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1/04/2011

More happy news abound

With the GE around the corner maybe it is not surprising that we are reading more happy news in the media. The most serious problem, one which many people are very angry with is over. The high housing price is slowing down man. It is not going to run away, unstoppable. The govt, or to be specific, Mah Bow Tan, has done a fantastic job in reining in the high housing price. The curbs are working! Last year resale price rose to a near record high by 13.3%, or near 14% by another main stream paper. And the good news, the rise is slowing down, wow. Just like the COEs, it is getting nearer to $100K, but slowing down. So it will be high but not running away. What a fucking relief! Cars will be affordable, and housing will be affordable too. No more worries. House hunters can now breathe a sigh of relief. The prices will still go up, and hopefully less than their annual increments. Time for celebration, time to pop the champagne. And they better appreciate what the govt has done to curb the rising price and say a big thank you to Mah Bow Tan. He is the hero, the saviour who prevented housing prices from going higher. Hurray, the ground is sweet and time to call the GE.

16 comments:

Wally Buffet said...

Shorty Ma is da Man!

Hehe.

Matilah_Singapura said...

Not a big fan of the PAP but... Mah is not to blame for the escalating HDB prices.

Unfortunately, everyone is fucking him -- from Tomorrow.sg to the Temasek Review.

HDB's and other property should be bid up higher and higher. Fuck, it -- take advantage of the liquidity -- borrow and spend and borrow some more!

... because when it crashes, it will will sweet music to some!

Wally Buffet said...

Hey Guys,

Something weird is going on at this site.

A post I made completely disappeared.

It might save you guys a lot of trouble reconstructing the comment if you copy whatever you have written first and if the comments disappear, paste it again.

I will try and rewrite.

Matilah_Singapura said...

Please also fill out this form if you are having issues
http://spreadsheets.google.com/viewform?formkey=dEpRZEk5YzRmVUQ5d3B4ZFVSYVQ1UFE6MQ

Matilah_Singapura said...

Please also fill out this form if you are having issues
http://spreadsheets.google.com/viewform?formkey=dEpRZEk5YzRmVUQ5d3B4ZFVSYVQ1UFE6MQ

Wally Buffet said...

Read about this chap Here

Particularly telling is this comment which he was reportedly said to have made and now repeated here:

"Nobody, no matter how prescient, no matter how clever, would have been able to predict that this was what was going to happen",government scholar turned National Development Minster explaining why he failed to anticipate public housing prices remained high while in midst of 2008 credit crisis, from "Asset that keeps growing", Dec 30, 2009, TodayOnline.

Got it but we did handsomely pay for someone clever enough to anticipate this did we not?

I am not in the mood today to say "Hehe" because this diabolical housing problem is going to haunt us many years down the road when, long after I am gone, my grandchildren will have to give an arm and a leg just to get a leasehold pigeon hole to roost in. It might be prudent now for him or his well compensated successor to apply intellect, astuteness, cleverness, acumen, foresight, whatever, to anticipate the problem. The same excuse uttered a second time won't sound quite convincing as the first, not that the first was anywhere believable.

Matilah_Singapura said...

The only way to keep prices at their "normal" levels, and prevent rapid increases, is to hold fast to a hard money philosophy.

Lee Kuan Yew said years ago that maintaining the "purchasing power of the Singapore Dollar" was of utmost importance/ priority. That was when the MAS was a 'de-facto' central bank... a sort of having a central bank, but not officially.

Ever since MAS has had full status of a central bank, that shit completely changed. The Keynesians, fiat-money, hi-liquidity, print-money lovers sneaked into the system, and ever since then inflation in Singapore has increased.

It is not Mah's fault the prices of HDB have gone ape-shit. It is solely the fault of the MAS, parliament and ultimately BG Lee -- who is a mathematician and ought to know better.

Chua Chin Leng aka redbean said...

There are many ways to maintain the value of the S$. One way is to increase its value against the US$. Another way is to print money. Never mind if one has to buy a HDB at $500k when it used to be $250k. Just double the money supply and every can feel rich and pay the $500k.

A QE as I have suggested, paying to the people, may just do the works.

Anonymous said...

