Breaking News: DBS cuts 900 jobs “to trim costs amid the global credit crisis”. (Channel NewsAsia)
“If all of us go into a power save mode, then the economy will really go into a recession! This is what economists called the Paradox of Thrift. If you have sufficient savings and can afford to spend, you should continue to spend on life’s little pleasures.
“Take your family to the movies, shop, dine out at restaurants and hawker centres, go for your regular foot massage, indulge yourself at a spa, take a taxi, donate to charity and so on.
“This way, we keep the economy going. In fact, I would say when times are a little slow, you could get the best bargain.” – Senior Minister Goh Chok Tong. (Channel NewsAsia)
———
Already lost so much money on minibond, where got money to spend anymore?
Mr Goh is expressly proven points of an economy in recession – spend, and you get a better deal as well. Perhaps he is finally trying to inspire after Obama’s example. Perhaps it is too late from the social perspective.
What had happen is that the public cannot accept – high salaries and fees hike in the circumstances they are being applied..
The PAP has a difficult task now unlike previously to convince any citizen any all.
This is not helped by bluntant complacies in the civil service ( Mas Selamat, ICA passport blunder – both of which have serious security implications) unacceptable fees hike ( ERP and Electricity tariffs – both of which are unjustificable from economic agruments) and farcical management ( like Table Tennis Association with one minister, MP, a dozen advisors, CEO & staffers involved -and yet losing the best coach in the world amidst the attention seeking and party popping) and what else ? – GCT’s comments above can only add salt to wound despite the fact that the salt is a factual dish. It is best for Mr Goh to take a break and not try too hard now.
We, citizens are generally obedient and patient people, but it is increasingly clear that the present team (apart from Mr Khaw Boon Wan who knows what he is doing as well as the ground) of policy makers are passing of as amateurish, and just learning from trial and error. Well, as patient citizens, we can wait but the hope is that the policy makers do not throw more away the lifetime of a nation’s savings and wealth in just weeks of investments in the crazy failing institutions of the west where you do not know what is coming next, even in ABC Australia!.
He, and the rest, TALK as if it’s very easy to do so.
The rich and the slightly better offs, are indeed spending on high goods such as Digital SLR Cameras, LCD TVs, Cars, etc etc.
What the hell can the mid and low income spend on?
They even have problems paying up Monthly Domestic Utility Charges, and Baby Milk Powder!
WTF is he saying?
Thanks Zefly.
We should be uniting together and ride this current crisis as one country instead of perpetually going on govt bashing. The ruling party has their obvious faults and no system is perfect.
Ministers like Khaw, Tharma, George have done us proud by constantly listening to the ground and communicating excellently. Le tus hope that there will be more of such ground-level ministers.
The important issue here is how can we bring up our frustrations to the ruling party? Do we sign an online petition? Demonstrate at HLP with banners or write to the ST forum to complaint?
Those who air their thoughts here probably number less than one hundred and compared to a population of 4.5 million citizens, it is hardly a figure of significance.
The power of protests either online or in real is magnified when we can get the numbers on our side. Merely blogging away here only makes us armchair critics without any significant impact for change.
“we do not need the post of MM and SM. it seems to me these are redundant posts created”
MM = Emperor
SM = Eunuch
PM = Magistrate
So the PAP government warns who they can blame if the Singapore economy goes down the drain. Not the million dollar Ministers and top civil servants. It’s the people who don’t take heed to this advise – spend and be merry. Talk like his MM boss during the last recession.
“104) Gilbert Goh Keow Wah on November 8th, 2008 8.10 am
Those who air their thoughts here probably number less than one hundred”
Another classic example of showing how insignificant your noise is as compared to 4.5m. So similar to the result achieved under the divide / rule approach.
Our president is 1 out of 4.5million and why is he there even without being voted in. Some of the MPs also managed to get into parliament uncontested.
Be fair to those who are fighting very hard, with time and effort, to drive certain important message across. If reason won’t even work, perhaps ranting will work. You must be flexible and try different approaches.
“The power of protests either online or in real is magnified when we can get the numbers on our side. Merely blogging away here only makes us armchair critics without any significant impact for change.”
