Trading talents

I read somewhere that one of the terms for more trades with India is that Singapore must take in more of their talents as a condition. I think this is a brilliant idea. Singapore shall use this model to negotiate with other countries where there is an abundance of talents by offering trade in exchange for their talents. There are many countries with a big supply of talents that they cannot make use of and are most willing to export to this talent dearth island. It will be a win win formula. We get all the talents that we need, and they get to get rid of all the talents they don't need. And the cream is that there will be more trade both ways. Great deals. America, Europe, Japan, even China and Indonesia all have plenty of talents that we need. And don't forget Malaysia too. We can change our tourist logo from Your Singapore to Your Talents. Come visit and see your talents working and prospering here.

An issue of right and popular

Sin Boon Ann shared some of his thoughts and angst for being an MP and having to make decisions that border between right and popular in an article in Today paper. He quoted the issue of building rental flats in his ward and the conflicting demands of his constituents to want to keep things as they are and not wanting the negative aspects of rental flats in their midst. Sin Boon Ann’s right in this case is about doing something that is necessary as against something that is popular. The building of rental flats in an estate is unpopular but right in the context of meeting the needs of people who can only rent. It is like locating a funeral parlour or crematorium in an estate. They have to be located somewhere if there is a need for it. Not your estate, then someone’s estate. I don’t thing the conflict between doing something right and popular is that big a problem. Why doesn’t he discuss about doing something which is right to the govt but not right to the people? Something which the govt think is right but the people don’t think so, or worst, affecting the people’s right? One good example is the people’s money in the CPF. The govt may think that it is right to keep the people’s money under all kinds of excuses, minimum sum, CPF Life, Medisave etc etc. What about the people’s right to their money and how to use and when to use their money? Don’t the people have any right or say to their money? In this case there is the people’s right versus the govt’s right on what is the right thing to do. Would Sin Boon Ann or any MP want to share their concern, views or misgivings or conscience prick on this issue? Just because the govt think that this is right, the right thing to do, it does not mean that the people also think so. And this issue is much more serious than the siting of rental flats.

The gag order

It is reported in the ST that a local club is going to impose a gag order on its members to prevent them from speaking about club matters to the public, otherwise disciplinary action will be taken against the member. Some other clubs interviewed too were surprised that this kind of thing is happening in this enlightened city with enlightened beings. Gagging means nothing said, nothing heard, so no problem. On second thought, I think it is a good idea. If no one is talking, there will be no issues to talk about, and all will be peace under heaven. It is only when people start to talk about an issue that an issue becomes and issue. Look at the internet, if there is no internet, many issues will be long forgotten. Today it is reported that Indonesia is trying to curb the growing influence of the internet, by gagging I supposed. Let's return to the old world of saying nothing, seeing nothing, hearing nothing and doing nothing. Life will definitely be better, and more peaceful. If anyone got murdered, let it be. Don't say anything, and no one will know about the murder. Then everyone will say, see, no murder. The world shall progress to the world of silent movies.

A fare cut, a fare cut!

Public transport fare to go down by 2.5%, reported Today. Cheaper transport fare from July 3, reported mypaper. So we have a fare cut, a fare cut, or a fare hike! Which is which? I copied below extract from "Blowin' in the wind" blog for ease of comparison. The Straits Times reports public transport fares will dip by 2.5 per cent from July 3, but savings will vary from commuter to commuter. The fact is fares are going up --- appreciably for longer journeys. While the minimum fare for the first 3.2km on an airconditioned bus is going up by just two cents from 69 cents to 71 cents, commuters will have to pay up to 10 cents more for every kilometre after that. And it is going to make a difference. The longest trip now on an air-conditioned bus with an EZ-link card costs S$1.65 cents, according to the SBS Transit website. The same trip with the same card will cost S$1.94 from July 3, according to the Public Transport Council. So we have a fare cut for some and a fare hike for some. So, shall we call it a fare cut or a fare hike? Beats me really.

