Just when the cleaning of the hawker centre dispute was fading away,
Vivian Balakrishnan threw down the gauntlet in Parliament, calling
Sylvia Lim and Pritam Singh and the WP names and challenging them to sue
him in court. Initially some might have thought that this was the
position of a minister trying to make his mark. Then the PMO issued one
statement after another to support the stand of Vivian and confirmed
that it was the stand of the Govt to hold the WP to account for what
they said and done in the hawker centre cleaning issue. The Govt is
questioning the integrity, honesty and trustworthiness of the WP. The
Govt is taking the fight to the WP and demanding the latter to pick up
the gauntlet and do battle.
Low Thia Khiang has replied that he would not pursue this matter and
have a run in with the PAP that would be time consuming, energy sapping
and financially draining on the limited finance of his party. A drawn
out battle is something that the WP would not want to be dragged into.
They would rather continue with what they have to do to serve their
constituencies and not politicking to win a battle with the time and
place and agenda set by the PAP. They would want to leave the matter as
it is and let the people decide whether they have done wrong or whether
they are worthy to be voted in again.
The PAP has in a way decided that the WP is guilty and wanted this to be
confirmed in this chosen battle, preferably in court, to be judged by
the court. They are taking on the roles of judge and executioner. The WP
chose to have the issue be judged by the people like in Hougang and
Punggol East. Let the people be the final arbiter of who is right or
wrong, or who is good or bad.
The question is how important is this issue over the other major issues
that are left in the air and the many national issues that the people
are unhappy about? Obviously the PAP would think that this is of
paramount importance and needs to be settled. The WP may disagree and
want to move on to deal with other more pressing and important matters,
and would see this as simply politicking and bickering for votes.
At the recent DBS Insights Asia Conference, Hsien Loong was quoted to
advise whoever governs Singapore to ‘try very hard to keep the politics
clean and straight, constructive,’ and, ‘where you’re solving problems
and not just slogging it out, fighting with one another’. There are two
points here, keep politics clean and straight, and avoid bickering and
politicking to score political points. How would these points measure up
with the PAP upping the temperature on the hawker centre cleaning issue
and not to let it pass and not to move on?
7/14/2013
Politics is about power
In PS 101 the wet behind the ear political science students will be going everywhere talking about power in politics. Power is everything in politics. First year students will be made to think so as that was the first book on politics that they would be reading. And that would probably be their first assignment to submit.
As one progresses through the course, he would find that politics is about power but also about many other things. Any political leader that believes only in power will end up as a dictator, often a ruthless one who only thinks of himself and the power he wields. Familiar names like Marcos, Hitler, Mussolini, kings and military junta everywhere, all ruled for power and for their self preservation. The people are secondary or far down the line of importance.
Politics is about the well being of the people, the citizens of the country, not just about power and non citizens, not about the well beings of foreigners, not just about the existence of a state at the expense of its citizens.
When naïve political leaders got the formula wrong, thinking that politics is about power, about self preservation, about vested interests, about the well beings of foreigners, it is about time the people abandon ship and start to think of their own interest and own good.
Political leaders are like a ship and the people the water that keeps it afloat. The water can support the ship and sink the ship if they wanted to. Make no mistake about it. Political leaders that think they are there for the power to rule the people are in the wrong place and for the wrong reasons. Western democracy is afraid of the politics of power and has built in mechanisms to prevent the domination, control and abuse of power by political rulers.
One man one vote, 4 or 5 year term of office, limitation of tenure of the Chief Executive to two terms in office, separation of power, rule of law, the constitution etc etc, are all created to curb the power of power crazy politicians whose main interest is political power and monopoly of power.
PS101 and the politics of power is only a small part of politics. The political science students will go on to learn about different political philosophies, about govt, public administration, national interests, development economics, about benevolent leadership, about the well being of the people, about distribution of wealth, about jobs and the economy and a whole lot of other things. By the end of the course, a political science student would have all but forgotten about the politics of power unless his ambition is to be a dictator. And there will still be those who are obsessed with power and power is their only reason to be in politics.
