Upgrading your citizenship

Singaporeans are feeling that the value of their citizenships has been violated. For the more sophisticated international citizens, they are constantly upgrading their citizenships to a better one. From a third world citizenship, the first stepping stone is to go for one that is easy and fast to get. This is the citizenship from paradise. The paradise citizenship is a passport to many better countries. A few years in paradise, plus working experience, and maybe upgrading the educational qualifications as well, these new citizens will be ready for their next upgrade, likely to Australia. And they will keep on upgrading, to UK and finally to US. This is the prized citizenship. Once they have attained this high level of citizenship, they can than ship around the world as the privilege citizens of the world’s superpower. They will call themselves Americans and may revisit their roots, their country of origins, as the successful entrepreneurs coming home. Or they may return to paradise as PRs while keeping their American citizenship for protection.

Jokers in Macpherson

Why would the residents of Macpherson asked for free public transport, free travel in MRT and buses! What kind of mindset is that? It shouldn't be asked at all. And Raymond Lim was right to tell them off. Running the trains and buses cost money. If free, then money must come from somewhere to pay for it. The people must be sensible when asking for help. Better not to actually if they have a choice. Any money given to help must be taken from somewhere. When someone is being helped, someone else has to pay for it. The $200b reserves cannot be used for charities unless the situation is so bad. No one can anyhow spend the reserves to help the people.

The devil and Bernard Madoff

By Spengler Now that the whole horrible truth has come to light, I have no more reason to conceal my true identity. I am Bernard Madoff. Well, not really. But I wish I were. Few Americans have done more to punish stupidity, pretension and complacency than Madoff, whose apparent US$50 billion swindle calls to mind the caper by Mephistopheles in the second part of Goethe's Faust. The fictional devil persuaded the emperor to issue paper money against buried treasured yet to be discovered.... Most gratifying is the fleecing of the rich and famous - director Steven Spielberg, producer Jeffrey Katzenberg, and even actress Uma Thurman's financier boyfriend Arpad Busson got stung, along with a list of supposedly savvy investment firms. The man deserves a medal. Deplorable, to be sure, is the ruin of hundreds of families who entrusted Madoff with their life savings, not to mention charities and school endowments. Call them collateral damage.... The very rich believe what F Scott Fitzgerald said about them, that "the very rich are different from you and me". Serried ranks of lawyers, accountants and financial advisors surround them and keep them from harm. Madoff proved otherwise, making a few of them into paupers and humiliating a very large number of them. Not because of what they do, but because of who they are, the very wealthy consider themselves above the fate of ordinary people. They know the right people, they join the right clubs, and they have access to the right advice.... Madoff has given Americans a lesson in humility that is cheap and painless by comparison. America's elite - the people characterized as "one-trick wizards" who lived off leverage (see Obama's one-trick wizards, Asia Times Online, November 25, 2008) - turn up as a self-satisfied, feckless gang of incompetents who could not spot the wolf within their own sheepfold.... If that sounds deluded, what shall we say about hedge-fund investing for the masses, who believed that American home prices would double every 10 years, as the National Association of Realtors continues to claim in television advertisements? Perhaps they should call themselves Sur-realtors. Madoff offered small change compared to Mom and Pop America, who put 10% down on a home that appreciated 10% each year, for an annualized return on capital of 100%. I copied the above from SingaporeKopitiam and have deleted parts that were irrelevants. The leftovers are pertinent points that we cannot afford not to know before another MadeOff happens here.

Who is the devil?