Any suggestion from you. Don’t you think that mere blogging, this site and many other sites combined, could be the starting point of influencing / galvanishing the setting of some basic foundation for things to come, maybe later not now.
Dear blade,
Rationally, I do agree with GCT on the internal spending suggestions. It is one way of sustaining local businesses if not boosting it. Tthe Japsnese were good at that back in the eighties (even when they went overseas) and help made their economy second to US if not surpassing her but not when a major segment of our citizenry are suffering.
No one knows when your job will be axe next with the recession kicking in. Expect the unemployment to rise to 5% come 2009-2010. Singapore business front had transformed itself to be the likes of the US business model (hire and fire, “restructuring” to ensure their books appear attractive enough to lure investors and may be the next VC to buy in. Nothing much left to say regarding business sectors within our government control or where they have a majority stakes in. Are they “really” helping at all? You decide.
When your belts are tighten and uncertainty looms in coupled with the unnecessary price hike due more to greed, however much spare change you have will have to be managed with care to avoid probable credit issues (and this is assuming emergency funds are part of an individual is stacked aside) which have far more serious implications than you can imagine (US is a prime example). The general retailing businesses too have to play a part (the greed factor). Obviously it will be unfair of me to make a sweeping statement that all businesses are alike. There are some who still have their conscience and I am thankful to these business people.
blade, yes I do agree that there are deeper implications and complexed issues regarding my call to the authorithy for an interim measure to allow early withdrawal of our CPF money. I am not asking for to open the water hose and let loose, it is “Interim”. Yes, there will be some who had not or no CPF left to withdraw. I have no idea the extend of this, but the authority certainly had the data to work with and come up with a “prudent” plan. And no, there was no reply and I have expected that to be so. In adverse time and if we still have that “Reserves~40+% reduction by now?” which part of it contains “our” CPF money, I think it is reasonable to put up this request. They have the top-notch financial analyst to do the math. Surely it is a walk in the park for them comparing it to analyzing those foreign twisted derivatives and failing Banking investment. Isn’t it better to invest in our people (no citizen support no party)? I know this had been echoed many times and it had gone to death ears. In time to come, when it had reached a pinnacle point where no one can take it anymore, you can imagine what the scenario will be. People are not asking for excessive wealth distribution, just basic necessities for survival to weather through thisrecession. Whether there is recession or not, there are still fellow citizenry slugging their life to make ends meet in a nation that has the third largest SWF in the world. What is the true population of Singaporeans again? How reflecting can this be?
I think it is a fair call for the govt to use the ready-made solution which is to free up part of our CPF to tide the citizens over this crucial period of economic uncertainty.
In fact, I did made a similar call for the govt to introduce a plan to have a percentage of our CPF returned to us on a regular basis of say, every 5 years.
If the govt do not feel it is in a position to take up this call at this crucial point of economic uncertainty that affects the whole world, then it has to come out and explain to the citizens their reasons why they cannot do this.
This is not a ‘play-play’ call. It is serous and it affects the lives of many of us and our families. This situation is real and not ‘masak-masak’.
Gilbert,
Yes, I believe that we need to organize and have our voices heard. Overcome this fear of speaking up, or being ‘targeted’ by the authorities. As you can see, I have decided to shed my annonymity as well… although i doubt anyone knows who I am anyway.. haha.
But in all seriousness. FIRST we need numbers. TOC administrators if you are listening… need to send out the message. Mr Tan Kin Lian, if you are reading this, and if you believe that this is a cause worth speaking up for, you have to reach into your sizable phonebook already. The Minibomb investors are definitely disillusioned with the system here already – if only a quarter of them turn up, we still have like 200 odd people.
SECOND we need the FACTS. I believe some of the people here are data gatherers and numbers crunchers. We need to present a believable case to get the gahmen to rethink their position on many issues.
THIRD we need an AGENDA. It has to apply the right pressure without appearing like we want to start a revolution or something. We are not. We have to appear concilliatory even as we rebutt. This is not election rally, so no need to say ‘We have a choice’ that kind of thing. It may be under the TOPIC of WHAT THE PAP GOVERNMENT CAN TAKE INTO CONSIDERATION FOR THE NEXT BUDGET, or
THE HIGH COST OF LIVING – IS THERE ANOTHER WAY? or something like that. We will expect the relevant departments involved eg transport companies and SP to justify why our suggestions don’t work etc etc, and they have the best solution at hand already, but the objective really is to generate involvement.