No, politics is about people. No it is not about the people but about the citizens, the well being of its citizens. I must admit that this assertion about what is politics is youthful idealism bordering on being naive.
Vivian is right. In realpolitik, it is about power, about the contest for power and nothing else.
As one progresses through the course, he would find that politics is about power but also about many other things. Any political leader that believes only in power will end up as a dictator, often a ruthless one who only thinks of himself and the power he wields. Familiar names like Marcos, Hitler, Mussolini, kings and military junta everywhere, all ruled for power and for their self preservation. The people are secondary or far down the line of importance.
Politics is about the well being of the people, the citizens of the country, not just about power and non citizens, not about the well beings of foreigners, not just about the existence of a state at the expense of its citizens.
When naïve political leaders got the formula wrong, thinking that politics is about power, about self preservation, about vested interests, about the well beings of foreigners, it is about time the people abandon ship and start to think of their own interest and own good.
Political leaders are like a ship and the people the water that keeps it afloat. The water can support the ship and sink the ship if they wanted to. Make no mistake about it. Political leaders that think they are there for the power to rule the people are in the wrong place and for the wrong reasons. Western democracy is afraid of the politics of power and has built in mechanisms to prevent the domination, control and abuse of power by political rulers.
One man one vote, 4 or 5 year term of office, limitation of tenure of the Chief Executive to two terms in office, separation of power, rule of law, the constitution etc etc, are all created to curb the power of power crazy politicians whose main interest is political power and monopoly of power.
PS101 and the politics of power is only a small part of politics. The political science students will go on to learn about different political philosophies, about govt, public administration, national interests, development economics, about benevolent leadership, about the well being of the people, about distribution of wealth, about jobs and the economy and a whole lot of other things. By the end of the course, a political science student would have all but forgotten about the politics of power unless his ambition is to be a dictator. And there will still be those who are obsessed with power and power is their only reason to be in politics.
No, politics is about people. No it is not about the people but about the citizens, the well being of its citizens. I must admit that this assertion about what is politics is youthful idealism bordering on being naive.
Vivian is right. In realpolitik, it is about power, about the contest for power and nothing else.
Sinkies now allowed to let go some steam
Did
anyone remember that there were two protests regarding the 6.9m population held
at Hong Lim Park? Briefly I could still
recall being there and taking some photographs and mingling with other Sinkies
that made it a point to be there, to protest. Ok, the Sinkies had their
chances, two in fact, to say their piece about the population issue. Now
everyone back to work, case closed.
Sinkies
should be grateful that today they are given a chance at least to let go some
steam. And they too went to Hong Lim one more time to release another fart on
the MDA regulation to license websites reporting on Singapore affairs.
With
the protests out of the way, with the issues of foreigners discriminating
against Sinkies and Sinkie PMETs having difficulties finding appropriate
employment forgotten, life goes on as normal. Nothing really changed, nothing.
The
6.9m population will be a reality. The MDA licensing means those affected will
have to apply for a licence. The discrimination against Sinkies and PMET
unemployment issue, … never mind, never mind, no more issues already. No one is
talking about them anymore. Let’s move on.
Does
anyone remember about HDB’s affordable pricing and not disclosing the cost of
building a flat? Does anyone remember about all the HDB policies discriminating
Singaporeans and disqualified Singaporeans from buying HDB flats but allowing new
citizens to do so? Does anyone remember that their CPF savings, their hard
earned savings, are locked up because some jokers decided to do so? The list
can go on and on.
Singaporeans
should called themselves lucky and be very grateful that they are now allowed
to complain, to kpkb for a while. And the Govt is listening, but nothing will
change. The Govt will do what it thinks is good for the Singaporeans, including
not selling them HDB flats and keeping their hard earned savings by all kinds
of schemings.
7/13/2013
Poll results as an indicator of public opinion
The result of the earlier poll on whether the govt is a proactive one or just merely reacting to the haze problem is obvious. And the perception of the public across cyberspace is equally unanimous and there is no need to belabour the point.
