34 more subsidised hospital beds

This is the bold headline in My Paper. Because of rising demand due to population growth, about 1 mil more non Singaporeans, and an ageing population, 34 more subsidised beds were added to bring the total to 3,656. Shall I congratulate the MOH for such a big increase in number of beds available?

Celebrating Singaporeans - Liew Mun Leong

Finally we have a Singaporean that could command a multi million dollar salary, getting closer to the talents in Wall Street. Liew Mun Leong of Capital Land was paid a performance bonus of $20.52 mil for year 2007. His total pay packet came to $21.7 mil as reported in Today. Can I presume that his annual salary is $1.18m or less than $100k pm? If that be the case, how many months of bonuses will his $20.52 mil equate to? 205.2 months! I am beginning to doubt my arithmatic. Did we have another world record? Well done Liew Mun Leong.

What is going on?

Tuesday, March 24, 2009 This blog is down until further notice. a. Regular CNA forumer JohnLaw who first reported on the CDC bonus has not been seen. b. Wayang.Party has been shutdown by ISP. c. Blogger PoThePanda was investigated by the police & ISD for his articles. I receive a few emails that a number have been followed. Something may be on. I'll be back once the picture is clearer Posted by LuckySingaporean at 3:24 AM The above was posted in Diary of a Singaporean Mind. What is happening? WayangParty reported that it is now back online and is investigating the cause of the breakdown. They suspected foul play. Coincidently Redbeanforum was also out on Monday evening. Are we thinking the same thing that something sinister is brewing? Who on earth would want to do such a damn thing? Lucky Tan's post makes one thinking of some forces at work, that we are being watched like the Communist countries or the days of Gestapo. I think it is all our imagination. Our security personnel are paid by public money and have better and more important things to do than to stoop so low and become petty pawns in a political game. The only reason for them to act will be threats to national security or terrorism. I don't think bloggers belong to these two categories. Should my postings be interpreted as a threat to national security, please email me or give me a call. I shall cease posting. Or maybe I shall post about lingeries and underwear, or which celebrity is sleeping with who. Or maybe I shall write about cookings, or better still write a cook book. That should be safe enough for good Singaporeans. Then I shall write about the most intellectual pursuit of Singaporeans, writing cook books. Then we will become the most intelligent

A Govt in a Forbidden City

Over the years we have seen more liberalisation in the economy and financial industry. The reverse is true after new and more stringent laws were enacted yesterday on Film Acts and Control of Public Demonstration, in the political arena. Why is there a need to keep increasing govt control of the people and public demonstration? Is there a perception that there will be more demonstrations and the demonstrations will become more serious? The new laws point to such a scenario or perception. Will we see more barriers be erected around the Govt or Parliament House and the Istana? Would these eventually lead to a physical wall around them and even guns and barb wires? A govt that keeps protecting itself from the people, and barricading itself behind laws and walls will end up holing itself inside a forbidden city. When such an eventuality becomes a reality, it is a sign that the govt is no longer with the people. It will be a govt that is afraid of the people. And the fact is that no govt can hide itself behind high walls and barricades even protected with guns. The most powerful wall that can protect and safeguard a govt is the Wall of Hearts and Souls of the people. Such an invisible wall does not divide but protects the govt by the people. It is not a govt against the people but a govt with the people. In the past, our ministers could walk around and mingle with the people freely. Today, the body guards are everywhere, shoving and pushing the people with their hostile looks, very familiar with the outings of a triad boss. And even ordinary MPs are being threatened by the people and attacked by the people. How and when have we reached this state of being when ministers and MPs are afraid of the people? They are the representatives of the people, elected to look after the people and should be loved and respected by the people. Why the protection, news laws to control the people, dishing out freedom to the people as if the freedom of the people is for the govt to give? Who is the govt representing? Who elects the govt? Where are we heading?

Buangkok East Drive saves 7 minutes

Buangkok East Drive saves 7 minutes The openinging of the Buangkok Drive extension has made travelling to the city that much faster, by 7 mins. Wonder how much was spent to save that precious 7 minutes. And there is great expectation that this new road will make travelling on the KPE more popular. I will probably agree if the ERP charges are not too prohibitive. A lot of planning and resources have been invested into this new road. And many more resources and planning will be invested building more new roads and extensions to improve traffic flow. The thing that motorists must know is that we are in a phase of diminishing returns. With so many vehicles on the road and a limited number of roads, this is the best that can be done. A few hundred millions more may save another precious few minutes as we explore more space for roads.

