Most democratic governments around the world watches two socio-economic factors very closely - namely inflation and economic growth. Hence you get the the likes of RBA hiking rates repeatedly recently to pre-empt unnecessary inflation (predominantly housing inflation) in Australia, and the US Feds trying to balance their imminent hawkishness on interest rates (also to temper inflationary pressures) with continued dovishness to spur economic recovery and growth.
Heck, even a communist country like China is recently reigning in bank lending by increasing reserve ratio to bring down housing inflation, a problem faced by more and more Chinese citizens in recent years, to prevent any political hiccups due to social unrest.
Cutting the story short >>> high economic growth + low inflation = GOOD ECONOMIC GOVERNANCE. Singapore recently experienced the biggest spike in housing inflation during its worst economic downturn. That is bad economic governance, plain and simple.
Singapore's current leaders, instead of owning up to a bad performance, attempts to do their job using the cheapest instrument - words. They insist repeatedly that housing is affordable on one hand, against everyone's common sense, and yet they also claim that the rapid climb in Singapore's housing prices is a positive and purposeful result of PAP's good work in growing our economy and that is where your wealth and your kids' future wealth will come from. (Remember that when the economy is not doing so well, the fault is put squarely on global economies.) To dive into explaining that our recent growth has been merely a result of the blatant increase in population (hence no real net growth) will be asking too much of me at this late hour.
And to top it off, Lee Kuan Yew put forth the assumption that should Mah Bow Tan be ousted from Tampines GRC, everyone should sell their flats because it will become worthless???? I beg you, the reader, to spend some thoughts on how ridiculous the whole situation is..in any case, 80% of us live in HDB flats; what percentage of us have a second investment property? Can you really cash out on your expensive flat? Where are you going to live? Who benefits from property inflation? Your kids? Or millionaires with multiple real-estates in Singapore and their kids? Think.
Maybe it is time for Singaporeans to reflect upon why Singapore's current leaders run our country with such different approaches as the rest of the democratic societies. Are our collective intelligence really this low? Can you imagine an alternate reality where Singaporeans are able to build up their wealth by saving and not by betting most of their hard-earned money on further asset inflation down the road?
I hope our ministers can start giving some honest and intelligent answers that are not merely aimed to stem the loss of support votes. Let the truth be told, and maybe we can find some redemption.
31 comments:
-
forgive the old man. he knew not what he was doing.
recall other daft statements he made in a moment of senility:
1. our mothers and sisters will be maids in foreigner countries.
2. an army will be sent in when you get "freak" election results.
3. he wld raise from his grave if anything was amiss in singapore.
4. singapore is a trillion dollar economy
5. singapore is not a country and our pledge is only an aspiration, dun take it too seriously.
...
...
...
JUST VOTE OUT PAP.
-
in actual truth, if people actually listen to the the MM and start selling off their flats, the resulting supply glut would indeed drop (though worthless is the MM's doomsday scenario).
given the propensity of some singlanders who gulp down the MM"s words, it might actually happen.
-
Wow! the old fart rates Mah BT so highly.
So does that mean if Mah himself decides not to run another term, HDB flats will also become worthless ?
Having said that, what about MM Lee himself ?
So if he is voted out or retires to his grave, the PAP is worthless, therefore our city is also worthless ?
Geezus, then all Sporeans better pray that MM Lee has super longevity.
-
Quite frankly, I am observing this coming election to see whether there are any significant change in the political climate. I did not vote for PAP in the last election. If I see that my fellow Singaporeans are still apathetic to the pressing matters that affect all of us here in Singapore, I will begin my migration phase to another place. The problem is that LKY is still steering the ship and crafting the laws. He has presently said something that worried me. He cited that the real reason he brought the supposed foreigners and foreign talent in is to stretch and choke the present day laziness of our generation. He feels we have slackened. Hoping to have a decent home and what's sufficient for a short stay on Earth is not accepted by him. He wants to squeeze us to be cheaper and faster. He pays himself million-dollar salaries for doing what? For telling you, how complacent you have turned out to be. He does not want to build a Singapore product like the Japs or Koreans or Swiss. He wants to leverage on the people. The people is his product. So he wants to retain Singapore's prosperity the same way he got into politics. By squeezing every bit of juice he can from the people. Would you vote for someone who insults the same voter who voted him into power? I mean if Goh Chok Tong wants a gracious society, they need to stop playing dirty politics. The people have lived with these hypocrites and double-edged PAP tongues for 44 years. You gotta be kidding me if you can't see through their hypocrisy and deception. They have NO MAXIMUM wage on their million-dollar salaries yet at the same time, they INSIST the lower-income Singaporeans NOT be given a minimum wage to decent living. What are you really voting for?