LASTLY, we need people to dare to face a crowd of hundreds, or worse, face a crowd of one old man and twenty policemen, and talk.
I’m not sure if TOC has our emails.. but we can start with opening up one post to enlist people. Those who sign up TOC can send an email to get further details.
Observer, you wrote -
“Singapore business front had transformed itself to be the likes of the US business model (hire and fire, “restructuring” to ensure their books appear attractive enough to lure investors and may be the next VC to buy in.”
Here’s the part where I feel that our economic model lacks imagination and inspiration. Our economy is so linked to, and modelled after the USA that no wonder whenever shit like this happens, our gahmen says ‘sorry not our fault, global situation”. But we forget the difference between us and the US is that US is blessed by size, huge population, resources and a geniune enterprising spirit. We model our business after US corporations but we offer them cheaper. Then you get people more stressed over here. More stressed people, less time to make babies, and/or be enterprising.
Everyone also knows that since 1960s the income gap between CEOs and the lowest wage earners have widen so dramatically. If you half the salary of the CEO, you probably can half the number of people that needs to be retrenched in a recession. Personally, i think there are very few CEOs in the world who actually deserve the pay they are getting.
We really do need to rethink the way businesses are run, on a global as well as the local scale. The problem is nobody dares to take the next step. It’s like super kiasu kiasi mentality.
Do we have minimum wages here? Why not? ‘oh because then cannot compete with China or India who are soo cheap’. That’s not a solution! That’s an excuse! A million-dollar excuse, if you’ll excuse me. I’m sorry. If you are getting six times more than a US president, you really should be six times smarter, more imaginative, more creative, than adopting Thatcherism, Reaganomics and Macau-ism (ie turning singapore into a gambling den).
Oh well.
Spend more?? Do we have that in the first place? In view of the uncertain times ahead (mind you, we have not reached the lowest point yet), who in the right mind will go out and spend even if he has the extra cash. I will rather save them in times of need. Didn’t our government always finding ways and means to “squeeze” billions in our reserves, citing our country volatility?
I have no prejudice against the rich, you cannot blame them for being that, can you?
But maybe his words should be aimed at them. The rich and our ministers could start to spend more on luxuries first. In my opinion, i find that its the rich who can manage their wealth better (that’s why we often thought that the rich will only get richer).
They do not usually splurge unnecessary, eat at home, spending only whats best for the family and children, and probably quality time on family vacation out of Singapore every year.
If we behave like the rich and eat at home, our hawker and coffeeshops will be the first to closed down.
Maybe they should start to take our SM words’ heed by patronizing our hawkers, having family meals outside everyday. I think most of us middle-income families eat more outside than them.
This is smug talk by someone who should know his economics better. It is also callous and insenstive considering that many people may lose their jobs soon and the gamble on the casinos as the next engine of growth has gone awry. What is the paradox of thrift anyway?
The paradox of thrift (or Paradox of Saving) is a paradox of economics propounded by John Maynard Keynes. The paradox states that if everyone saves more money during times of recession, then aggregate demand will fall and will in turn lower total savings in the population. One can argue that if everyone saves, then there is a decrease in consumption which leads to a fall in aggregate demand and thus leads to a fall in economic growth.
The simplified form of the argument is that, in equilibrium, total income (and thus demand) must equal total output, and that total investment must equal total saving. Assuming that saving rises faster as a function of income than the relationship between investment and output, an increase in the marginal propensity to save, all other things being equal, will move the equilibrium point at which income equals output and investment equals savings to lower values.
But the above arugments only work in the case of a closed economy. As Singapore is an open economy, no amount of “pump-priming” by its citizens will do any good, especially at a time when everyone (except the Ministers and MPs) has a high probability of losing his jobs.
