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9/11/2012

Consequences of bad govt policies



When a murderer killed his victim, only the victim and his closed ones would suffer the consequences and live with the pain. Even if the murderer killed two victims, at most 4 families will be badly affected. When someone in govt makes a bad policy, thousands, hundreds of thousands or even millions will be affected, good or bad. The karmic retribution is not some to fiddle with and to be ignored. When a bad policy affects thousands of people, the grievances and curses of the thousands of people would be directed at you know who.

The bad housing policy of the past decade is a ‘bad’ example of what bad policy is all about. Take the current revision of eligibility for singles to buy direct from HDB. If they were allowed to do so 10 years ago, they need not have to pay such a high price of today. Some may no longer be able to afford the current prices even from HDB as their income may not have kept pace with the price surge. Some may no longer be eligible as the 10 years could see their income exceeding the HDB ceiling. For those who could buy, the price is so much higher. They were all victims of bad policies.

The single mother and divorced parents too become victims with the runaway prices. Allowing them to buy now instead of 10 years ago is no real reprieve as the prices would be beyond many. They too would have to pay for the price of bad govt policies.

The policy of not building until the order book is full and the 4/5 year wait also affected many adversely in monetary terms. Many waited, from being eligible to ineligible as their incomes grew. Many Sinkies could not even buy a HDB flat while foreigners who just turn citizens could do so and profited from those Sinkies who were forced into the resale market, and to buy from the foreigners. How crude and callous could govt policies be, favouring foreigners and discriminating against its own citizens. Many have to pay so much more, like paying a fine for a crime, to buy from the resale market or the private developers. Could clever policy makers realise that something is wrong in their bad policies?

There are others who were affected not financially but equally bad. The haughty and arrogant demand that young people who want to buy flat better quickly get hitched to be eligible had seen many rushing to the ROM to register as man and wife. And after the 4/5 years’ wait, before the arrival of the flat, they could end up as divorcees, without even married in the traditional way. They could have still stay apart, like two individuals. Now they would be classified or known as divorcees. If the divorce gets through quickly and smoothly, things may not be so bad. Some drag on and on, all because of the edict from the HDB, get married or else no flat. And get married fast to get flat earlier.

Then there would be those who saw a good financial gain by getting married, get a flat, sell it for a good profit without thinking much. And by the time they sold their second flat, they will find themselves at the end of the road. No place to stay, no more HDB flats to buy except from the resale market. The profits they made could be enough to buy that new car that would no longer be new and gone in 10 years. So they ended in the beaches or the parks, or waiting for rental flats.

But not everyone is suffering. The happiest people are the new citizens who bought direct from HDB and could sell to these loser Sinkies at a huge profit and to renounce their citizenship and disappear. Great job and sure profit that daft Sinkies would have no choice but to pay.

Many Sinkies are badly affected by the bad housing policies. And there is no recourse, no restitution, no apologies, no regrets. It is just too bad. It is all their fault, not the bad policies. No policymaker has to miss a heart beat for these losers. They have all done their jobs very well.

While Boon Wan is still trying to unravel the mess, would he bother to look at those victims of the bad policies still hanging and dry? I doubt so. Not his problem. He did not create them. Life goes on and the thousands that were affected are history. How many were made much poorer, how many still cannot buy a HDB flat, how many are divorcees and unable to remarry because of their past status?

53 comments:

Anonymous said...

"While Boon Wan is still trying to unravel the mess, would he bother to look at those victims of the bad policies still hanging and dry?"

That's why Ministers should always be rotated.
So nothing bad will remain stuck.
Teflon management.

Solution:
Hold the political party responsible.

Anonymous said...