This new poll has just started and 95 people have read and the perception is unanimous as well. One may claim that this is only the views of a small segment of the population that is highly critical of the govt and will see it this way. But if this is translated to 60% of the overall population's view, the govt is going to be in for a rough ride. And the harder the govt is pushing for this thing called 'integrity and trust' the more ridiculous it will look.
When a govt has lost the trust of the voters, no matter what it says or does, it is not going to be believed or accepted by the people. It will backfire if the heart of the people is no longer with the govt.
Unlike in the past when the people were fully behind the govt, anything the govt said will be accepted, even reluctantly. The people would just go along even if the policies were tough.
This is the stark and unpleasant difference between the current govt and the govt of yesterday. Perhaps the govt may want to hold a similar poll in reach and find 95% giving the exact opposite result and can feel good about it.
This new poll has just started and 95 people have read and the perception is unanimous as well. One may claim that this is only the views of a small segment of the population that is highly critical of the govt and will see it this way. But if this is translated to 60% of the overall population's view, the govt is going to be in for a rough ride. And the harder the govt is pushing for this thing called 'integrity and trust' the more ridiculous it will look.
When a govt has lost the trust of the voters, no matter what it says or does, it is not going to be believed or accepted by the people. It will backfire if the heart of the people is no longer with the govt.
Unlike in the past when the people were fully behind the govt, anything the govt said will be accepted, even reluctantly. The people would just go along even if the policies were tough.
This is the stark and unpleasant difference between the current govt and the govt of yesterday. Perhaps the govt may want to hold a similar poll in reach and find 95% giving the exact opposite result and can feel good about it.
The PMO has spoken on the hawker centre issue
Today, 12 Jul, the PMO has issued a 9 point justification on why Vivian Balakrishnan had to take the WP to task on the issue of integrity in Parliament. I just quote the second point here and to use it for a poll I set up on the top right of this page.
‘Good politics is first and foremost about integrity. Singapore
has succeeded because we have honest, upright people in politics: people who
can be trusted to uphold the public interest, to speak the truth even when it
is inconvenient, and to admit mistakes when things go wrong. This is how we
have built trust between Singaporeans and their leaders, worked together to
build the nation and improved everyone’s lives.’
How many people believe that we have honest and upright
people that can be trusted to do the right thing? Please indicate your take in
the poll on the right.
I want to clarify here that whatever a person votes, it may
be right or wrong, but it is definitely what the person perceives or thinks so.
For example if everyone thinks that the govt does have honest and upright
people, it can be a statement of truth. And that is good. On the other hand,
the majority may not think so, and this can also be a statement of truth, which
then is bad. But if this is false, and if the govt has honest and upright
people but the people do not believe so, this in itself is another problem. It
simply means that the people do not trust the govt and have a very bad
impression of the govt. And the govt really needs to conduct an investigation
as to why it is like dat.
The best result is for the majority of the people to think
that the govt has honest and upright people that can be trusted to do the right
thing for the people, and that this is also the truth.
So please vote accordingly on what you perceive or think.
Cheers.
Let me add further that this cleaning of hawker centre thing
is really a very small issue. It is nothing compares to the AIM issue and was
best put away and moves on.
And I think it is a horrible mistake for Vivian to thrash it
out in Parliament thinking that he can score a winning goal against the WP.
More horrible is for the whole cabinet to think that this was a good idea to
throw at the WP.
What is going to happen now is that this supposedly minor issue
is going to open the Pandora Box and allow the critics of the govt to dig into
a can full of worms and that may become quite embarrassing and difficult to put
away. It is like the proverbial saying that people living in glass houses
should not throw stones. Unfortunately things are heading in the wrong
direction now. Unfortunately the emperor did not know that he is not wearing
any clothes and is strutting around very confidently in his new clothes.
How would this minor issue (of course some people think it
is damn big issue) end eventually and who would land with more mud on the face?