-
To the 2nd post:
I wonder if Ng Eng Han will want to retract his statement of the usefulness of LKY for sprouting senseless threats.
To the previos post:
Exactly why Singaporeans dig our own graves. He takes away your wife, your kids and yet pple still support him.
To the posting:
Good point on who can have the ability to cash in on our HDB (whatever the price is) when 80% of us are struggling to make ends eat.
-
i hope people will wake up to the opposition's rhetorics. voters should bear in mind that their political aspiration is to ultimately gain power or be the next in charge. to do that, they have resorted to attacking PRICES or hitting out on topics that promise the supporters HUGE SAVING. since a large proportion of populace have yet to acquire a place of their own, they have become easy bait for the opposition who promise "change"
let the truth be told, this change basically entails the plundering of your PARENT'S HOMES or 90% of homeowners - including foreign investors. sure, it is a tempting proposition for those who have yet to own a roof over their heads but the consequence is an ECONOMIC TSUNAMI that will HAVE AN IMMEDIATE REPERCUSSION ON EVERYONE if not, sooner or later. the damages will GUARANTEE TO HIT THE POOR THE HARDEST.
think carefully. the old man is NO FOOL but is very in touch with the kind of world we are living in.
-
@anon January 28, 2010 2:31 PM
>> think carefully. the old man is NO FOOL but is very in touch with the kind of world we are living in.
Very in touch with the world we are living in..
So is "2 is enough" policy very in touch?
GIC/TH long term investments very in touch?
More Golden years very in touch?
Chinese language learning very in touch?
..
-
@anon January 28, 2010 2:31 PM
You don't own HDB. (99 year leasehold)
HDB OWN you. (35 year mortgage + tax + conservancy fee + have to report if you rent out even just 1 room)
-
"the old man is NO FOOL............"
well, you are quite right.
That is why his system of meritocracy includes the son, daughter-in-law and a bunch of chimps.
That is why he put in place kangaroos to provide legal wisdom.
There is a lot more from the old man but thankfully many Sporeans are NO FOOLS either.
-
Frankly, something drastic ought to be done about it.
This place is sometimes worse than the communists. At least the communists come out up front with their actions and reasons.
The govt here blatantly denies everything, even when it is plain as day to Singaporeans and outsiders. This place is a world class version of Burma, the govt's bedfellows in politics.
-
you put the guy in charge, he did his thing and as a result, some unhappy policies and decisions. instead of harping on it, look at the bigger picture. he is just another brick(alright, one of the pillars).
if you don't treat him like a god and talk about him as if he calls all the shot, he is not one.
hdb owns me?
i don't think so. as a citizen, my commitment to a home here is my social contract with the people, the government and my country. what "owns me" though is the work i do here which goes into building this country - including my home. unless of course, you don't believe in what you do, then you could become a slave. but if you do believe in what you do, your social contract and your mortgage is one and the same.
-
"There is a lot more from the old man but thankfully many Sporeans are NO FOOLS either."
many Singaporeans believe in religion.
-
@anon January 28, 2010 2:31 PM
i hope people will wake up to the opposition's rhetorics. voters should bear in mind that their political aspiration is to ultimately gain power or be the next in charge. to do that, they have resorted to attacking PRICES or hitting out on topics that promise the supporters HUGE SAVING. since a large proportion of populace have yet to acquire a place of their own, they have become easy bait for the opposition who promise "change"
There are politicians/public servants who serve the public, and then there are politicans/public servants who are self-serving. Anywhere in the world, everywhere in the world.
Just because the old man & the PAP are self-serving politicians does not mean all politicians in Singapore are self-serving.
Logic like yours only betray yourself as a typical PAP apologist.
-
"Just because the old man & the PAP are self-serving politicians does not mean all politicians in Singapore are self-serving."
meritocracy is self serving. are you saying you do not subscribe to meritocracy?
-
Everyone, including oppositions, should ask this questions to PAP and ask this repeatedly, everytime PAP mentioned about our so called HDB "asset".