Singapore-in-crisis The new heroes In these times, it is not the elites that that deserve mass public accolade - but the simple food hawker who keeps his fare down. A tribute to them from Seah Chiang Nee. Dec 20, 2008 IN TODAY’S crisis, what group of people do Singaporeans most likely accept as their regular heroes – politicians, company CEOs or bankers? Answer: None of the above! I believe it is the simple food hawkers who keep their prices low in adverse conditions, something that exerts a major, repeated impact on every family. Let me explain my choice. Recently, I was attracted by a queue in front of a suburban hawker stall that was selling breakfast at a price I thought had long been extinct in Singapore. An overhead sign reads “Economic Beehoon (rice vermicelli) @ S$1.60”, a simple, nutritious dish that included a fair portion of vegetable and an egg. During these harsh times, with the cost of living at a 26-year high, vendors who sell food at this price are few and far between. They have become Singapore’s new unsung heroes... The above is part of an article posted in www.littlespeck.com by Seah Chiang Nee. When the hawkers can think of holding down their prices at times like this, mind you, they are talking about saving a few cents, taking a little lesser from the people, how would this compare to the $180K price hike of Pinnacles Duxton by HDB? And HDB said it is fair, the fairest! And many Singaporeans agree that what HDB is doing is fair. Unbeliever, but that is how these Singaporeans believe in. The only reason for people to think like this, is that they must be benefitting from the inflated prices in some way. Just ask a simple question. Who is the main cost of high inflation and high cost of living?

Take a break

Sunday is a good time to take a break. God also takes his break on Sunday. Take the family to church or welcome all the children and grandchildren home for a family lunch. Go to the beach, to the parks, read a book or indulge in a little hobby of doing something just for the loveof it, for a little pleasure, not for money. Allowing oneself to unwind, to be free from the mundane and repetitive daily chores and struggling, it is the same everywhere, in a 800 sq ft HDB flat or in a 30,000 sq ft sprawling bungalow. It is a little moment of release from the material world. Looking at the sky without purpose, looking at the trees or the birds, sharing the sight and creation of nature. Won't it be nice if Sunday is everyday? Far from the maddening crowd? Leaving all the pursuits of material comfort to the following week when the mind is put to the gruelling threadmill of making more money, of surviving. How many people can take a simple break like a quiet Sunday, free from worries, free from the problems of this materialistic world? You be surprised that many are still caught in their own mess, unable to untangle themselves from the financial woes they have stepped into. And many are worrying themselves to death. Freeing oneself from worries seems so easy, so effortless. But not really. Our lives are not really ours to take charge. Other people are planning our lives everyday of the week, how we live, how much we have, and how much to take from us, especially our savings. In the end, many ends up with very little for themselves and have to spend their Sundays worrying how to make ends meet. And the best part is that all the hustlings to take your money away, or to make you spend or empty your pocket is for your own good. The old saying, if you have friends like this, you do not need any enemy. Has anyone ever wonder whether the people who are claiming to be helping them, who are doing all the things for their good, are the people who are killing them, slowly, like hanging heavier and heavier millstones on the people's necks? Give the people a break.

Obama cracking down on GREED

Our beloved model of progress, America, where we copied practically everything except for political system, is showing us how wrong that system is. The financial system has been a con game all the while and we imbibed everything wholeheartedly as the elixir of life. The culture of greed is mirrored in every aspect of our society to the extent that we idolised greed and brushing aside the little goodness that is left in the heart of the little man. We throw away all the goodness and virtues as nice sentiments that are not realistic in this brave new world of greed. The more greedy the more respectable. Allow me to quote a few phrases from a report by AFP, Bloomberg and AP in the ST today on what Obama will be doing. He slammed 'Wall Street for a me first mindset that fed the financial meltdown,...Congress, the White House, financial fat cats and regulators who, he said, "fell asleep at the switch".' There is the 'failure of oversight and accountability'. 'He pledged to "crack down on the culture of greed and scheming that's led us to this day of reckoning".' He thought the Americans were frustrated because 'there's not a lot of adult supervision out there.' The systems were supervised by a bunch of greedy old juveniles. The Madoff's case "has reminded us yet again of how badly reform is needed when it comes to the rules and regulations that govern our markets." We may not have cases of such a scale here, but we do have our shares of spectacular frauds. Maybe the big ones are waiting to be uncovered. The SEC under Christopher Cox, 'is accused by the critics of turning a blind eye to market abuses by well connected banks and financial firms. The agency failed to detect ample signs of trouble on Wall Street that lead to the global economic meltdown,...' Obviously the SEC were going after the small thefts committed by the little guys and closed their eyes to the big and powerful and well connected. The Americans have two systems, one for the rich and one for the poor.