7/12/2013
Obama, please step aside
All our ministers are earning more than Barack Obama, the President of
the USA. They are all carefully talent scouted, men and women of great
abilities. It is a waste that they should be made to deal with petty
problems like cleaning hawker centres, haze, dengue, public
transportation, primary school education, problems with childcare
abuses, and what else.
We are not making full use of our talented ministers and insulting them with such menial tasks. They are made for bigger things. If we keep asking them to solve mundane daily chores don’t be surprised that they will lose interest soon. 大才小 用。It is like putting a gifted child in primary one when he should be in the university. That was the same problem Einstein faced when he was in school and was thrown out. Boredom trying to do simple things when his intellect was meant for bigger stuff like understanding the universe.
I think our ministers should easily fit into the seat in the White House. Obama, please step aside. I am sure they will shine in the right environment and the right challenge. The tougher or more challenging the situation or problem, the more they will excel. In a way we are abusing our multi talented ministers.
There is a problem though. The Americans would not be able to pay them. What a pity.
We are not making full use of our talented ministers and insulting them with such menial tasks. They are made for bigger things. If we keep asking them to solve mundane daily chores don’t be surprised that they will lose interest soon. 大才小 用。It is like putting a gifted child in primary one when he should be in the university. That was the same problem Einstein faced when he was in school and was thrown out. Boredom trying to do simple things when his intellect was meant for bigger stuff like understanding the universe.
I think our ministers should easily fit into the seat in the White House. Obama, please step aside. I am sure they will shine in the right environment and the right challenge. The tougher or more challenging the situation or problem, the more they will excel. In a way we are abusing our multi talented ministers.
There is a problem though. The Americans would not be able to pay them. What a pity.
Did anyone say the WP was sleeping and not doing anything?
The hottest issue in cyberspace these few days is not the haze or the
near epidemic dengue situation with record numbers of people having
dengue. The hottest issue is who should pay for the cleaning of a hawker
centre’s high ceiling. And this has led to the WP being grilled by the
PAP and how hard they had to work to defend themselves. And mind you,
they had to work very hard and very smart and had to be very careful as
the debate in Parliament would be in the air after the 9.30pm news.
Can’t imagine what would be shown if the WP made a mess of it and could
not defend themselves effectively.
For the few hours in Parliament, I believe both parties would have spent a lot of time and resources preparing their positions, how to attack or defend the points raised. For the amount of money they are getting, it is really hard work. It is a tough battle with 7 fairly new WP MPs other than Low Thia Khiang, against the full force of the PAP MPs and the veteran ministers. And the last session on the cleaning of the hawker centre must be so important that it was nearly full house in Parliament. This is quite a rare experience.
Let’s put our hands together for the parliamentarians on both sides for working so hard to debate on these national issues for the good of the residents.
Did anyone say that the WP MPs are not working, or the PAP MPs are not working? To be a WP MP means a lot of pressure. Doing too little for the people sure kena walloped. Saying too much of the wrong thing lagi chiat lat. Go to Parliament means one month cannot sleep, got to prepare to ward off attacks from all corners. Must wear protective gears just in case.
For the few hours in Parliament, I believe both parties would have spent a lot of time and resources preparing their positions, how to attack or defend the points raised. For the amount of money they are getting, it is really hard work. It is a tough battle with 7 fairly new WP MPs other than Low Thia Khiang, against the full force of the PAP MPs and the veteran ministers. And the last session on the cleaning of the hawker centre must be so important that it was nearly full house in Parliament. This is quite a rare experience.
Let’s put our hands together for the parliamentarians on both sides for working so hard to debate on these national issues for the good of the residents.
Did anyone say that the WP MPs are not working, or the PAP MPs are not working? To be a WP MP means a lot of pressure. Doing too little for the people sure kena walloped. Saying too much of the wrong thing lagi chiat lat. Go to Parliament means one month cannot sleep, got to prepare to ward off attacks from all corners. Must wear protective gears just in case.
Japan, the international thug shouting ‘robbery!’