An end of a legacy and a new one in the making

I did not sign up for the opening ceremony of the new Kent Ridge NUSS Guild House, which was also an occasion to listen to LKY in person. Neither did I read his speech in the media except glancing over a few key points. Nothing unusual actually. But in a bigger perspective it marks a change and a new beginning. LKY has created a legacy for what he has done to this little island. He used to hold his audience in awe when he spoke. Two generations of Singaporeans grown up under this spell. Even foreigners looked forward to hear him speak. After last Friday, that chapter was closed. Somehow, though he came through on the TV as still very forceful and lucid, he looked like a man out of time and out of place. LKY did not say anything new. He reiterated old values that have been flogged over the years. Saying those things to wide eyed and young eager beavers may make some sense. I am just wondering how many people were with him when he said those things, or how many were just twiddling their thumbs and rolling their eyeballs at the new meanings of those values and virtues. As what the elites are for the past years, they will listen and just shut up. If there were anything they want to say you will know hear them unless one is in their circle of confidante. The views in cyberspace were more robust and direct. And the views expressed, if they are anything to come by, is an indication of an old legacy forgotten and a new one in the making.

Hospital fees, legal fees and insurance premiums

The combination of these three elements in one go is the best we can get to emulate the great American society. We have arrived, in a way, like the Americans. And soon what is happening to AIG and the strong detest of the way they paid themselves will affect the people here. The AIG executives are living in fear of the brickbats that are coming their way. How long can they go on ripping the people off? The Americans are up in arms. And with the availability of firearms, do not be surprised if a few of them will be shot for crimes against the American public. The American society is plagued by huge hospital fees, huge legal fees and huge insurance premiums. And the way things are, we are heading into the same quagmire. The beauty of it is that we know exactly what it is going to be and we believe that this is the solution for a rich country like ours, like the Americans. Just pay your way through. No money no talk. How could the medical bill for a student suffering from leukemia reached $400K? Sure, you can count every item in the whole process, from ward charges to medicine and professional fees. So it is justifiable to charge that kind of inhuman fees? Totally transparent and accountable. This was the bill for Zhang Xiaoou that was highlighted in the Sunday Times today. How many people can afford this kind of money? Even $20k is a big problem to many. Then the whole process, in the case of car insurance and claims for damages and injury involving legal fees, my goodness, we have progressed as a nation, as a people beyond any means. Everyone is getting rich in the whole process without asking anything about the conscience of making money. Just find the reason, right or wrong, legal or illegal, and make the other party pays. And finally the innocent motorists will be the ultimate paymaster. And this is a free market economy. Nothing can be done. Everyone is paying market price for everything. It is the way and it should be.

A team of rivals

This was the main theme of an article by ST’s China Bureau Chief, Peh Shing Huei on Saturday. He was referring to the Obama Administration which is made up of both the Democrats and Republicans, some from the George Bush Administration. This rival mix in politics is gaining popularity out of necessity and expediency. China has started this trend after Deng Xiaoping’s successors took over the leadership. The current Thai govt is also a gathering of a mixed bag of politicians. And so is the State Governments in Malaysia. In fact UMNO is also an alliance of convenience among the communal parties. Singapore’s history also took off with a team of rivals, the left wing Barisan Socialis and the right wing or socialist PAP. But the marriage of convenience was shortlived and the Barisan Socialis MPs were either imprisoned or fled the country. I wanted to ask if such a marriage of convenience is possible or workable for the long term good of the component members and the country today. The answer is quite obvious. It cannot be and will only lead to one party swallowing the other or running down the weaker party. Politics has never been a pleasant tea party of friends but of vicious politicians trying to out manouvre each other with the winner takes all before the party is over. It was never meant to be a game for ladies and gentlemen but for schemers and cunningness to fix up or destroy the enemy at all cost. Have things changed? Has the world changed or the people changed to such an extent that the thought of partying with the rivals is now relevant and a necessity? Would we see the different political parties coming together after a general election as national leaders sitting in Parliament to agree and also to disagree without trying to take a swipe at each other at every opportunity? Looking at the ethics and temperaments of politicians, we are still a long way off. We may be emulating the Americans in many things. But the new trend of embracing rival politicians like what Obama is doing is the furthest thing that will be copied here. The medieval rules of the survival of the ruthless, and the destruction of every opponent in the way, will still be the political ethos and morality of politics here. Am I wrong?