113) Bochap,
you just gave me the reason I need to debunk GCT’s talk. Can I plaglarize your arguments if i were to write to ST forum? (minus the ‘smug talk’ bit because I may have to prove in court that GCT is indeed ‘smug’ or face a fine of a milion dollars..)
“But the above arugments only work in the case of a closed economy. As Singapore is an open economy, no amount of “pump-priming” by its citizens will do any good, especially at a time when everyone (except the Ministers and MPs) has a high probability of losing his jobs.”
bochap, sometimes I feel that you know more than many experts out there even though you have a low-profile ignominious name.
Our super talented ones at last know they are quite powerless to do something beyond their control.
Private sector pegged pay means private sector pegged pressure. Private sector people are always under private sector pressure, more so now. Are those people up there also subject to it ?
Sometimes just because some of them are famous, they think they can just come in and spew out some advice.
Please bear in mind they are talking about broad macro level in an open economy, what about those real individuals who have nothing or very little left in the micro level.
Would they allow Singaporeans to gamble with their CPF savings….when the casinoes are ready….
“Would they allow Singaporeans to gamble with their CPF savings”
How is anyone going to know that the use of CPF savings in future will surely give better utility value then it is going to be used now.
Utility value (satisfaction) at the right critical present moment transcends time and space.
actually GCT is not being smug. He’s being ‘folksy’. You betcha!
Hi Donaldson Tan
Singapore is not a welfare state and as her citizens, we must be very careful with our money and always think twice at least or thrice before we part them unlike those 10,000 investors of Lehman bonds,majority who are Uncles & Aunties who let GREED controlled them.We must not simple listen to our Senior Minister Goh Chok Tong as we don’t have such big salaries like him and the rest of the Government Ministers, and we must cut down our expenses, orelse who can we turn to when our savings run out (we cannot expect a cheque from the Government,like in the USA who has just elected a new Presient Barrack Obama who would be sending the majority who earn less than US$250,000 a welfare cheque).
Regards
Andrew
Hallo? We don’t have that kind of salary like you have. For you, 100 dollars are like 100cents. Spent more? So that it goes to the government? Maybe you should scrap the GST, ERP, water conservation tax, SP deposits and increase salaries.
I agree with red_dot that if the economy goes down, the people of S’pore are to be blamed. Why? Becos tell them to spent to save economy, they dun want, now you see? So S’poreans are the culprits.
Dun say spent lah, I want to save also no money to save, how to spent like that?
Dear bochap,
I fully agree that the theory works only in a closed economy. The question is are there really an open economy in this world? if the definition of open econmy denotes that all business sectors inclusive of supplies to governement sectors are given the equal opportunity to compete ~ simply put, market driven. Even the “Big Brother US” will exercise certian level of protectionism let alone tiny Singapore.
We will see more prtoectionism at work in all government around the world for the next two years when all things are failing. In the current global situaiton it is every country for itself first. Singapore economy are largely dependent on FDI as the government would like to continue this line of theory (I agree with this strategy and logic in our early development). At its present stage, there are certain sectors that we have to and cannot make it open to safe guard the interest of its nation citizenry welfare. It is within these sectors (mainly the basic infrastructure like Utilities, Water Supplies, Public Housing, Public Transportation, Public Health and Medical Care) that the government can make it affordable to the less well-to-do.
The native citizenry are the ones that has the most vested interest in our country and if the government continues to neglect or fall short of exercising due diligence to ensure the “value assets – us the citizens” are taken care of, there will no future let alone the desire for many to call it home. I do not think the government is so inept neither are they unpeturbed to ignore these warning signs but they are rather overly cautious and trying too hard to come up with a perfect solution when all they need is to get back to deal with the basics. I certainly do hope they will come to their senses soon albeit in reality, this may be just wishful thinking.
“I do not think the government is so inept neither are they unpeturbed to ignore these warning signs but they are rather overly cautious and trying too hard to come up with a perfect solution when all they need is to get back to deal with the basics. I certainly do hope they will come to their senses soon albeit in reality, this may be just wishful thinking.”
Ya la, everything want to bao-chiat (sure-eat), where can. Durians sometime one or two also chao one.
Create opportunity for holes, holes will naturally appear lah and sure water will drip out from some lah.