Mr Chua,

Come on ! Pl don't stir emotions just for the sake of attracting eye-balls to your blog, or gathering more followers to your fold. Are you going to join the unthinking mob on such a ridiculous logic: When the government refuses to change its policy, it is being accused of not listening to the people or out of touch with the people ? But when the government decides to review or change policy, you again throw stones and cry that the past policy was bad and hence seek retribution ? Hey, talk is cheap. Why don't you try your hand in running the country ? Although I agree with you that bad government policy can be worse than murders [苛政猛于虎], the past policy on HDB restrictions to singles surely can't be viewed thus. It was a result of compromise and balance of different needs in the past. [Just like the stop-at-two policy of the past, which is now being painted as one which caused the current dismal TFR !].

Mr Chua, As I have commented before, I have always been impressed with many of your past postings, which unlike many other blogs [just filled with hate, vitriol, ill will, shooting-from-the-hips rantings etc], are balanced and insightful even though sometimes filled with wicked humour. Sigh...why this decision to join the mob ?

Veritas said...

To unravel the mess is extremely easy but impossible under current the status quo. The solution is not taking HDB price down. But rather, it can be done painlessly by maintaining HDB price constant, then increase our wages, at the same time de-value SGD.

Very Easy.

However the above measure go against the rich and parasitic financing sector. You will be sure PAP will continue to do the wrong thing.

Chua Chin Leng aka redbean said...

Anon 9:17,

You are practising talk is cheap as well. Did I criticise Boon Wan for what he is doing? Do you know how many people fell victims to the bad policies and still suffering and paying for it? What are you going to do about it? And don't give me that PAP crap that you think you can do better or why don't you run the country? This kind of cocky and unreasonable argument is only good in parliament and on one's own turf.

I am harping on this issue because many of the victims are still suffering and the govt can do a lot to minimise their hardship because of bad policies of the past. And it is only through harping and kpkb in the net that things get done, like the singles and the single parent families.

Boon Wan also acknowledged by saying he heard them, from where? From you or the main media? No, from the kpbk by the bloggers.

Without the internet, many wrongs would have been buried and forgotten. Look at what is happening to pension in today's paper? What do you think caused the govt to remove this policy?

You can't even distinguish what is feedback and 'shooting from the hip' as you said.

Why is the govt listening? Listening to who, the main media?

By the way, what have you contributed positively other than trying to kpkb here?

Anonymous said...

Agree with Redbean. The honourable thing to do is to admit the mistakes made. The next honourable thing is to correct the mistakes made. And a more honourable thing is to help those that were victims of the mistake and minimise their misfortune, turn back the clock in whatever way possible to make things more equitable.

The dishonourable thing to do is to ignore their plight and say, it's done, what to do? Water under the bridge.

Veritas said...

Most failed to look deeper into the problem. The origin of worldwide asset inflation origin from FED. As USD is the reserve currency world wide, when FED start printing, price level will rise everywhere in the world.

To maintain a illusion of low inflation, the excess liquidity got to be soak up somewhere. The liquidity must not foremost to go into commodity. Hence all policy maker in the world coordinate property hike.

The atrocious nature of such scheme is QE is designed to save the banks, who are the biggest parasite on the earth. The bankers are still rich, laughing their way bragging they are talent.

Next, while PAP raise salary for themselves, cushioning from inflation, they design a policy to bring down wages, especially on the low income group.

Anonymous said...

Give this man a tiger. RB is hitting all the right buttons. Let's see how far he can take this :)

Chua Chin Leng aka redbean said...

Thank you Anon 9:56.

And Veritas, you are saying it clear and simple. The QE is not so innocent as saving the bankers. Brazil is threatening the US with tough actions should FED go ahead with QE3. This is very destructive to the creditors and holders of Treasury notes.

The ass thing about our property angst is that it need not be if the policy makers are conscientious and think a bit deeper. The big problem we faced today is a confluence of bad decisions, allowing an influx of foreigners, selling excess stocks, not building, allowing foreigners and PRs to buy properties including public housing.

Many of the hot money coming in are dirty money trying to find a safe heaven for laundrying. They will pay any price just to clean the money. And our limited supply will only mean one way up for all properties. And if this crazy thing is not stopped, the whole island will be bought by hot and dirty money.

Anonymous said...