Eunice Chew Li Xin

Another pathetic story of a 14 year old girl who died unnecessarily in this very unforgiving city state when you can't go on living without money. According to the story in AsiaOne online, her mother was so broke that she had not eaten for a few days. This 14 year old girl had to work in fast food outlets to buy food for the jobless mother who is also having medical problem. Her parents were divorced. And Eunice was stabbed to death by her mother, probably in a state of despair after days of hunger pangs. No matter how wide is the safety net, as long as the cost of living is high, there will be many that will not be discovered and will continue to live in a life of drudgery. Wonder if they qualify or were on public assistance programme. In a country that is so kind and compassionate to the losers in life, we need not do anything to be cruel.

The AIG fallout

The stubborn persistence to be paid huge bonuses even when the company was going bust and needing US$185 billion in public money to keep it afloat is the height of plain stupidity and abusive arrogance. The House Ways and Means Committee Chairman Charles Rangel called it 'Near criminal indulgence.' The Americans were outraged. But will the expectation of high and exorbitant pay and bonuses continues to be the way of life or will they see the end of an era of robbers and thieves? Paul Heng, the MD of NeXT Career Counsulting here thought that it could be the beginning of the end of big, fat, obscene bonuses. Singapore is not free from such near criminal indulgence. We have been blindly and greedily following the Wall Street thieves in their daylight robbery and extortion of public money or shareholders money. And the best part is that we are proclaiming that our pay is still too low, not enough, they needed to be pay more. How much more? How much is enough? When an employee can throw away $50k for a cooking course, you cannot be so blind not to know that he is obviously being paid too much that he can't wait to burn it away. As a public policy, it is of great importance to pay the employees well, especially the talented, for them to live well and contribute well to society and country. But when paying well becomes excessively well, something must be gravely wrong. Then there are other consequences in the formula. High pay, high consumption, high cost of living, high cost of everything that needs higher pay is like a dog chasing its own tail. The workers are working just to keep paying for their food and essentials. At the lower end, the high cost of living is just that. No money left for anything, not even for retirement. And forget about an expensive cooking class. The govt has a very important responsibility to grapple with high cost and high pay controversy. What it should least do is to add to it and make this vicious cycle turn even wilder. The workers can never earn enough when other agencies are all waiting, counting how much they have in their pockets and CPF, and price their products and services to make sure that every cent is taken away from them. This is called affordability pricing or market pricing. A way to make sure that what you earn is just enough for them to take away. Many still cannot see the woods from the forest and think all these high property prices and high pay is a good thing. So the high HDB price, the high medical fees, education, etc are all affordable and good. The high rentals that the landlords are charging the shops and businesses are paid by the consumers, every cent of it. What is important is to curb the growing cost that often is unncessary and self inflicted. When cost is lower, the people can live more comfortably with lesser pay. The value of money is not eroded away that fast. Otherwise the money in the CPF, even a few hundred thousands, may worth nothing when it is time to take them out. And if the cost of 2 or 3 bungalows continues to go up, the public employees will demand that they are not paid enough and want to be paid in 10 or 20 millions. Hold the madness. Stop the dog from chasing its tail. It is never ending. It is unrestrained greed. The best part, the balloon must burst one day.

CPF savings not enough for retirement

I fully agree with Aaron Low, ST's political correspondent, on his view that CPF savings will not be enough for retirement. At the rate inflation is eating up the value of the savings, many will be hard push for money to pay for their basic expenses. The question is why CPF savings, about 40% of a person's life time income is not enough. Oh, they have been buying affordable housing and paying for affordable hospitable bills. Ok, these are affordable expenses and reasaonable to spend them. So how to make sure that after spending on these affordable items at affordable prices the retirees will still have enough money to live on? One way as suggested by Aaron, is to give up the idea of leaving something behind for the children. Have an inflation pegged annuity plan that will ensure that every cent is used up. Nothing to be left behind. I have another brilliant idea. Raise CPF contribution to 60%. This should work for a while if inflation is still at 6-8%. But if the price of housing and medical bills keep going up according to market prices, or if inflation is higher, this may still be short. If that is the case, we can raise it to 80%. It is prudent to save for the future. Tighten the belt if need be.