Simple concept but difficult to do right, that is why smart ok, do not need to be super smart until to solve one problem, you create two problems.
Hi there,
I think SM Goh is not making any sense in his speech. He has completely failed to realize that Singapore is facing a period of rising inflation rate and economic uncertainty.
I do remember that the government rewarded citizens with tax rebates early October. I believe their intentions were to increase consumption by citizens in order to increase Aggregate Demand, which in turns raises the outout and national income via multiplier effect. This eventually creates jobs and leads to a stronger economic growth.
BUT, they and SM Goh failed to comprehend the level of high leakages in every Singaporean’s income. These high leakages, thanks to high electricity tariffs and more, means the extent of effectiveness of the fiscal expansionary policy is diminished due to decrease in size of multiplier.
Another thing they overlooked is that Singaporeans are facing a period of economic uncertainty now. People are worried at the prospect of losing their jobs and are saving money in anticipation of the worse to happen. Singaporeans are using the tax rebates etc to save more money for the future.
Hence, I truly believe SM Goh and the government is not doing a good job in solving this economic crisis.
Thank you.
Frankly, I don’t understand our Ms Ho’s investment objectives.
Okay, she wants to invest in banks, fine. She wants to invest in technological companies, fine.
But a childcare centre?
Anyone in the industry will know this is not your your super yield star performer in any country.
I used to run a childcare business and I always said, if you don’t have the passion, might as well put your money in FDs.
I tend to think that Singapore had been conned by flashy personalities acting like business entrepreneurs who suck up to her ego.
dun understand,
investments have risk leh. not everytime win hoh. its probably due to diversification across industry groups.
Our dear SM wants us to enjoy ourselves; he must have written his speech before knowing the massive DBS announced retrenchment.s.
Spend OK – citizens are generally quite obedient; if it is to help the economy, how about some help to spend – there are many ways from president/mininters’ personal donations to passed on savings which can be achieved if the president and ministers travel less or take economic class flights.
SM made the suggestion; he can take the lead and help all of us to spend and enjoy ourselves, and for a while the jobless can have a happy break.
Plumber …
get it.
Still, Ms Ho’s uncanny talent to lose is legendary.
Investing in such low risk low yield industry can still lose so big really baffles me.
Hi as i Am in Sydney i can share abit more about the ABC Leaning Center’s problem.
They have an astounding $1 billion debts due to many childcare centres unabling to turn in any profit for a long time. They have a total of 16,000 staff operating 1020 centres all over Australia.
The govt just pumped in $22 million but this can only help the centres to operate for another two months. It is under receivership and at least 120,000 children are affected by an eventual closure.
I don’t think the govt will it close as this will affect too many people especially the children. There will also be alot of staff joining the unemployment rank if this happen further dampening the already bad economy.
I believe there will do a Bear Stents US-style by taking over the centre and assuming it’s debts. This is the best way to solve a very fragile problem in very bad time.
Hey, must as well ask Temasek to take over the entire chain of entertainment industry like nite club, karaoke pubs and discos around boat quays and mohd sultan area, of course if they also want can take over all the brothels in Geylang area better still, maybe this not as risky as investing in childcare centres.
He said IF we have sufficient savings, and since we are bone-dry after getting sucked again and again and again, we don’t really need to listen to him.
After all, we are not the ones getting a 6 digit salary per month. Elitist scum. They want us to spend so that the economy will go up. Then, they will take credit for it and increase their pays even more.
Mr Goh tell Singaporean to spend just like what Temasek has spent in childcare centres with an intention to make Singapore richer. But the result is …….
So we can all see for ourselves what will happen to us if we spend our money when we don’t even know if we do have job the next day or not. I think only an idiot will spend his money without knowing if he can put food on the table for his next meal.
Our top brains of the country with six figures pay can spend as they like because, even if they don’t have job tomorrow, their six figures (or more) savings can put them through the next generation. But not for ordinary Singaporean. I guess Mr Goh has forgotten that we are not drawing the same salary as him.
“. I guess Mr Goh has forgotten that we are not drawing the same salary as him.”