A vote of confidence for Tan Kin Lian

Tan Kin Lian is the new breed of politicians appearing on the scene in troubled times like this. This is a politician that comes from a different mould, with different ideas and values. Tan Kin Lian is offering the people a new kind of politicians that will change the political landscape and new ways of doing things. He is still collecting his 100,000 signatures, which is a sign of how much the people wanting a change. He is not perfect for sure. I wonder if there is any politician that is perfect or godlike. I am not sure how many people following this forum/blog will give him a vote of confidence. I for one will give him mine. I think he is as good as any politician in Parliament today. I no longer feel comfortable with the new values and ways of doing things and a change with credible people is good for everyone.

WYSIWYG

I have been posting about the obscene prices of HDB flats at Pinnacles Duxton for a while and have seen some responses to my views. I must admit here that it is not an easy task for the govt to cater to the needs of all the people. It often has to make tough decisions. And these decisions made are not an issue of right or wrong but a matter of judgement and values. To price the same flats sold at an average of $300K with decent profit by another $180K comes out as milking the people to the maximum. This is my view. But the HDB/govt do not think so. It said, repeatedly, that this is the fairest way of pricing HDB flats. And they sincerely and honestly believe that this is the best method. They are transparent about it, not batting an eyelid when they argued in favour of this method. I am not saying that they are wrong. I am saying that it is obnoxious and I fully disagree that the govt should just slap a $180k bill onto its people, arbitrary, on the ground that the market is willing to pay for it. Today I read that the US govt is coming out with new laws to protect consumers from arbitrary increases in interest rate or related stuff. Basically the principle is the same. Protecting the consumers from profiteers. Can this Pinnacles case be considered as profiteering? What is the position of CASE? Its mission is to protect the consumers. Do they agree with this kind of pricing policy? CASE cannot just shut up and pretend not to see or hear. The amount may not be as big as a peanut but is a very big sum of money to the buyers. Then there are the MPs. Do they also agree to this policy? If they don't, why are they not fighting to get it thrown out? Or is simply raising questions in Parliament is job well done, nothing can be done anymore? If this is considered a fair practice by the govt, if this is their definition of fairness, then the people must accept that all govt policies will be based on this kind of principles. The people get the govt they deserve.

Can we afford to look the other way?

Not my problem. They were brought in by contractors and abandoned by contractors. So the contractors responsible should take care of their problems. There were 179 Bangladeshi workers out of job, out of money, out of food, and no where to go. Who should do something to help them? Like it or not, they now become a social problem to everyone. The whole process of bringing in foreign workers and the problems arising is going to fall flat on the citizens and the govt. The contractors are going to abscond and the people and govt will have to pick up the pieces. For these poor workers, sending them back is only the beginning of their bigger problems. They have a huge debt to settle that the cannot be settled without a job and an income here. And now it is only 179. It can be 1790 or 17900. Then what?

Our football A Team

Anyone watched the match between Singapore's A Team against Vietnam last night? It was our best team and half of the players were foreigners. And they were playing against this greenhorn team that just started to learn to play football after half a century of warfare. It was so humiliating to see how good the Vietnamese were. Their speed, aggression and the accuracy in their passing. Our footballers were just kicking the ball without knowing where the ball will go to. The Vietnamese could do anything they want even in front of our goal posts. They dribbled and wriggled pass the Singapore players as if the latter were pieces of stiff woods. How could the Vietnamese learn to play football the way they did? And they did not have to pay for foreign talents. All local born talents. Maybe they learnt to play footballs during the war years. It was so unfortunate that they did not get a goal through our goal posts. They were clearly superior, a class above our local/foreign talent team. If Vietnam can do it, if Thailand can do it, why can't we?

Only ONE Way

Mahathir and his sons are pushing to revive the building of the crooked bridge. It seems that this is the only way to save all the problems in Johore and the CIQ. There is no other way! Why can't or won't they consider expanding the Causeway? It is cheaper to build and to maintain, and more efficient. Or is it too cheap to build and thus cannot charge too high a toll fee when built as compare to a crookd bridge? Mahathir must learn to live by his own principles, that there are many ways to skin a cat. If a crooked bridge is obviously flawed and doesn't make economic sense, try other ways.