I am very very thankful to our Housing Minister Mah, by his fantastic and wise administration of the HDB, my humble HDB unit is now worth much more than when I bought it. This means that my fellow 85% compatriots too are having similar windfall like I do.

Imagine if the HDB price rises another 50% or more, many of us would be able to buy big landed property abroad, maybe with built-in garage, swimming pool with chauffer and maids to serve us.

Singaporeans must appreciate and be grateful that the government and especially Minister Mah have enhanced the values of our assests without us having to work for them. Currently, 85% stand to gain +/- 20% new buyers who may have to wait for my hope of another 50% rise in HDB prices and they too will gain, albeit having to wait just a while more.

Once more, I say do appreciate our leaders for the great stewardship of this barren small little island.

Wally Buffet said...

Hehe,

OK, I'm back to my happy go lucky self.

You must have been rolling on the usually deserted beaches of Fremantle too much and not been back in the "hotel" for some time.

The escalation of HDB prices are primarily due to the sudden influx of foreign trash ballooning the population dangerously as well as poor anticipatory building demand planning. It's simply a supply demand equation and inflation has minimal effect. In fact, this escalation in basic housing prices has a knock on, knee jerk effect on inflationary trends in the general economy that if left unchecked will simply erode the living standards of the typical Sinkapoorean. The Swiss standard of living then would be more of a pipe dream than a reality for many.

Wally Buffet said...

Anon.

Maybe that's one way to get rid of the whiners and ranters and in their place, welcome the grateful new citizens who are prostrating before the Gods for the good fortune befalling them when given the red IC.

Agree that it's a good farewell gift though, exchange your pigeon hole for a mansion complete with swimming pool, double garage, sauna, valets etc. somewhere in the deep unexplored jungles of Kampuchea or other third world developing little tiger economies.

Hehe.

Anonymous said...

For Singaporeans who have yet to achieve the Swiss standard of living, just be patient as Anon 11:34am advocated. Another few more rises in the public housing and the Swiss standard of living seems not only possible, it could even be surpassed. The Swiss hardly have chauffers and maids.

Anonymous said...

Good ah, COE price stabilised oledy ah. Can buy car liao ah.
knn, money no enough even to buy COE. Price stabilised so what, bluff who?

Wally Buffet said...

HDB flats and cars, two things dear to the hearts of Sinkapooreans. Soon, both may just escape their reach.

No wonder the casinos are packed even with the $100 surcharge. And that's not counting the long queues at the 4D and Toto outlets. Make some money to pay for the roof over your heads and also bid for a COE to own a little jalopy. Makes you wonder why there are not more road rage on the roads.

What have we sunk into?

Anonymous said...

Mr Wally Buffet, having Swiss standard anywhere does not matter.
Lusting for Swiss standard is like lusting for sexual gratification, having it satisfied in Geylang, Patpong or Phuket are all the same. Tanjong Pinang and Batam maybe better to some for those looking for compatibility to Faith.

Matilah_Singapura said...

In the posts that would not go up in the QE thread, I basically said that in this “new world” of economic and financial lunacy, combat and quest for domination…the game is up.

The current strategy for most countries is competitive currency debasement – who can make the most “competitive” currency. And the way to do it: money supply inflation.
The cost and dangers: price inflation, asset bubbles, irrational PE ratios for equities, commodity bubbles, capital misallocation, the danger of credit defaults, …and of course the ‘invisible tax’ on the average citizen/ wage earner – a mechanism which decreases the purchasing power of the currency unit.
The benefits, large benefit accrue to those who are “connected”. Anyone who gets the “new money” FIRST is connected. The govt, the bankers, certain financiers – all get the new money first and thus are able to spend it, get more for their money BEFORE the prices eventually rise.

By the time Joe Average Worker/ Citizen gets the money, prices and asset values are off the scale.

So to avert civil unrest and production collapse – the govt increases liquidity – by QE – either by lowering interest rates, reducing mandatory bank reserve ratios or FOREX mechanism or a combination.

Don’t worry Helicopter Ben is inspiring many disciples all over the world. Bernanke is the new Fiduciary Messiah. All bow to His Greatness. He will make everyone (nominally) rich.

Fuck the Swiss standard of living. The Swiss are printing money too!

All your money is going to be as BIG as the rupiah soon. Be happy!