SGX asking for public views

The SGX is asking the public for views on whether it is ok to let banks become trading members, ie full time brokers to trade in stocks. Is this a fair proposition to ask the public? In the case of locking up the people's CPF savings through minimum sum, CPF Life, locking them up in the Medisave, the public's view was not sought. They just do it without any need for consultation when it should as the people would have a lot to say on their own money and things affecting them directly. The issues were then more easily understood. Here we have a financial issues that have implications and consequences beyond the layman in the street. Only the academics or finance professionals would be able to give any reasonable views and inputs. But these people are unlikely to waste their time as their time and effort are expensive. So who does SGX expect to respond to their invitation for views on such a technical issue? It will be more meaningful for Sheng Siong to ask the public if it is ok for them to take over the wet markets and change them into something else. It would be more meaningful if Teo Ho Pin and other MPs affected by this wet market issue to ask their constituents for views and feedback. The public can only make reasonable feedback on things that they can comprehend at their level. The talents at SGX should be in a better position to decide whether the banks should be allowed to dabble in stocks. Is there a conflict of interests? Should banks be allowed to deviate from their core business into other high risk areas? How would it affect the businesses of other financial institutions? Would there be unfair advantages or unlevel playing field? How would it affect the jobs in the industry? How would it affect the stock market as a whole? And there are many more issues related to this move, ethical, moral and administrative etc etc. The answer is best answered by the professionals paid to do the job.

Goldman Sachs made US$3.46 billion in a quarter

There you have it, the most profitable bank in the world. How could a bank make that kind of money in 3 months? What kind of business is it in? I don't think the most profitable casino can make this kind of money in three months. Must take out my hat to Goldman Sachs. And they too were recipients of public funds during the financial crisis, and nearly collapsed. How could the turnaround be so dramatic? I am very sure they are not doctoring their books. The profit must be real. So where did they make this kind of money? CDOs, hedge funds, stock markets? When they can make this kind of money, someone out there is losing big time. And many broking houses are recommending a buy on Goldman Sachs despite it being sued by the SEC. Who is wiser? It is good to believe that money can be made so easily. All the banks must adopt the Goldman Sachs business model if they want to make this kind of money.

Selling the Singapore Brand

Walking into UOB's spacious banking hall in Battery Road as a customer is a new experience. No queue, everything a breeze. The atmosphere is like a big lounge for customers to spend a pleasant and easy time chatting with the bank officers. It is so friendly, no hassle. Banking is indeed a breeze. And I believe Wee Ee Cheong need not have to sweat to provide such a great experience for his customers. Any middle manager who cares and bothers, and put on his little thinking cap, could easily transform the procedures and processes into one that is sensitive to customer needs. Oh, I am not a customer of UOB, so I am not partial. If the CEO has to be bothered with such nitty gritties, then what the hell are the middle managers doing? No wonder UOB is number one. Customer friendly and making banking a great experience. UOB should franchise their procedures and market it to the world as the Singaporean Style of management, as a sought after product. With such quality services and processes, why the need to look further for foreign talent? The way UOB runs its banking hall operation is worthy as a case study for other banks. Good job UOB.

Chua Mui Hoong to the rescue

The spin that property prices are well managed and that there is no property bubble is given another positive take today. The high prices are good and probably planned to be that way. Chua Mui Hoong has said all that needs to be said, the govt has don't all the right things for the home owners. I remember a few days back that the CEO of DBS, Piyush Gupta, had said that there was already a bubble. So everyone can call it whatever they like, got bubble, no bubble, half bubble or quarter bubble, suit yourself. The fact is that the new buyers are going to be hanged if they don't have the money to buy a decent unit. But of course there are the affordable ones to suit their limited budget. No money don't complain, and don't expect too much. I could also presume that the state of the property market was all carefully calibrated to what it is today, prices, supply and demand. If this is the case, then I would say it is all under controlled and expected. Well done.