Wrong ways to treat a super talent

Madoff, in all counts, is a supertalent in a league of his own. How many supertalents can count so many other supertalents as victims of their talents? And Madoff has the whole world's financial talents and the super rich crawling on their knees to feed him. And now the Americans are not only charging him, they confiscated his properties and passports, and put an electronic tag on his leg. This is very demeaning and inappropriate to treat their once hero. He was a very generous man, helping a lot of people, with charitable foundations in his name. These should be good enough mitigating factors to treat him nicely. And his talents can still be put to good use. Such a waste.

Don't ask silly questions

We expect our children to ask a lot of questions. They must, it is the process of growing up. But as adults, at times asking silly questions one will get only silly answers. That is what asking questions is all about. You ask and expect an answer and the other party just gives you an answer. That's all there is to it. The process stops there. In the school environment, things are a little different. The children are expected to ask and the teachers are expected to give a decent answer. A child may ask what is a bird and the teacher will do his/her best to explain what is a bird. As an adult, you try asking what is a bird and you can expect a thousand answers depending on who, what and why the person wants to answer that question. The same process of asking questions in Parliament has been going on year after year. The MPs asked questions and the ministers replied. That is the end of the matter. Is that satisfactory? Would the people affected by the minibond crisis just want to ask questions? Would the people going to buy HDB flats with inflated prices based on market pricing happy with just asking why and be contented because HDB said it is fair? Obviously not. They are demanding for actions to change the situation. In the case of minibonds, they want their money back, they want the guilty to be punished, they want the selling of such products stopped. In the case of HDB pricing to market prices, they don't agree and want it change. They want the price to come down to something nearer to what the prices of the first batch. They are disgusted with the obscene profits the HDB is making at the expense of hanging a millstone on their necks for the next 30 years. Basically they are not just asking question to get a silly reply and to move on. But some still think that giving an answer, any answer, is good enough and the people are expected to move on, or the problem is solved. How cocky!

The people get the govt they deserved

This is Matilah's favourite line. And it holds a lot of simple truth. I will elaborate a little of this wisdom here. The HDB said the market pricing is fair. The hospitals preferred to have more A and B1 wards instead of B2 and C wards. High rentals and high property prices are good. If a govt is for all these things, what can the people do? Nothing. They have elected the people to form the govt. And those elected are expected to make the decisions. It is their right to do so. This is what it means by the people get the govt they deserved. Period. They have to live with their decisions till the next GE. The people have some rights too. They may have elected these people to be in charge. But they need not agree with them in everything. And they can disagree openly. They can scream and shout until they are heard. But the elected govt still can decide whether they want to listen to the people's unhappiness or disagreement. The elected govt can ignore the people if they so choose. Or they can set their own agenda, their own values of what is good or fair. After all they are the govt. So both parties have their rights and role to play. The govt can keep on doing things which it thinks is right according to their own logic and wisdom. The people can continue to kpkb according to their own interests and pain level. It will be good if the govt will listen to the people and moderate its policies. If not, they can continue to do what they think is best. The best part about democracy is that there is a GE every few years. This is the only safeguard for the people. In a one party or dictatorial system, this right to change and get the govt they deserved would even be forgone. Some in an elected govt may think that they will be there forever and can ignore the people's cry. And they can be there forever if the people just continue to vote for them. It is up to the people to decide what they want and who they want. In between the two GEs, the people can at best kpkb. During a GE the window is open for change. If the people choose not to change, then it is their choice. They deserve the govt they get.

A cut in CPF?

This is a deadly proposition. We are hearing news of layoffs and retrenchments. Anyone caught in such a situation is going to be dead meat. How are they going to pay their bills and mortgages? A cut in CPF will affect at least 80% of the population who are paying their mortgages and more in the heartland. Many have bought their HDB flats by maxing out on what they have in their CPF and their monthly CPF contributions. Get the biggest one can afford as the property prices are sure to go up in the future. A cut in CPF, if big enough, is going hurt everyone of them. This is one of the good things of our property ownership class, or flat ownership class. And everyone is so happy with asset inflation and blindly went ahead with bigger and bigger housing loans. Hope the CPF cut does not become a reality.

What would the average Singaporeans want?