So your problem is the money changer?

Veritas said...

To put it short, our problem lies in SGD. I have commented on it several times.

We need to destroy SGD in its present form and replace as with gold standards.

By doing it, we effectively do away with GIC and a large part of Temasek. When our reserve is in gold, we do not need these two moron sovereign fund to help us invest.

The value of gold will grow automatically, relative to the aggregate advancement of society.

Anonymous said...

Think harder...

theonion said...

Redbean

I would be most happy to see your comments when there are surplus flats and prices drop 20-30% across the board and a number of people have negative equity.

I still remember when there were surplus flats as late 2003 and writing in to REACH and etc to leave it be whilst the overwhelming majority of oppos than use this to beat the govt witn a big stick.

So lets see the tune than.

Chua Chin Leng aka redbean said...

Hi theonion,

Many policies once taken are very difficult to unwind. It is not that they cannot be unwind, to do it with the least damage. The housing policy and the population policy are two of such examples. Don't expect me to find the answers. I am not responsible for them and neither am I paid to do so. Pay me the millions that I will work on it.

If, yes, if pigs can fly. If the govt have not gone down this road, if the excess stocks were not quickly sold, if the housing prices were not allowed to balloon. Now many are captive prisoners and held in ransom and fearing that falling prices will kill them.

Whose problem and who is to solve them? Me? Nay, not in a million. Barking up the wrong tree, like killing or blaming the messenger.

Anonymous said...

Ask, who have vested interests to want property prices to shoot to the sky?

Veritas said...

So long as FED continues QE to infinity, you will not see property crash.

The bankers and status quo are too confident that they can suck public dry without consequence. I predict if we go on this way, we may have an hyper-inflation. Then civil war may occur in USA, followed by a crash of everything....etc

Lawrence Siow said...

Well said red bean! Anon 9.17 TCSS

Chua Chin Leng aka redbean said...

Thanks Lawrence.

And Veritas, your prediction, unfortunately, is going to come true. As for Sin, the property problem can be contained with wise policies, not the selfish policies or policies of greed.

The property market door can be closed. Hongkong is closing it and trying more ways to prevent foreigners from buying and pushing the price higher.

Alas, with so much vested interests at stake, you would not see any real curbs to prevent prices from rising.

Anonymous said...

Property gains provide a lot of liquidity in the market to sustain YOUR businesses and YOUR jobs.

You curb that, or worse, bleed EXTRA spending power, you may lose your jobs,homes and wives(and children)

Chua Chin Leng aka redbean said...

That is a myth. In the early 90s, when property prices were less than 1/3 the current value, we had the best bullrun in history.

Today, the market is dying while property prices are at its highest. Where is the corelation? Or has all the money been absorbed by properties?

There is the real and the unreal, the truth and the myth. Do not simply believe in things people said. Look at the facts.

Anonymous said...

The market is different then and now. Look at your food courts now and then for instance, not same.

Costs of doing business has escalated and there are many high end product and businesses now than decades ago.

Where do you get the extra spending power to sustain luxury?

Anonymous said...

Imagine what you can do with extra $50k to $1m in your pocket or more?

You start thinking about holidays, buying car, eating in posh places or good food, buying electronics, upgrading your home, upgrading your wardrobes and even giving your face a woffle wu treatment etc

Hey, no money no talk....

Anonymous said...

No wonder the poor will sell his home to live in tent.

Anonymous said...

You bought into a "good life" . You were SOLD into your own lusts. Who led you there?

Anonymous said...

"When a murderer killed his victim, only the victim and his closed ones would suffer the consequences and live with the pain. Even if the murderer killed two victims, at most 4 families will be badly affected. When someone in govt makes a bad policy, thousands, hundreds of thousands or even millions will be affected, good or bad. The karmic retribution is not some to fiddle with and to be ignored. When a bad policy affects thousands of people, the grievances and curses of the thousands of people would be directed at you know who."

So how would the court judge when RIGHTEOUS people kill millions?

Anonymous said...

