-budget measures in NSW include the axing of the following:
1. North west metro – 12 bil total
2. NSw lotteries – 1 bil total
3. Health cut – 500 mil a year
4.Waste services mgmt – 300 mil
5. Free travel for all students – 470 mil a year
6. $50 back to school allowance for each student – 60 mil a year
7. Job freeze cutting up to 6000 non-frontline workers – up to 150 mil a year
8. Closing of a juvenile dention center and other cuts to juvenile justice – 17 m a yr
9. Travel perks for MPs and ministers – 15 mil a year
These cuts will produce a budget of $3.3 billion in savings for the NSW state.
Now come the charges that the NSW public will pay to top up the state coffers:
1. Anti-congestion toll on the Harbour bridge and Harbour tunnel of $4 in peak periods. $3 for the reminder of the weekdays and $2.50 overnight. This will fund 300 new buses.
2. Families charge $45 bus pass fee for each primary school student and $90 for each high school student up to a maximum of $180 per family yielding up to $58 mil a year – this used to be free for the family.
3. Train fares rises of up to 12% on top of inflation yielding $79 mil a year.
4. Ferry tickets up extra 50 cents per trip to fund $7m repair of wharves
5. Cost of green slips up $10 a year
6. PArking space levies increased from $950 to $2000 a year to the CBD and N Sydney and from $470 to $710 to St leonardo, Chatsworth, Parramatta and Bondi Junction.
7. Annual license fee for childcare providers of $700 to $1100 from Jan 2010.
8. Property transfer fee doubled from $92 to $194 raising $16.5 mil a year.
9. A 2 per cent land tax on land holdings worth more than $2.25 mil raising $170 mil a year.
10. Coal levy increases worth extra $500 mil a year.
11. Extension of land holder duty to catch complex land buying schemes
12. First home buyers scheme capped to homes of up to $750,000.
It is unlikely that the public will vote for the current Labour govt ever again.
I wouldn’t list all of them as screw-ups as some have pointed out certain policies may be bitter medicine – bad for the time being but will be good in the future for our country – Gilbert Goh (#27)
Gosh.. you are starting to sound high on MSM propaganda.
Read Sydney Times, not Straits Times!
“I remembered when GST was raised from 5 to 7%, GCT was the PM then and he delayed the impending rise for about half a year due to the SARs epidemic. If I am correct, LSL was asking for the rise then. ”
That raise has to be justified not hookwinked and force the citizen to accept whatever rot the gov give. Didn’t it has become a custom for the gov to raise GST after every election whether if there is really a real need for it ? Just because this clown delay GST hike doesn’t mean he has the right to demand the hike in the first place ! What stupid budget deficit the deceitful gov talking about when there is high possibility that most of the surplus end up in Temasek and GIC ? How is it that no one even question the budget deficit come about ? Never believe the crap gov told you about until there is full accountability and transparency.
I have lived Australia for sometime, I don’t mind if it is expensive place to live if I can have choices, and I believe that Australian government is heavily scrutinized by the public to do the right thing, and that been the “high” cost of live might be genuinel due to operational cost and not due to stupid inept and moronic investment of irresponsible gov that pay off by using citizen’s taxmoney. The fact that Singapore hookwinking the citizen for more than 4 decades destroy the trust of the republic. I’m sure you know that from the minibomb issue. If the MM and gov could blatantly do that unjust act to the investors publicly and openly, I wouldn’t even dare to think of the thing done privately and in secrecy. It must be that worst.
24) physician on November 13th, 2008 1.32 am
Whatever decision taken by the PAP, sweet or bitter, is in the best interests of the people. Perhaps people cannot see and realise it in the short term, but they’ll soon come to realise the benefit it brings to society and Singapore. Sometimes, one need to take the bitter medicine to see results and cure. History has shown.
Dear Physician (or so you claim to be),
When you see the fragile samsui women who toiled their whole lives ending up with bent backs building Singapore literally brick by brick and then discarded like an old cardboards when they outlived their usefulness, tell me, how apt is your statement?
When you hear the govt telling you that since we are a nation not given to savings therefore the govt has to ‘save’ your money on your behalf for use when you grow old (age 55 was originally deemed old), and then see the definition for ‘old’ keeps changing like you would your underwear, tell me, how apt is your statement?
When our forefathers supported and worked alongside the old guards, they were a very happy lot and because they were so happy, they entrusted everything into the hands of the old guards trusting that their best interests will be taken care of.
In comes a new batch of new guards who destroys this trust and keeps changing its promises, looking outward more than it should inward and thus undoing all the goodness of the old guards, tell me, how apt is your statement?
43 years, if this is not long term enough for us to judge them, tell me, how long more must we give them before we see “the long term results”?
Actually, I’d throw my support behind those who say that some of these policies are bitter medicine that yields better long terms benefits. Of course, they’re policies that pisses people off, but hey, they ultimately will benefit the country.
For example, the issue about rising car ownership and ERP gantries… I see it as part of the larger plan of shifting the cost of driving from owning a car to driving itself. This will benefit, for example, a family who may find it too costly to drive to work daily, but can use the car for a family outing during weekends. It’s a policy I support.