Japan is accusing China of not playing by international law and becoming
more aggressive in its actions in the Diaoyu Islands dispute. The
Japanese Defence Ministry said, ‘China has attempted to change the
status quo by force based on its own assertion, which is incompatible
with the existing order of international law.’ The Japanese are also
infuriating the Koreans by blaming them for heighten tension in the
Korean Peninsula.
How far from the truth is this Japanese lie? In the first place China has not resorted to force to retake the islands seized by Japan in violation of international law in the late 19th Century. They took the islands from China by force. China could retake the islands by force too but refused to do so and sought to settle the issue by diplomatic means. It is the Japanese that have been resorting to the use of force, ramming Chinese civilian ships, arresting Chinese fishing boats and scrambling fighter aircraft against Chinese surveillance ships and aircraft in the area. More than 300 such missions were flown against 41 times when Chinese surveillance ships were in the area, including Chinese aircraft. Such acts of provocation could easily lead to a breakout of warfare.
The Japanese even mocked the Chinese by enacting a bogus sale of the islands from one Japanese to another when the the islands are Chinese territory. The provocations and aggressive show of force by the Japanese were hostile in all counts and they are blaming the Chinese for raising tension in the area.
Did the Japanese obey international law and international norms when it aggressively took advantage of Korea and China in the 19th and 20th Centuries leading to its seizure of the Chinese islands? After it has violated Chinese territories, taken Chinese islands, it is demanding that the Chinese must accept the fait accompli and observe international norms.
And it is rattling its sabre daily, even siding with the Philippines in the latter’s dispute with China, promising military assistance against China. It is rearming itself by increasing its military expenditure using the Chinese as the strawman.
Who is the aggressive country and who is not following international laws and norms in international relations? The Japanese under PM Abe is on a war path, raising tensions and provoking the Chinese to retaliate militarily.
Japan is following the path of the Americans. After seizing the North American continent from the Red Indians and committing the biggest genocide in the history of human kind, it preaches human rights and rule of law. Not forgetting the scale of slavery against the African blacks, it called itself the protector of human rights.
Japan had violated all the international laws and human rights against Asians and Southeast Asians but is accusing the Chinese and Koreans for not observing international law. Why should they when their territories are still in the hands of the Japanese. But the Japanese and the Americans will keep shouting China is bad, Korea is bad. And you have unthinking media willingly printing such news on the front page, to support the claim, to make the unthinking readers to believe a white lie.
How far from the truth is this Japanese lie? In the first place China has not resorted to force to retake the islands seized by Japan in violation of international law in the late 19th Century. They took the islands from China by force. China could retake the islands by force too but refused to do so and sought to settle the issue by diplomatic means. It is the Japanese that have been resorting to the use of force, ramming Chinese civilian ships, arresting Chinese fishing boats and scrambling fighter aircraft against Chinese surveillance ships and aircraft in the area. More than 300 such missions were flown against 41 times when Chinese surveillance ships were in the area, including Chinese aircraft. Such acts of provocation could easily lead to a breakout of warfare.
The Japanese even mocked the Chinese by enacting a bogus sale of the islands from one Japanese to another when the the islands are Chinese territory. The provocations and aggressive show of force by the Japanese were hostile in all counts and they are blaming the Chinese for raising tension in the area.
Did the Japanese obey international law and international norms when it aggressively took advantage of Korea and China in the 19th and 20th Centuries leading to its seizure of the Chinese islands? After it has violated Chinese territories, taken Chinese islands, it is demanding that the Chinese must accept the fait accompli and observe international norms.
And it is rattling its sabre daily, even siding with the Philippines in the latter’s dispute with China, promising military assistance against China. It is rearming itself by increasing its military expenditure using the Chinese as the strawman.
Who is the aggressive country and who is not following international laws and norms in international relations? The Japanese under PM Abe is on a war path, raising tensions and provoking the Chinese to retaliate militarily.
Japan is following the path of the Americans. After seizing the North American continent from the Red Indians and committing the biggest genocide in the history of human kind, it preaches human rights and rule of law. Not forgetting the scale of slavery against the African blacks, it called itself the protector of human rights.