Please don't ask the blogger who was invited and humbled by a friendly investment CEO( a big fan of his)to ask the big guy to shoot himself or he will not be invited to the palace again and drink tea with him.

Anonymous said...

He liked the guy for liked him....aaaawwwww.

Anonymous said...

Anon 9:17 is having a conversation with Redbean, sadly the frequencies do not matched.

Anyway, fully concur with Veritas that civil war would happen to the US. As said years back, the Americans will be back to their cowboy ways and firearm had been put to use frequently now at random. It can and will be used on a wider scale as time goes and escalate to wars within the US.

Me will not be surprised if some more US political leaders get assassinated in the near future. Even business leaders could be targeted as they are in cahoot with their political leaders.

Some texts i read said that we are living in a evil era. Though i do not feel it is that bad, do feel that the bad is getting worse by the days.

Anonymous said...

You talking civil war in Sin?

Anonymous said...

Read or heard about proceeds from sales of Public Housing to be put back into the CPF ???

Chua Chin Leng aka redbean said...

This public housing and CPF savings things will become a hot potato once the people say enough is enough. At the moment the govt still think they can do anything they want with the people's savings.

The position today is the HDB is your flat but not your flat. The CPF is your money but not your money.

Chua Chin Leng aka redbean said...

Anon 9:17's approach is very familiar. Make a few accusations to put the other on the defensive. Challeng him to run the country which is superfluous and nonsensical. They did that to the opposition many times, telling Chiam to build HDB flats, telling them to come up with solutions and all those things.

I could accept the challenge if it is a serious offer and meaning it, provided I am given the resources and of course being paid for it. I could put up recommendations on how to solve the housing problem or even how to save the dying stock market.

And it cannot be done by simple saying it. It is a serious and massive work that requires manhours and access to information.

Anonymous said...

Anonymous said...
You talking civil war in Sin?
September 11, 2012 12:58 PM

Haha... You are hoping for it to happen ?

Good luck ! May You wish be fulfilled.

Anonymous said...

Read or heard about proceeds from sales of Public Housing to be put back into the CPF ???

September 11, 2012 1:16 PM

I ve said that years ago, now they are thinking about it? that my dampened sale and prices....or demanding higher COV, worse...under table money

Anonymous said...

It's happening...civil at the moment.

Veritas said...

Put it this way, CPF is a form of tax. 35% for middle class and 0% for the rich. PAP give us two unpalatable option to do with CPF. First, you buy property with it supporting our real estate ponzi. If anything bad happens, you go bankrupt.

Second you do nothing with your CPF, and PAP is going to inflate away its value. You can wet dream CPF will be enough for your pension. By the time you retire, SGD100 probably is going to buy you a piece of toilet paper.

My proposal is since PAP wants to lock up our money, then we must be able to save in Physical Gold Bullion. By the time we retire, instead of delivering us useless SGD, CPF must deliver physical gold. That will foil all robbery by money printing and precisely because of this reason, you will not be allow to buy physical gold in CPF.

Anonymous said...

With all the shits coming after Minister Heng Swee Kiat started the Conversation initiated by the Prime Minister, is anyone still interested in the Conversation ?

Anonymous said...

Even the bloggers are useless :)

Anonymous said...

U r spot-on !

Anonymous said...


Mr Chua,

Once again, your outbursts show that you are no different from the rest of the kpkb crowd. I am afraid that in so doing you are suffering from the very same problem that you are accusing the gahmen of. Happy kpkb !

Anonymous said...

Anon September 11, 2012 2:17 PM must be very very different from all the rest here.

Wonder why he/she is kpkb here as well......funny!

Chua Chin Leng aka redbean said...

Ah Anon 2:17,

I have been reading you and watching where you are coming from. I have worked with gods but never claimed to be god. I have told the bloggers here that I have all the warts and scars of a normal bean.

I respect all bloggers as long as the intent is not personal and they are not here on a paid mission.

Anonymous said...