Time of Great Opportunities

The world financial crisis has thrown open the door to great opportunities if we are prepared to take a step back and assess how best we could benefit from it. One area that we can seriously take a relook is the policy on foreign talents. Now is the time to go out there and mount a major recruitment exercise to bring in the real talents from America. We can go for the top notch talents instead of the third or fourth rate talents we were getting in the past. We could go for the best 200 or 300 CEOs to replace all the CEOs in GLC linked companies. The CEOs of Citigroup, AIG, GM, Ford Motors, Fannie Mae and Freddie Mac, the financial institutions and the airlines, the aerospace industry etc, all are available at a price that is now affordable. We can than go ahead and acquire the Citibank Asia operations, AIA, replace the CEO of HDB with Fannie Mae or Freddie Mac, build car factories in JB, Batam and Bintan with the help fo GM and Ford Motors. The experts and top talents from Wall Streets can replace the local talents in our finance industry, and the possibilities are just enormous. Go and get them before it is too late. And we can truly transform ourselves into really world class. Our corporations all headed by the best foreign talents and supported by the best local talents. We will be world beaters.

The motorists are angry, very angry

The high insurance cost now, and the coming future, is making many motorists angry. And the fact that this is a mandatory requirement really is a pissed off. It is like legalising daylight robbery. It is not the point to tell the industry to reduce the insurance premiums. The govt must step in to stop the malpractice as the legal requirement for car insurance is from the govt. How can this thing be left to the insurance industry completely to decide how much they want to charge when it is obvious that frauds, abuses and malpractice are the cause. And don't forget that pay is also a major concern. How much is the cost going to the pay of the industry players? Big pay means big cost, don't ever forget that. Someone must pay for it. 8 month bonuses or 12 month bonuses or more?

Newton BBQed

It is good that the Newton BBQ stall has been suspended from business for 3 months. That is what the Singapore Brand is worth. I thought the Singapore Brand is worth more than that. But I hope all the tourists would avoid Newton altogether. The locals should avoid the place as well. And another big mess in Sim Lim and other shopping centres are about to unfold. Maybe the shops will also be suspended from operating for 3 months if they are caught fleecing their customers. In the case of Dr Clemen, he did not fleece his customers. They came willingly to give him the money.

$400k to $500k for 344 sq ft pigeon hole

The housing developers were bragging about the mad rush for 344 sq ft of pigeon holes and buyers willing to cough out $400k/$500k for it. And motor insurance of $2000 pa or about $200 pm, much more than the instalment payment of a OPC. Then $4/$5 for a bowl of noodle. Are these what we called progress, better off than yesterday? Why would people work so hard to earn $500k only to live in a little pigeon hole and feel that their quality of life has improved? What the shit to pay $200 pm just for protection to drive a car and may not even need it for the next 30 or 40 years, but keep paying? Then at $5 a meal and 3 meals a day, it will work out to $15 base. That is $450 min pm. Squeeze to bare minimum, it will still need $300 pm just to eat alone. Shouldn't someone tell those who are jobless and on public assistance to do the natural thing, which is practical, pragmatic and more dignified? We are getting poorer for sure, when our money is buying lesser and lesser things. And we called this progress? But everyone clamouring for more expensive housing as a good thing. Everything must be expensive than can be good. We can afford to pay and pay. 5 years ago I bought a flat TV for $5k. Just bought one for less than $700, and better in quality and features. Oops, I must be wrong. The cheaper one must be of poorer quality. Both are branded Japanese made. We are going crazy or becoming stupid to believe that things will get better at the way cost of living is allow to runaway uncheck.

Are we turning into robbers?