1. How are we to monetise this so called inflated asset?
2. Does PAP intend for us to sell our house, which has full of life's memories, our first moving in after wedding, first child, children growing up, years of family celebrations, to move in to a tiny studi apartment in our retirement years? Is this what we are looking forward to? Is that the way to monetise our "assets"?
3. Does PAP expect us to rent out our flat partially to strangers to share a flat with all the family memories, to monetise the flat?
Please think about all these deep questions before we all blindly echo about this "asset"
-
Frankly, I really don't see the logic why is he tasked with answering these questions given that he is supposed to be a Mentor. Shouldn't his PM son be the right person to address these issues or is it because his PM son doesn't have the caliber and is afraid to to made another blunder like 'spending his precious time to fix the opposition' or 'mee siam mai hum' ?
So is it because it would be better for our PM to shut his mouth as less talk mean less trouble ?
And according to LKY, for those who managed to ballot for a HDB flat at the Pinnacles, don't forget to vote for PAP. But the old man seems to forget that the reverse is equally true : If you are unlucky, just remember don't bother to vote for PAP.
What a joke !
-
1. How are we to monetise this so called inflated asset?
2. Does PAP intend for us to sell our house, which has full of life's memories, our first moving in after wedding, first child, children growing up, years of family celebrations, to move in to a tiny studi apartment in our retirement years? Is this what we are looking forward to? Is that the way to monetise our "assets"?
3. Does PAP expect us to rent out our flat partially to strangers to share a flat with all the family memories, to monetise the flat?
obviously you are not in the shoes of the desperate. trust me, you will find ways to monetize when the time comes.
-
just watched renovaid. real eye opener especially the last case. renovaid last case involves an odd old couple(HOPELESS POOR underclass) whose state of house reflects their erm...mental state.let's put it another way. their hdb 3 rm is simply not fit for human habitation - close cousin to rubbish dump. anyone who lives in their home must be prepared to sleep with FILTH, cockroaches and bedbugs. and the amazing thing is, they still managed to find tenants or there are foreign workers(shrewd china chinese) who are willing to pay good money for that kind of living experience.
get the message?
now go and thank your government.
-
@anon January 28, 2010 8:49PM
meritocracy is self serving. are you saying you don't subscribe to meritocray?
don't confuse elitism with meritocracy. get it right.
-
without meritocracy, there won't be elitism. meritocracy is the stepping stone to glory. elitism is the pedestal of glory.
we practice a kind of meritocracy that gives power to elitism - the strongest and the wisest shall be the loudest.
-
@Anon January 28, 2010 8:08 PM
If you think that social contract is the same as mortgage, I never recalled agreeing to a contract that changed from:
"Have a 4-room flat and pay it off in 8-10 years with my average salary" (during my parent's time)
to
"Have a smaller 4-room flat and pay it off in 30-35 years with my average salary" (current situation)
The social contract in Singapore seems to come with the "terms and conditions may change without notice at anytime, at the ruling party's whim" clause. You might think that it is ok for a country to behave in that way. I don't.
-
any social contract can be abused just like in a marriage contract but does not mean it is fundamentally wrong to get married?
-
amused,
you should ask yourself whether you want the good life. do you like beautiful things and surroundings? do you enjoy good food and to buy what you want? do you believe in being the best at what you do to fit into the social system?
if you, or the average person, want all of the above, you may, or eventually, have to work harder and longer for it.
so don't blame your leaders for a raw deal. blame yourself!
-
I can't stand it whenever people assumes that Singapore is giving its citizens a "good life" and hence we have to "work harder and longer" or be "cheaper and faster". And if anyone were to question this fact somebody will invariably throw out the "just look at indonesia/malaysia" and so on and so forth.
-
Observation: See how we all post as "Anonymous"? This says it all!!!!
-
on social contract and mortgage.
you think thirty years loan is a drag? the social contract may have to be extended the longer you live.let say your life span increases by another 10 to 20%, your loan period could be extended by another 10 years.
in other words, the longer you live, "the social contract" stretches even more.
so don't be surprised.
-
VOTE OUT THOSE MILLION-BUCKS MINISTER FROM 5 GRCs, N THEY WILL LEARN.
If my memory serves me well. When he was the then transport minister, he was against buidling of the NEL, insisted that commuters have to pay higher fare, blah blah, for the simple fact that it runs through Potong Pasir. That man obviously is not even MP material, let alone minister.