The great invitation by SDP

I read in the net that SDP had invited Teo Ho Pin to sign a joint letter in protest over the 30% hike in rent for wet market in Bukit Panjang. Teo Ho Pin flatly declined and said it was his constituency and he would know what to do to help his constituents. I will say nice try SDP. The invitation is as good as a still birth the moment it is conceived. How could Teo Ho Pin agree even it is a good thing or right thing to do? Anyway, the contituents in Bukit Panjang need not worry as Teo would surely come out with something to help them with the rental hike. Maybe some kind of subisidies are on the card. If not the residents going to market will just have to pay for the additional cost, all because of nothing but Sheng Siong taking over the wet market. And now it is market forces at work, for the good of the people. We need to erect an altar for market forces and pray to it everyday. The god of market forces need to be respected and prayed to for the well being of the people. Bow three times at the altar and three times a day, morning, noon and evening.

Learning from the great enlightening American experience

Goldman Sachs is being sued by the SEC for fraud, looting the innocent investors by manufacturing fraudulent scripts of papers and selling them as products. So it is now going to face the music. Wait a minute, who is Goldman Sachs? Oh it is an organisation, not an individual. So no one will be found guilty of any misdeeds. The organisation, an inanimate thing, will be found guilty and be made to pay for the losses or fine. This reminds me of the Lehman toxic notes fiasco. As usual, the inanimate thing will be found guilty. No one else is guilty. No one has done anything wrong, no decision made by anyone, it just happened. Oh, a few small guys or gals were made guilty, I think, in Hongkong. My goodness, the billions of dollars or trillions of dollars lost because of a systemic fraud created by a bunch of crooks and helped by an army of greedy accomplices across the world, and no one is at fault. This is something that we must learn from the Americans. Save and protect the individuals. Just put the blame on the organisation. And more frauds and lootings can be repeated in different forms and disguises. Kevin Scully, executive Chairman of NRA Capital said Obama's bank reform will put many banks under heavy scrutiny and regulation by the SEC and that the culprits of the fallout must be identified. But Kevin forgot that it was the SEC that needs to be placed under heavy scrutiny for allowing the looting to go on in the first place. They have been sleeping, yes sleeping with the crooks and looters all this while. And they pretend and act as if they have done no wrong and now waking up, standing up, to do the policing. What a bunch of crooks and their crooked deals.

Bullying the young upstart

We are still waiting for the green light to watch the World Cup. Why is Fifa making it so difficult and expensive for us to watch the World Cup? Should there be an equitable formula like on a per head basis? Or are they saying since we have so much money to throw around, they want a bigger share of our money? Did we bring this to ourselves? To Fifa we are just too small a market that they can afford to lose. They probably says take it or leave it. The coverage of the World Cup will still be available live to Singaporeans through other channels, at different cost of course. Now it has become a poker game and see who blinks and who is the big winner. The people who suffer are the innocent consumers. Actually we shall just go and tell Fifa, 'How much?' and dump the cash on their table to show that we have the money. And when they name another ridiculous price, just take the money from their faces. There is no need to waste so much money under a situation not much different from being robbed at knife point. But we must also learn our lesson. Don't go around throwing our money at everyone.