Yesterday we read about the thugs in Sim Lim Square fleecing on their customers, particularly tourists. And this did not happen yesterday, and not in Sim Lim alone. Today we read about daylight robbery in Newton Hawker Centre. 4 foreigners were literally robbed of $491 by Stall 43, Tanglin Best BBQ Seafood. This was their bill for the food. 8 prawns cost $239 or $30 each. 4 crabs cost $169 or $42 each. And what else? Is this what we have become? These robbers are not only robbing the tourists and foreigners, they are destroying the Singapore brand and livelihoods of the decent people in the same businesses. Do we want the world to know that we are a nation of robbers before something serious is done to curb such abuses? Letting them off with a warning or small fine is not acceptable. They should be made an example of by revoking their business licences. Maybe fleecing is now a way of life as long as someone else has to pay for it. It reminds me of car insurance. Another kind of robbery. And if one looks carefully, robbery is everywhere, some even appeared legal and honourable.

Do not begrude others doing well

I was too busy to watch the news last night but with the TV on I could still catch the phrase, 'Do not begrudge others who are earning more' spoken by someone who must be earning much more. I think the comment was the result of some vibrations in cyberspace of civil servants getting 8 months of bonuses in such a time. Why should people begrudge others who are capable and earning their honest pay? Even in times like this, the able and capable, and the very talented must not be forgotten. Let's pay them their worth in case they may think of jumping ship. There are a lot of great paymasters out there waiting with open arms to employ these able talents, and pay them more. Just a little concern about public servants being paid with taxpayers money, and being paid very well. Just hope that their being paid very well will not being translated into more taxes in order to do so. The money must come from somewhere. From who's pocket?

Case is geared up to fight insurance fraud

Two letters in the ST forum did the job. The motorists are angry and demand that something needs be done to curb the abuses in the motor insurance industry. And Case is making strong statements to muster govt efforts to stop the fraud. Case President Yeo Guat Kwang said, 'It is not fair for the consumers to suffer, at the end of the day, because of all this malpractice in the industry.' It was also reported that GIA has all along suspected 'that some workshops, legal professionals and medical practititioners are working hand in glove in making these claims.' While professionals are involved too! And all these have been going on for so long and no one does anything to it or nothing can be done to stop it? Hey, this is highly efficient Singapore! So what are we going to do about it? The insurance companies have done the Singapore thing, throw more money into it by raising insurance premiums to solve the problem. Would more money be thrown into it to help the motorists? Or maybe we shall second a few supertalents to solve this difficult problem.

All the countries doing the wrong things

The US is going to curb employment for foreigners. And KL is also doing so. The big bourses in Tokyo, Australia and some others are curbing short selling. People are having second thoughts on minibonds and derivatives, high leverages on stocks and assets have proven to be very destructive. The exception is Singapore. We know we are doing the right thing while the world fumbles with about everything. That is why we are so successful. We will continue to welcome foreign talents. We will continue to sell minibonds, with a bit more care. We will continue to let short sellings in our stock market, it can only be good. Let the market forces determined the price. And we will continue to have derivatives and more derivatives. Leverage is good. Imagine one can take 5 or 10 mortgages on a house. There will be more liquidity. Why would Conrad Raj wrote against introducing more derivatives in such a time? He said it is like encouraging gambling. One stock with 10 derivatives means it is multiplied 10 times. If it fails, it will hurt 10 times, exactly like minibonds. Our stock market does not need more stocks or IPOs anymore. We can keep expanding by just multipling the stocks with more derivatives. So many people have been burnt with fortunes destroyed because of derivatives. Why can't we learn a little and be a little more cautious? Why can't we learn from other's mistakes? No, the others were less talented than us and do not know how to do it right. We are so talented until we can't find anyhow to fill Ho Ching's position and need a foreigner to come and help us find the way. By the way, I fully agree with Conrad Raj's reservations and concerns.

We are getting closer to a 8 million people city

We are getting closer to realise our dream of a 8 million people city. I read today's paper that private developers are building flats that are as big as 8 table tennis tables or 344 sq ft. And HDB is also reducing the size of the respective flats compare to the earlier days. Whether this is progress or regress is another issue. The squeeze will mean that the island could easily double or triple the population size. Let's forget about Swiss standard of living. Let's look east at Hongkong and Tokyo, great examples of great living. And the quality of life should be better as these flats are relatively more expensive on a per sq ft basis. So more expensive must be better. And this great way to live can be easily explained away. Save on PUB bills, save on cleaning space, no need maids, OMO can do liao. And no need to run all the way to the toilet or kitchen. Just row over and one is instantly in the toilet or kitchen. So easy and comfortable. Can watch TV from the toilet seat too. Singaporeans should look forward to the exciting future.