Forget about a Swiss standard of living. Let those who can go for it. Let’s look at the average Singaporeans and use it as a reference point for public policy. My model of an average Singaporean family is a young couple, two kids, a 4 rm flat, a small weekend car, a $5k pm household income. In the case of the 4rm flat, the pricing should be such that it can be fully paid up in 15 years or less without emptying whatever cpf contributions the couple are putting in. And the family does not have to break their backs to make ends meet every month and still able to go on a short holiday in the neighbouring countries. Is this too much to ask for? You young people out there, what are your views? I think if govt policies and all the pricing for essential goods and services are tailored towards such an eventuality, the quality of life of the average Singaporeans will be pretty good. Forget about the crazy idea of working to death or working till 85. Only nuts or people with no sense of appreciating that living is more than just working will want to work till death do us part. There are more to life than just working. There are the children to enjoy and grow up with, the smelling of the roses along the way, the little indiscretions that spiced up the dull and routine lifestyle, the little adventures of ups and downs to challenge and pick oneself up after a fall, and all the little things that one wants to do at one’s whims and fancy. A good govt shall work towards providing an environment that makes all these little silly things possible. No need for the illusion of a Swiss standard lifestyle which only a few will attain. For those who can, good for them, but for the majority, the above are not too much to ask for. Has the govt mixed up its priorities? What is the point of a world class infrastructure, world class this and that if the average citizens could not enjoy even the simple things in life? Rush rush to keep themselves alive to pay bills. Any political party aspiring to give the people a better life shall take note of these simple aspirations. Some of you may want to add or subtract from the above model. Some may want a little more, some a little less. It’s ok. Give the average people a life, not a millstone to hang.

So mean testing is here

I only have a few simple questions to ask? Why are the hospitals insisting on providing expensive wards when many people do not want them? Are the hospitals serving according to the needs of the people or dictating their needs to the people? Why can't or won't the hospitals provide more C and B2 wards when the demands are there? This is another case of who is determining what is good for the people. Unfortunately the people have very little say in this. And the hospitals are determining what they should pay. You got money you must eat in restaurants.

Fair to who?

HDB has replied to See Leong Kit and again said that market pricing is the fairest way to go, but fair to who? Would the new buyers buying the same batch of flats and paying another $180k or $200k think that it is fair? There are many questions to be asked. What is the mission of HDB? Where are the statistics to show that there is a big market subsidy? What are the comparable flats that HDB is using to compute these new prices? Are the pricing static or forward looking? Or are they pegged in a similar model as electricity prices? With the property markets coming down rapidly, would the current pricing be fair to the new buyers? Actually these questions are unlikely to get a reply. The HDB has replied and case is closed. Those new buyers in the second batch should blame it on the market prices and accept the fact that they have to buy the flats from HDB at the new inflated prices. They must pay the higher prices to be fair to other buyers of other HDB flats. I don't buy the logic. But what is fair to one may not be fair to another. Who is to decide what is fair? Equal pain or equal gain?

Madoff With Hedge Funds' Money

By ALEN MATTICH A DOW JONES NEWSWIRES COLUMN LONDON -- ....According to press and blog reports, the SEC never investigated Bernie Madoff, never even put him through routine checks, because, well, he was too cuddly. And too well respected by his peers. OK, not quite never, back in 1992 they had a sniff about suspicious goings on in an unregistered Florida trading scheme, which they traced back to Madoff. But none of the accusations stuck and Madoff was left to make off with investors' money, unhindered forever after. Made all the more invulnerable by his status as a Wall Street institution. Because if Bernie Madoff, ex-chairman of Nasdaq, boss of one of its biggest market makers and manager of the most solid, long lived and steadily performing of all hedge funds wasn't purer than Caeser's wife then who was? Who indeed? 'This is how reputation and track record can blind people into complacency. - Redbean'

Myth 202 - Let the experts manage your money

I am sure many of you must have heard of this advice. It is an advice based on track records and experience. The experts must be the experts. Let the experts manage and invest your money and you can sleep well. You can see all the adverts in the trains and on TV as well. Wow, let other people manage your money. Have faith in the experts. Singaporeans are sooooo trusting. Actually so gullible. We have the minibonds. Hopefully no one puts money in Madoff's fund.