Honouring the gangsters

There is this big exhibition going on at the National Library about a William Farquhar who was the first Resident of a pre colonised island which is now Singapore. He took over control of the island as a stand in for Stamford Raffles who claimed to have founded this island for the British Empire. Uh no, for the East India Company. Yesterday a Teresa Lim wrote passionately about rediscovering and remembering this great Resident and even naming a few places in his honour. Now what is a resident and what was East India Company? We have more than a million permanent residents here today. There were several hundred residents here before the arrival of Raffles and the appointment of the first Resident. Funny usage of the word. I think first Resident meant that he was the top dog in the island then. And what was the East India Company? Was it a state company, an extended arm of the crown, or was it a privatised company of the state just to make profits for the state? How could a private company went around and claiming pieces of land as theirs? It seemed that the British separated the state from the running of profit making organisations then. The choice would allow the state to be free from the ugly dealings of the company. The company could schemed, connived, stole, robbed under whatever pretext, even grabbing lands and countries from the natives and their rulers, often at gun point. The state stood at a distance and was not tarnished by the unscrupulous doings, above the dirty deals. The state only came in like the Opium War in China to help the merchants on some fabricated excuses like protecting the interests of its gangsters, drug lords or subjects. The East Asia Company was nothing different from organised crime dressed up as legitimate businesses. They wielded tremendous powers and every warlord was literary a mafia boss. Raffles or Farquhar was no different. They were gangsters of the old days, protected and given legitimacy by the crown of England. Some of the knights of the British Empires were actually pirates, not much different from the Somalian pirates today. Whatever they did, it was for their own interests and the interests of the British crown and the British Empire. What happened after the years of occupation when we were given independence to run the island was a necessary convenience of the day. What and how we came about was not of design by these gangsters. We made it what it is today. Reading the history of yesterday and understanding how things were in the correct perspective would help to increase our knowledge of past events. Maybe there were no victims and no sufferings under the control of the gangsters, maybe it was ignorance, we seem to have a romantic view of our colonial history and their exploits, and remember them fondly. I think they make a good collection as the myths of Singapore.

What is realistic pay?

Our model of high pay for ministers was given an airing in an American TV channel, the Chicago Tonight, hosted by Phil Ponce and guest Lee Hsien Loong. The merits of our case against the demerits of the American case were discussed and defended. One example quoted was the American judges presiding in their courts and listening to young lawyers who were paid many times more than the honourable and distinguished gentlemen sitting at the top bench. Kind of funny really. How could the judges sit there listening to young boys telling them about the case and knowing that these young boys are being paid so much more than them, and could buy them dinner on every outing? What would be going on in the minds of the judges other than the cases being read? The conventional wisdom here will say that the judges were grossly underpaid and needed to be realistically rewarded for the responsibility they were holding. Or are the young lawyers being grossly overpaid while the judges are being paid reasonably? Which is which will depend on who and how people look at the issue. Look at the numbers again. A CEO being paid $10m pa versus workers being paid $20k pa is equivalent to one man doing 500 men's job. That is how productive or valuable the CEO is to the organisation. He carries the weight of 500 men's wage bill. Does he really do the job of 500 men? Oh, big responsibility. His decision, just saying yes or no, could mean millions and billions being made or lost, and hundreds of thousands of people's lives being affected. This is what they are being paid for. Responsibility. Could the little worker's responsibility be in that scale? A terrorist, with little skill or professional qualification and training, could unleash a vial of deadly chemical or biological material that could do untold damages to untold number of people. The impact of his action surely must be greater than a $10m CEO and should rightly command such a pay. And the little soldier or custom officer manning the checking counter must be shouldering the same kind of responsibility and deserve more than what he is being paid currently. So is the security guard to a high value vault or premise. It reminds me of one very highly paid security guard. The cook in a top notch restaurant where all the big shots eat better be paid more than the big shots as their lives depended on him not poisoning them. His responsibility is enormous. So are bodyguards to Presidents and Prime Ministers. So are all the arseholes. So what is realistic pay? According to what and who?

Is it so difficult?

Is it so difficult to forecast the number of doctors needed here? Hospitals are not built overnight. I think it takes much longer time to built hospitals than HDb flats. Why is there a sudden shortage of doctors when the numbers can easily be calculated with a pocket calculator? We don't produce enough doctors from our universities, not enough capacities. And many of our brightest have to get their medical education overseas. The sad part is that these students who went overseas were not part of the planning process to meet the demands of our hospitals. They went completely on their own motivation and may not even want to return if they can find jobs elsewhere. In the meantime we went on a recruitment blitz, grabbing anything that comes by while many of our best were scattering away from our shores. Is this another jamban case?

