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7/11/2009

Don't be cock, learn from the Americans

We are America's most ardent fans in everything the Americans do. We will eat shit if the Americans say it is good. We have copied and aped practically everything they do in high finance, managing the stock exchange and playing with derivatives under a policy of free wheeling and dealing with minimum supervision. Now the Americans have created this huge mess for the world. But the Americans knew that they have done wrong. They are thinking deeply on where they have gone wrong and are trying to rewind from their mistakes. They are not foolish or stubborn people who refused to admit their mistakes and will continue to do the silly things. Today I read in the paper that Geithner is seeking more curbs on derivative dealers. The days of free wheeling and dealing with minimum supervision and control are over. "'We propose to require all derivatives dealers...to be subject to substantial supervision and regulation, including conservative capital requirements, and strong business conduct standards,' Mr Geithner said, essentially acknowledging there were few limits in the past." In addition, these traders are required to keep records and reporting requirements. The objective is to prevent market manipulation, fraud and other abuses by providing full information to regulators about activity in the OTC derivatives markets. I think this is not enough, especially in a small market like SGX. Market manipulation through huge buying or short selling and programme trading, among other things, were the tools that big funds and house traders employed to exploit the weaknesses of small traders. Small investors have been incurring huge losses over the years without a clue to these unfair advantages and manipulation of big funds. It is time to continue to follow the Americans and rectify the flaws in the financial system instead of adopting the belief that no complaints means that everything is doing well. Stop the bleeding in the stock market where small investors have their pockets emptied by the big players. The new measures to be introduced by Geithner will dampen the high volatility of the stock market. But it is a necessary evil to contain the destructive manipulations and excesses of the big funds. The volatile trading activities must be curbed and some sanity return to the market. The stock market must operate and on its original premises and assumptions and sound principles, not the rules of a casino.

8 comments:

Wally Buffet said...

Learn from the Americans?

We are in this shit because we LEARNED from the Americans!

What a conundrum!

They are the cause of this world's problems. From the meltdown in the world's financial markets to the riots in Urumqi,Xinjiang, PRC. What do you call a country that lives on the never never? NEVERLAND of course! May Michael Jackson my singing idol of days gone by rest in peace!

redbean said...

at least they knew what they had done wrong and is correcting. we are still in dreamland. nothing is wrong. oh, neverland is a better word.

just keep sleeping and pretend that nothing is wrong. then nothing is wrong.

Penn said...

Learn from American or stay cock. Huh!Our ministers are educated there. Old man despised our own uni grads and heep praises on Alcano IVY league. Do you still send your kids to local uni when NUni is not as good vs IVY league. Old man message had yet to ractified this view. So it is still valid cos old man think talk sense. Minister (including PM)send their kids to States. ... what does that say to you?

Minister married white wives and have to look after extended family also.

Everyday you read Dow Jones to punt buy or sell and that will not change for another 50yrs.

We should not just go America bashing - not all things are bad. If we adopted greed using an America ruler, it is just an excuse to cover up eroding integrity in our own commune. If our own integrity had remained, none of what america does can alter our fate.

Greed for MONEY & abuse of power exceeded all virtues and integrity. Bottom line - our own had eroded becos there are too much monies to spend and greed had set-in. There is great need to conceal many nonsense which had taken place. They will do everything to conceal it from us.

Anonymous said...

'They are the cause of this world's problems.....'

That's true, but try to convince the hardcore American supporters and they will quote China, Iran, North Korea and some African and South American countries as the real culprits because of their rulers.

When countries have trouble, you can bet the US has a hand, either openly or discreetly, using the CIA for undercover operations or through third parties.

They are always in denial about involvement, but consider the number of times they were found to be involved in attempted regime changes. They were involved in Iran (with the Shah), Iraq (with Saddam Hussein), Phillipines (with Marcos) and in Cuba where they were not successful, among a host of other countries.

Yes, our leaders should learn from the Americans, if only we were that big in size and stature.

Lost Citizen

redbean said...

we have been blindly following what the americans are doing in many industries, finance, insurance, medical cost, high remunerations for employees etc except pay for politicians and civil servants.

with the financial crisis, the americans have woken up from their folly and trying to do some damage control. in our case, the shit is everywhere, smelly, but no one is feeling or smelling them. we would be drown in the same shit if we don't haul ourselves out of it like the americans.

Lost4ever said...

Bet they will create some more greater mistakes to cover up the current ones.

Someone just commented in your blog that the property prices are going up because we are going to have a target 8 million residents on this like red dot.

Matilah_Singapura said...

Echoing the sentiments of Wally:

Therein lies the danger in learning from anyone - especially from those who claim some form of "authority", for e.g. parents, religion, government, "ex-spurts".

Learning is a process. Thus there must be checks and balances to minimise the likelihood of error. (minimise error, not eradicate error, totally, which highly improbable). The best starting point for these checks and balances is the ability to think for yourself or to think critically and be quick to disagree with any proposition which seems fallacious or too "way out".

If you choose to follow a fella like Geitner without thinking for yourself, then I'll be waiting with aniticipation fro your eventual fuckup, so as to satisfy the schadenfreude in me.

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