Mr Chua,

Point taken. Don't worry. Nobody is perfect. Just like you, I too am an ordinary soul. I don't expect you or anyone else to be perfect. In fact, I have always been a quiet reader of many of your past balanced and insightful pieces. I decided to write my friendly response to some of your recent postings. Not against you in person. But more of a comment with regret on some of the points you made which to me only serve to encourage noises and rantings ( which are so prevalent in other sites like Temasek Times and TRE). Happy blogging !

Anonymous said...

You want to reduce bad govt. policies.
Then you must punish bad govt. policies by voting opposition.
Otherwise you send the wrong message to the Millionaire Ministers.

You say my policies are bad.
But 60% of Singaporeans still vote for me.
Therefore my policies are good.

You say GRC is bad.
But 60% of Singaporeans vote for me.
So GRC is good.

Anonymous said...

Err...cut the crap. Nail the coffin where it counts.

Next...

Chua Chin Leng aka redbean said...

Hi Anon 3:29,

Ha, you came on very strong in your morning post. I am never fully balanced or objective in all my posts. Sometimes I made it stronger sometimes not so, sometimes intentionally, sometimes no. I don't think anyone can be fully objective as we have our own views of things, and interests. Some are vested interests and if you look at the housing policies and the pension scheme you will see better where the vested interests lie.

I don't fault the govt or anyone for vested interests. The govt can even pay themselves tens of millions, as long as they carry the rest with them and everyone will also be happy and support the govt. But when it is $1 for you and $1000 for me kind of inequality and the $1 is not enough to lead a decent life, the govt will have problems. No matter what motherhood statements they made or justifications, the people are going to cry foul.

And the internet allows the people to cry foul and they should do so. This is not like the past when the people's voices have no outlet and cannot be heard. The govt also knows that the game has changed and they have to be more genuine in looking after the majority good. If they don't then it will be game over. Sooner than they think.

Anonymous said...

You could be invited for tea next. Then you say to him....I am never fully balanced or objective....he may call the ambulance you know

Anonymous said...

Haha.......

Redbean invited for tea.
Doubt he will go. Even if he
does, he will offer his host
plenty of scathing hot 'ang tau'
tng and make him/her red in the face.

Anonymous said...

you mean he is not like the ginah...his head swelled like his cock..then wax coming from his ears when he penned his new narrative with his new found friend or master ?

Anonymous said...

speaking for singles interests?

$$$$Third, singles also face the pressure of financing their retirement - in fact, the pressure is greater than for married couples, who can always rely on their children if necessary.
Being able to rent out spare rooms can help singles supplement their incomes.

The rules regarding renting out rooms or subletting flats should be applied to all, instead of only to singles.

The scheme should look beyond the marital status of people at the point of applying for flats.

Instead, it should be inclusive and understand the demands and complexities of singlehood in both the short and long term.$$$$$$$

in short...all are greedy pigs...so what are you fighting for?

Anonymous said...

Everybody(regardless foreigners,locals,single or married and dogs,cats and rats) wants to capitalize on housing,

Sell your land cheap, they laugh to the bank. Sell your land high, they also laugh to the bank.

Might as well sell high!

Chua Chin Leng aka redbean said...

My suggestion is to make it simple. All male citizens who have served NS should be entitled to 3 bites of the cherry. 2 bites not adequate given the long lifespan and many things can change.

Females and males who did not serve NS must have 22 years of residency to be entitled to buy direct from HDB. This will make it fairer to NSmen.

For females, need to take into account joint ownership. The complication leaves it to the paid talents to work out.

And HDB just build to meet the demands and needs of the people. When the supply is there, the prices will not go wild.

They may want to restrict ownership to citizens and allow PRs to buy resale. New citizens should not get HDB flats so easily. Provisions could work into lower or no subsidy but should not be more favourable than citizens who have served NS.

Anonymous said...

You must be crazy

Chua Chin Leng aka redbean said...

Wonder who is crazy and causing so much pain. The mess will only get bigger under the current set of policies.