Japan had violated all the international laws and human rights against Asians and Southeast Asians but is accusing the Chinese and Koreans for not observing international law. Why should they when their territories are still in the hands of the Japanese. But the Japanese and the Americans will keep shouting China is bad, Korea is bad. And you have unthinking media willingly printing such news on the front page, to support the claim, to make the unthinking readers to believe a white lie.
7/11/2013
Hawker centre cleaning – The mysterious quotation
In Parliament, Vivian referred to a quotation by the AHPETC’s contractor, ATL Maintenance Pte Ltd to the market association as evidence that the Town Council is asking for double payment for the cleaning of the ceiling of the hawker centre.
“The first irregular event is ATL’s quotation delivered by hand on the 19th of February 2013… the hawkers have never asked for a quotation. Mr Low (WP’s chief, Low Thia Kiang) has met with the hawkers. They have told him the same thing. Secondly ATL is your own private contractor. When your own contractor issues a quotation for $7,200 to the hawkers asking for payment for work which you say is already covered by your contract – that amounts to a demand for double payment for the same quantity of work.,” Balakrishnan said, adding that he also had witnesses from meetings who could verify events. Quoted from YahooNews Online
Sylvia Lim said the quotation was requested by the market association:
“This quotation was requested by the market association and does not coincide with their annual obligation to clean the high areas under the town council contract.” Quoted from YahooNews Online.
What is the main issue here? A quotation by AHPETC’s contractor, ATL Maintenance Pte Ltd delivered by hand to the market association. Why did ATL send a quotation to the market association? Was it a request for quotes by the association or ATL voluntarily sent them a quotation? Sylvia Lim said the quotation was requested by the market association.
What is the truth? Is this so difficult to prove? Did or did not the market association asked for the quotation? If yes, why? If not, why should ATL send them a quotation? Who instructed the ATL to send an unsolicited quotation?
Could someone provide the answers to solve the mystery of this red hot quotation? Who asked for it or who instructed for it to be sent to the market association?
One possibility, ATL sent it under instruction from AHPETC which could lead to the assumption that AHPETC is expecting the hawkers to pay for it. And this is likely to be Vivian’s position.
The second possibility is that the market association asked for it. This will mean that ATL just responded to a request for quotes and this has nothing to do with the AHPETC’s intent to demand for payment unless they have already told the market association and this gave them the reason so ask for a quote. One point to ponder, the market association can ask for quotes from other maintenance company as well. Is this the only quote they asked for and received?
A third possibility, nobody asked or instructed ATL to send the quotation to the market association. They just sent the quotation without knowing why? And they know who to send the quotation to. This will be another mystery to solve.
The above questions would be an interesting puzzle for Sherlock Holmes to solve. Let’s see who is the first to come up with the full answers to complete the puzzle.
Another job offer – Sales Manager
[Company – European but told not to reveal name.
Salary – 18k to 20K rmb + sales commission
To setup new sales department
Accommodation + home trips given
Requirements
Must have solid sales track record (preference given to those with China sales experience)
Technical and Product training will be provided.
Future potential – to handle Asia Pacific sales (means more money)
Anybody interested – ask them to write to me at:-
steven.sum@hotmail.com) and I’ll provide the link.
This post is open to Taiwanese, Malaysians and Singaporeans. (Expat position).
I know the Taiwanese won’t be interested because usually they get 4 home trips and they like to work for Taiwanese company.
Singaporeans and Malaysians will be able to compete on equal terms.
The company is looking for someone who has solid selling skills + China experience rather than looking for a cheap salesman.]
The above is put up by the same Steven that offered a job of Lab Assistant in his company. He said that job was given to a Malaysian whose qualifications are more suited for the job. Only one Singaporean applied but not only qualifications do not matched, the applicant already had a job paying much more in Sin. He has to reject him.
It seems that Steven must be talking to his contacts to help Singaporeans and is offering any job from another company. Overseas Singaporeans helping Singaporeans here. If only more Singaporeans can do that then things can be better for the PMETs here. The drawback is that more FTs will keep coming in to replace Singaporeans who have to find greener pastures overseas.