$600,000 is just a peanut to him, his wife and his colleague but he forget that these peanuts come directly from the citizen ! That’s our taxmoney to give free peanut to these useless inept crap. How can these clowns feel pain when there are “capital guaranteed” monthly flow of taxpocket into these expensive clowns’s pocket ?
97) blade on November 8th, 2008 1.25 am
“buy groceries at local neighbourhood stores instead of big franchises to keep their business going.”
We definitely do not wish to see the economy comes to a stand still. But the question is – How many Singaporean can still spend without knowing if he can still keep his job tomorrow.
If our government really want to boost spending, they should take the lead to reduce rental (Capital Land property and etc) on properties own by the government so that the cost of business operation can be reduced immediately and result is a lower cost of goods so that Singaporean can afford to buy.
Cutting salary, taking away bonuses will only curb spending. This will definitely bring the economy to a standstill.
At times like this, I say we should trim some fat. First to go would be govt positions like MM, SM, Minitoots w/o portfolios ( what exactly are their
functions anyway? To collect millions in salary and dish out craps like this?)
Yes, the useless expensive presidency should also be dumped, and perhaps elect a voluntary one, one that really works for the citizens without the obscence
financial returns.
I am sure if this issue goes to a referedum, we know how the people would
choose.
Boast about IR to the world and now we the 1st in ASEAN to be in IR (IN RECESSION)
Singtel hiked,
Electricity hiked,
Transport hiked,
Salary ?
Bonus ?
Retirement?
Spend more ? Do I look like I live in a bungalow? Condo? Semi-D ? Do I look like I drive a lambo or even a mercedes?
Singaporeans are super good at SELF PRESERVATION. So, sorry ah Go, I money no enuf and will try my very utmost extreme best not to spend 1 cent if that is possible. I promise. Self preservation. Show us the rich are spending more.
Dear Mr Goh, for heaven sake do not continue to talk rubbish even if it was not your idea to deliver those speeches. why want to get your name smeared by your own citizens? when you are still one of those very few old guards that the people still have respect for? you have already made your mark so much so you should go and have a wonderful retirement instead, you don’t need to have that sort of money, do you? so why risk yourself a bad name to go down into singapore history with the rest.
basket spend some more, spend some more, spend some more, now the bloody condition so bad until i think i go geylang go sell backside also no one can afford to buy!
i thought someone said before that recession is good, and if there were no recession he will worry?
contradicting signals now?
GCT is one of the better minister and ex PM and I have much respect for him though he belongs to the old guard. He has actually brought about some changes in the country especially in the area of bridging the gap between governance and the public. – Gilbert Goh (#66)
Gilbert: Don’t insult the Old Guards. I wish Ong Teng Cheong is still around.
SM Goh should learn from President-elect Obama that at this point in time, especially during a global financial crisis and economic recession, people need to be inspired and not told what to do with our savings. Without hope (aka consumer confidence), would people even spend?
Singapore is not a welfare state and as her citizens, we must be very careful with our money and always think twice at least or thrice before we part them unlike those 10,000 investors of Lehman bonds,majority who are Uncles & Aunties who let GREED controlled them. – Andrew Chuah (#119)
Andrew: I am okay with all that you said in post #119, except labelling all the 10,000 investors as greedy people who are unable to think twice or thrice about their own money. Many of these investors had claimed they weren’t aware their investments were used to buy debt securities from a basket of companies, and they weren’t told the identities of these companies until the affected investors collectively demanded transparency from DBS.
Moreover, DBS deserves the 38% loss in their Q3 earnings no doubt. Since DBS is making loss, are Singaporeans’ savings still safe at DBS? DBS not only was thought by many to have cheated ordinary people of their life savings, and now DBS Q3 earnings drop by 38% while they just fired 900 people. Is DBS really a safe place to continue to put your money there?
GCT is one of the better minister and ex PM and I have much respect for him though he belongs to the old guard. He has actually brought about some changes in the country especially in the area of bridging the gap between governance and the public. – Gilbert Goh (#66)
Gilbert: Don’t insult the Old Guards. I wish Ong Teng Cheong is still around.
SM Goh should learn from President-elect Obama that at this point in time, especially during a global financial crisis and economic recession, people need to be inspired and not told what to do with our savings. Without hope (aka consumer confidence), would people even spend?