A different role for internet or new media

Obviously a new role has been developing for the internet media vis a vis the old media. The forte of old media is news reporting. They report news. Once reported it is no longer news and not worth reporting a second time. In the case of internet news, it is not merely reporting news per se. It is an expression of the people, begging for action, demanding for action over issues or cases of injustice or a cause etc etc. No doubt the plea may completely be ignored and nothing could come out of it. But ignoring a case or issue raised will reflect badly on the parties where action is needed. There is no escape. Not doing anything when an issue becomes the talk of the town can be embarrassing or even seen as being irresponsible, callous or aloofness or arrogance could also seep through on those responsible. Whatever, there is a price for being seen in a negative light. An example of old media and internet reporting is that of a fire. The old media will report the fire when it first came to notice. Whatever happens after the first news break is often not reported. No follow up unless the fire keeps burning for a few more days. In the case of internet, the fire will be reported. And if the fire fighters did not turn up in time, it will be reported. If the fire fighters did a bad job, it will be reported. If a good job, it may also be reported. And the fire can be reported everyday if there are other consequences resulting from the fire. An exception is the rogue diplomat case where the old media keeps pushing and covering the case. The old media is pursuing and hounding this case for justice that has never been seen before. The repeated reporting of the case should at least shame the Romanian govt for appointing a rogue as its representative to the diplomatic world, and now more disgusting is trying to protect him in all ways possible. It is not willing to face the court of common justice that a serious crime has been committed by a poor specimen of its govt and that it should do all it can to bring the animal to justice, that any honourable govt will do. In this case, it is good that the old media uses all its resources to keep reporting on the case to bring the criminal to justice, and the Romanian govt to its knee if it has to. It will be great if the old media could pursue issues in this way, tenaciously, without letting go. Maybe they should continue to report more on the high property prices and how badly it is affecting the citizens and emptying their pockets. For everyone who makes a handsome profit, some poor citizen is going to pay for it for a life time. Is it a good thing? The internet or new media has a job cut out for it, to pursue issues tenaciously, without letting go.

Myth 220 - The Myth of under consumption

Rich people will want to stay in C Class hospital wards. So it is necessary to have mean testing as C Class wards are highly subsidised. Rich people will want to buy 3rm or 4rm flats so there must be an income ceiling to bar them from buying HDB flats or else they will deprived the lower income from buying smaller HDB flats. I shall go on to say that rich people will want to drive China or Korean made cars and not Mercedes, BMWs or the more exotic brands. Oh, this is not true as these products are not subsidised. Is it true that rich people will want to under consume? Is under consumption good? Let me address the first question first. For every rich patient who wants to be admitted into C wards, there will be 10 less rich patients who want to be warded in A wards. And for every rich man who wants to buy a 4 rm or 3 rm HDB flat, there will be hundreds or thousands of less rich men who want to buy bigger flats or private properties. So what is the problem? The problem is the supply. If the people want to be admitted into C wards, why don't they build more C wards? If there are more people who want to buy smaller flats even if they earn more than $8,000, why don't they build more smaller flats and let them buy? Unfortunately restaurants are not subsidised. Otherwise they will have to conduct mean testing to make sure that the rich customers order only sharks fin and abalone and nothing else. And the second question, what's wrong with under consumption? Is it not prudent for people to spend lesser and save more? And this is very important to young people who have not much savings to start with, and that they should not be forced to buy properties that will eat up their incomes. It is crazy and irresponsible to demand that young people must buy expensive properties. And then later complain that people did not have enough savings for their retirements. This is real cock. Only fuckheads think that way. Be prudent, spend within your means, but dictated that if one has some money, they must spend it. Then complain that they don't have enough for retirement, then start to grab more money from their CPFs under all kinds of schemes for retirement. Are the fuckheads making sense or talking nonsense? To me it is full of contradictions, full of holes in the reasonings.