And then of course, there are quite a number of real screw-ups.
31) Jackson Tan
they’re policies that pisses people off, but hey, they ultimately will benefit the country.
On the surface, this sort of reasoning makes a lot of sense. But try scratching the surface a little and you will see than when it is (mis)used as a reason for introducing all sorts of bitter pills that it really defies all the logic that were used in the first place.
This also begs the question: For the country or for the people?
The reasoning is manipulated by the PAP govt to indiscreetly introduce all sorts of policies than goes against the interests of the people – some of which are so hotly debated on this platform.
Bitter pills, yes, acceptable. History has proven that the people can take bitter pills.
But there has to be a balance. It cannot be the people all the time taking the bitter pills. The state has to take one or two from time to time.
“For example, the issue about rising car ownership and ERP gantries… I see it as part of the larger plan of shifting the cost of driving from owning a car to driving itself. ”
No one says it is bad except that it is misused to generate profit ,and to even put into residential area which has no traffic congestion ?
So please don’t distract the issue, the main issue people concerning now is the the use of ERP as business profit to who know where.
If the ERP generate profit, it should go into helping Singaporean not with bulk go back into Temasek and GLC or who know where . You can even have gov telling us that ERP does not generate profit, now I ask you, Is it half-truth or what ? It’s time this gov stop giving Lim’s Sweet Say anymore.
Govt promised in the last election that we will move forward. However, the only ones here whose lives have improved are the foreign workers coming here who have found jobs at our expense. For most of us the quality of life has stagnated or even become worse.
Govt promised in the last election that ppl who vote for them will have their precints upgraded. Just how much of the upgrading has actually been carried out?
Govt promised in the last election that ppl will have jobs. Now economy is in recession and their hype about the IR balloon has burst.
“Govt promised in the last election that ppl who vote for them will have their precints upgraded. Just how much of the upgrading has actually been carried out?”
CAVEAT EMPTOR – let’s voter beware. The gov already says if it is too good to be true it is. Make sure they eat their words in the election.
CAVEAT EMPTOR. The PAP government doesn’t disclose a lot, so voter beware! Voting for PAP is just like buying DBS HIgh Notes 5.
After you realised how big a mistake you made in voting PAP despite PAP’s mis-representing and hard-selling themselves to you, you are still responsible for your own loss.
Nobody will step in to save you too, and the government will constantly remind you that it is your fault, and you deserve the shit for voting them.
there will be early election saw from yesterday SHit Times. I really hope the opposition is ready for early election and not caught surprise. Problem with opposition is that I felt they always aim at border line win. I say they should start planning for a big expansion. West is a heavily industrialised area and should be included in their “wish list”.
Quality of speech is important in rally, solution is usually important to get in touch with the common people. How to bring down transport fare, utility fare, control inflation etc. Solution to a problem can never be a music to ears always. Such as problem of public transport. I felt that the problem with our current transportation failed because they expand too fast. When you start extending the MRT, control on upgrade or even increase the number of bus should be curbed. However, PAP choose to burden the operation of having mobile TV, changing those of non-air con to air-con, worst I can think of is the double link bus which the length cause conjestion (in the first place, they don’t have the brain to think why in the past bus is usually double deck then stretching the length). I think the older generation that managed the transportation must have seen the problem. Upgrading of bus stop to fasinating design with no practical function sometime with water still splashing in during storm.
All these mistakes were made because PAP tried to please the public too much. Opposition should be practical and not too much on what the people want but rather the people need. While PAP failed on that, I really hope opposition can correct that. At the same time. I believe most Singaporean supporting the opposition want a co-operative opposition and not a internal conflicted one. Malaysia is a good example, after winning the ruling party, what did they do now? They messed up because they want to completely eliminate the ruling and increase their power. Forgetting the fact that people are actually still waiting for their need to be met! Thanks
Please don’t prove LKY is right, opposition! If not you will lose a lot on “U Turn” vote when LKY make his point. I might not be a politician, but thumb of rule should be working towards the “needs of people”. Not enage in too much fight but convert the people to work with you. It is working with the people you get respect. Btw, LKY in early part of his life actually setup a table at china town area to give free legal consultation? Now the PAP has lost touch with their people, maybe the opposition want to regain that ground back!
GST 5% to 7% – Government should have foreseen that it is speed up inflation since at that time the price of crude oil was rocketing up. I fail to understand the scholar ministers fail to see the connection.
Investment in Shin Corp, Merrill Lynch, Citibank, UBS and now ABC learning etc – I suppose that our financial and economic analysts are just not “world-class” enough to understand the risks of credit default swaps, CDO and sub-prime debacles. Just like the Minibond issue – MAS classified Minibond prospectus under “DEBENTURE” instead of “STRUCTURE PRODUCT”. No wonder so many “non-vulnerable” investors are also “con”
Minibond fiasco – MAS not taking the leads in resolving the issue BUT take the high ground that “BUYER” beware! It does not take responsibility that it has been negligent or hookwind in approving misleading information in the brochure and prospectus by Lehman Brothers and allowing this toxic product to be sold in Singapore.