Andrew Chuah (#119),
I am okay with all that you said in the abovementioned post, except labelling all the 10,000 investors as greedy people who are unable to think twice or thrice about their own money. Many of these investors were unaware their investments were used to buy debt securities from a basket of companies, and they weren’t told the identities of these companies until the affected investors collectively demanded transparency from DBS. DBS deserves the 38% loss in their Q3 earnings no doubt.
Andrew Chuah (#119),
Please stop suggesting that all the 10,000 investors as greedy people who are unable to think twice or thrice about their own money. DBS was never transparent to the retail investors about the product nature, especially in the cases of mis-representation. DBS deserves the 38% loss in their Q3 earnings no doubt.
Moreover, DBS deserves the 38% loss in their Q3 earnings no doubt. Since DBS is making loss, are Singaporeans’ savings still safe at DBS? DBS not only was thought by many to have cheated ordinary people of their life savings, and now DBS Q3 earnings drop by 38% while they just fired 900 people. Is DBS really a safe place to continue to put your money there?
Since DBS is making so much loss, are Singaporeans’ savings still safe at DBS? DBS not only was thought by many to have cheated ordinary people of their life savings, and now DBS Q3 earnings drop by 38% while they just fired 900 people. Is DBS really a safe place to continue to put your money there?
Andrew Chuah, please stop suggesting that all the victimised retail investors as greedy people who are unable to think twice or thrice about their own money. DBS was never transparent to the retail investors in their dealings in the first place. Even the investment prospectus denies the relationship manager liability of the due fiduciary duty.
Mr Chuah (#119),
Please stop labelling all the 10,000 investors as greedy people who are unable to think twice or thrice about their own money. DBS was never transparent to the retail investors about the product nature, especially in the cases of mis-representation. DBS deserves the 38% loss in their Q3 earnings no doubt.
Since DBS is facing a lot of challenge in the financial markets, are Singaporeans’ savings still safe at DBS? Moreover, DBS not only was thought by many to have cheated ordinary people of their life savings, and now DBS Q3 earnings drop by 38% while they just fired 900 people. Is DBS really a safe place to continue to put your money there?
How to spend more when everything is still so expensive compare to last year same period? Merchants increased their prices since early this year and started to adjust the price from there onwards after the GST, NETS, inflation, roller-coaster petrol and electricity hike…….
Most mechanize price went up substantially within the year. If MM is asking more to spend to keep the economy moving then try first to bring inflation down. Once mechanize prices fall back to 2006 and 2007 level then more people will be more willing to spend that extra saving on home appliances, tour packages and fine dining…..
Else, keep the money in the bank since uncertain period is cash is KING!!
hi observer,
thanks for your clarification on your call to draw on the cpf. though i’m skeptical about the the plan, but as you have said, we all do not know about the effectiveness of the plan as we do not have the statistics and the characteristics of holders of cpf, eg. the amount they have in the various accounts, the monthly contributions, the liabilities like housing loan, etc..
some suggestions that might help in your call for the govt to look into the policy:
1) do some research the estimate the essential statistics
2) do a survey to see to check people’s views about the plan and if they think it would benefit them
3) send a more comprehensive initial study on the plan to the authority, with the support of more like-minded people
hi singlish,
with uncertainties ahead, people are definitely worried about the job security. it might be good if govt is able to decrease rental, but as most of our commercial developers are publicly listed, and with rental of hawker centers subcontracted to the private, i’m not sure if the govt is able to give rental aid.
the govt has a uphill task to bring us out of this recession. we, the people, can play our part too. even if we need to tighten our belts, there are still small things we can do to help our local businesses, as i mention in my above posts.
instead of buying newpapers from convenience stores, we can buy papers from the roadside uncles and aunties, who will depend on that for a living. instead of buying for large supermarkets, we can buy from small neighbourhood stores, especially if the price is the same. indirectly, we have pass the money from those big companies who earn huge profit back to our small businesses to help them to survive.
the next time when you want to buy something, would you think of the question “how can i spend my money better, which can also help our people, instead of adding more profit to the big companies?”