A good suggestion for Khaw Boon Wan

Khaw Boon Wan is terrified by the escalating medical cost in his hospitals and is still not able to control them. And since the escalating cost is unavoidable, the next best thing is to make sure that the people can afford to pay the hospital bills, or have money to pay the bills, through the money locked up in the Medisave of course. At the moment the minimum sum is slightly more than $30k and this could go up and up. In Boon Wan's view, this is simply not enough. He toying with the idea of pushing for legislation to transfer more funds from the people's CPF Ordinary Account to the Medisave Account to help the people so that the people can afford to pay their hospital bills. But with the HDB eyeing 30% of the people's income, the bulk coming from CPF, and other uses, touching the Ordinary Account again is going to hit the wall. The people will be angry if they cannot pay their HDB mortgages especially when HDB prices are so sure of going up and up as well. But have no fear. A blogger here has a brilliant suggestion. Just let every member of the family of the patient be allowed to share the medical bills. If there are 4 members, then it will mean at least $120k to take. Not enough? Did I hear not enough? Did I also hear that this is already done? Wow, if this is so, then $120k is truly not enough. In that case, this brilliant suggestion would not work and more money from the CPF Ordinary Account must go to the Medisave Account. This is the only way, the best way, to help the people pay their hospital and medical bills.

The mad rush has begun

Another 4 residential sites up for tender. This will add another 2000 homes and bring the total supply of new homes to 10,550 since the mad rush began. And the message from the govt is to say that there is enough land. So nerves are calmed and problems solved? The 10,550 figure appears big but how is this related to the demand? Is it just a number that is thrown up to appease the outrage of homebuyers, or is it a well thought out number based on statistics. There must be enough statistics to show what is the demand and how many more homes are needed. It cannot be a suka suka number or guesswork. What is the real demand or estimated demand for housing today and how does this number stand to satisfy the demand? Too much or too little. Or have we reached a state that no body really knows how big is the demand and how many more flats should be built to meet demand? I somehow got this kind of funny feeling. Then the next point is that if the demand today is for 10,550 flats or more, how could the demand be satisfied when they are, mind you, just tendering the site to contractors. In other words all these launches are at the preliminary stages and would take at least 3 more years to fruition. Or is this the best way to solve this housing problem? I think this if officially the best way. So, with all this last minute launches the home buyers shall now be happy, no more complaints. It must be quite a big relief to know that the jamban will be ready in 3 years while the shit is about to burst free. Just hold on, never mind if the face is red from squeezing and the hands and feet are cold. Hang on! The jamban will be ready soon.

What if there is no Medisave?

We have a first class hospital system that can meet the best in the world. This is something we can be proud of. The point in question is what if there is no Medisave? Why is Medisave such an important element in our health care system that such a question needs to be asked. For without Medisave, many will not have the money to pay. Without the patients paying and supporting the system, can the system continue to operate as it is? Can the system charge the kind of fees if the patients cannot afford the fees? Who shall be thankful for the wonderful healthcare system that we are having? My fear is that if cost is not managed, or if people think that Medisave is the ATM with unlimited supply of cash, or the cash can be increased by passing of legislation, the healthcare system will continue to be world best with world best fees and with the Medisave depleting rapidly.

The relevance and irrelevance of the Thai crisis

Let's start with the irrelevance first. The monarch is increasingly becoming irrelevant as he lies in the hospital bed. And with each breath fading, Ahbisit and his elitist party too are edging towards irrelevance as well. The Army which has pledged loyalty to the king may find it unnecessary to do so as minutes tick by. The signs of support from the Army for the elite will soon be no more as the Army knows that change is inevitable. What is so relevant about the happenings in Thailand? An elite or elitist party cannot survive without the ordinary people supporting it. The real support for a govt in a democracy must be from the people. This is also applicable in a fake democracy. Once the people is politicised, there is no turning back. And the elite, by nature a minority, cannot cling on to power for long. The king, the one that is holding everyone together, the one that can pull the strings, will one day be too feeble to do so, and may not be around to do it. And when that day comes, the pretenders will have a hard time staying in power. The true leaders, those with the support of the people, will be shoved into the seat of power. The elite may resort to all kinds of things to stay in power, including the Army. But the soldiers are not idiots. They will have a mind of their own. And when they perceive that the people is not in favour of the elite, they will change sides. Unless of course the Army is made up of cartoons or unthinking inanimate soldiers. Ahbisit is seeing the real stuff for the first time. His days in power is numbered without the Army that he thought would always be there. A new order is in the making the moment the king is out of the picture.