If you look at the long term investment returns of Temasek [18%] and GIC [4.5%] which is just below par especially If you EXCLUDE the profit that they made in privatizing [selling] off many GLCs that were in their portfolio. These GLC were monopolies and all they have to do is to charge more for services to Singaporean thereby increase the GLC profit and sold them higher valuation. A case in point is the recent 21% increase in electricity charges. The aim is to increase the profit of SP, sold them at higher price to private investors and claim glory in getting higher returns for Temasek/GIC.
The awesome turn out for WP rallies last time resulted in WP winning ZERO GRC.
Very interesting and perplexing phenomenon.
Selamat wong – the ultimate buck container
27) Gilbert Goh Keow Wah on November 13th, 2008 5.49 am
Are you sure you wanna compare 1st world with 1st world?
Yes / No?
Depending on your reply, we can have a discussion.
Your answer please.
38) Dr. Albert:- “Btw, LKY in early part of his life actually setup a table at china town area to give free legal consultation? Now the PAP has lost touch with their people, maybe the opposition want to regain that ground back!”
Not possible for opposition party to set up a table at china town area.
No police permit will be given !!!
Hence , illegal gathering if the table is set up regardless of permit !!!
http://www.straitstimes.com/Breaking%2BNews/Money/Story/STIStory_301763.html
OIL PRICE IS NOW BELOW USD56.
NOT LONG AGO, BUSINESSES USED THE OIL PRICE EXCUSE TO COMPLAIN THEY TAK BOLEH TAHAN. THEN, THE PRICE WAS AROUND USD120. SO THEY HIKED. THAT BEING THE REASON.
NOW, THE PRICE IS MORE THAN 100% LOWER. AND YET SOME BUSINESSES STILL USE THE OIL PRICE AS EXCUSE TO HIKE BY WHOPPING AND SHOCKINGLY HUGE MARGINS.
THE ULTIMATE QUESTION FOR ALL YOU EDUCATED SINGAPOREANS :
1. WHY THEY CAN DO THIS?
2. WHY PRICE NOT LOWERED TO BEFORE LEVEL WHEN OIL PRICE HAS DROPPED TO SUCH LOW LEVELS WHEN THE REASON USED WAS SPECIFICALLY HIGH OIL PRICE???
ITS MY PERSONAL OBJECTIVE TO SEE TO IT THAT THIS QUESTION IS ANSWERED CLEARLY AND SATISFACTORILY TO THE PEOPLE.
SHOULD THE REST OF YOU JUST SHUT UP AND REMAIN SILENT FOREVER?
23) Annoymous wrote: “There is no such thing as a perfect decision. There will always be pockets of people who disagree with certain policies because such policies do not benefit them; but on the whole, in my opinion, Singapore Gov is on the right track.”
It is true that there is no such thing as a perfect decision, but since the Ministers are paid millions and possibly more than the American president, you would expect better decisions.
In your opinion, the SingGovt is on the right track. What do you mean by that? The country is about to face some of the biggest challenges in the coming years and all the government does is to remind Singaporeans constantly of their past achievements (which are very great, no doubt about that) but there is no brilliant insights by any of these leaders of how to bring about transformational change to Singapore. On the other hand, you have a bunch of highly paid and highly educated technocrats who are out of touch with the rest of society. Since the onslaught of the financial crisis, you often hear the Ministers say: “Watch out for yourself. The govt is not going to take care of everything” and many people are saying “I will look after my self interest”. Is this the right track you are talking about: a self-interested government and a self-interested populace?
cAN SEE HERE STILL GOT QUITE OF NUMBER OF pap SUPPORTER…. More ERP NVM, Electricity hike NVM, GST increse NVM, wrong investment NVM, Mas selamat escape NVM….!!!! I think we got more more years to suffer!!! Good more years for Lees family!!! Heard Lee brother coming to politic, let c whether is true!
40) Politics is what it is
The awesome turn out for WP rallies last time resulted in WP winning ZERO GRC.
I recommend that you read Robert Ho’s article (#31, Robert HO on November 12th, 2008 8.03 pm) on the other thread titled 20 Years of The GRC: A closer look (Part One).
I don’t think there will be GE soon. PAP is not stupid to call GE during this bad recession time. They are hoping that come 2011 the economy will improve and the ground would be sweeter for the GE. Besides they have just increased the Ministers’ salaries threefold, and they want to enjoy their astronomical salaries for at least two or three years and not risk their outrageously lucrative positions so soon. If they had wanted to call the election now they would not have increased the GST and the Ministers’ salaries. It’s commonsense.
I am indeed sadenned to note that websites such as TOC are being flooded by SDP symphathisers and loyalists. Those who follow the SDP and all the redundant and lazy Opposition must be very impressed they’ve blind followers such as these- trying to effect change.
I can assure you, Opposition will never win next elections, not even a GRC.
44) Bee Bee
Excellent!
Physician (#33)
History only proved that PAP made decisions in the best interest of the people. Whether PAP still makes decision in the best interest of the People remains debatable. If PAP indeed has the widespread support you implied, where are the PAP loyalists on TOC? Are you the only one?