Salary – 18k to 20K rmb + sales commission
To setup new sales department
Accommodation + home trips given
Requirements
Must have solid sales track record (preference given to those with China sales experience)
Technical and Product training will be provided.
Future potential – to handle Asia Pacific sales (means more money)
Anybody interested – ask them to write to me at:-
steven.sum@hotmail.com) and I’ll provide the link.
This post is open to Taiwanese, Malaysians and Singaporeans. (Expat position).
I know the Taiwanese won’t be interested because usually they get 4 home trips and they like to work for Taiwanese company.
Singaporeans and Malaysians will be able to compete on equal terms.
The company is looking for someone who has solid selling skills + China experience rather than looking for a cheap salesman.]
The above is put up by the same Steven that offered a job of Lab Assistant in his company. He said that job was given to a Malaysian whose qualifications are more suited for the job. Only one Singaporean applied but not only qualifications do not matched, the applicant already had a job paying much more in Sin. He has to reject him.
It seems that Steven must be talking to his contacts to help Singaporeans and is offering any job from another company. Overseas Singaporeans helping Singaporeans here. If only more Singaporeans can do that then things can be better for the PMETs here. The drawback is that more FTs will keep coming in to replace Singaporeans who have to find greener pastures overseas.
The stock market – from a child to a Frankenstein
Not too long ago, there was this official wisdom floating in the air.
Invest your money in stocks, in the long term, do not speculate, and
your money will grow faster than any kind of investments. It will
definitely be better than keeping it under the pillow or in the banks
earning a small interest.
Stock market volatility is scorned upon. So were syndicates ramming the market up and down. Stock market was not meant to be traded in that way, in a frenzy. Investors are there for the long term. Syndicates were seen as robbers and criminals and were watched under the microscope for any wrong doings. In double quick time they were got rid off, or many were gotten rid off for creating too much volatility in the market.
And their absence left a void to be filled by hedge funds and other bigger fund managers to trade the market in greater ferocity. The market mechanism was redesigned to allow the big boys to trade in greater volumes, to scalp the market, through mini bid size, for intraday trades, for fast trades by the minutes and by the seconds. High volatility is now welcomed because the snake oil sellers and conmen said it is good for the market. High turnovers, small bids, churning big volumes are good. Scrip lending facilities were created for the big boys to trade even more madly. What happens to the old wisdom of long term investment?
The health of the stock market today is as sick as a dying patient in the ICU. But no one wants to acknowledge this sad state of affair. Everyone is pretending that it is very healthy. Just encourage more retail investors to come in and trade. Create more products, more derivatives, cut the commissions to make it cheaper. Where got white elephant in the room. The stock market is so healthy!
The volumes are definitely much higher, always in the billions. There was a time when hitting a billion shares in a day was a rare phenomenon. Now hitting 3b, 5b is no problem. Anything less than 3b shares daily is bad, too small. And funny thing, where are the investors. No need investors. Just let the computers to do the trading and generate clearing fees for the exchange.
The brokerage are encouraged to under cut one another with lower and lower commissions to force the competitors out of business. In the meantime, in their childlike innocence, they are wiping themselves out of the business too when the commission is so low and unable to sustain the operation and pay for the overheads. And they are still scheming to reduce the commissions to even the bare minimum. Are they nuts?
But computer trading is not fast enough. The volumes are too small. The next big thing is to bring in High Frequency Trading where a trade can be executed in micro seconds without anyone knowing that millions of trade were done with the blink of an eye. And this is good.
What happens to long term investment? Long term investment is no longer about buy and hold for ten or twenty years. Long term is now measured by the seconds. Anything more than a second could be long term.
So what is going to happen to the stock market? If it survives in the long term, ie, more than 6 months, with HFT, it would have serve its purpose. Can anyone expect the market to be around in 3 years, 5 years or 10 years? Yes it will still be around, but no more retail investors.
Stock market volatility is scorned upon. So were syndicates ramming the market up and down. Stock market was not meant to be traded in that way, in a frenzy. Investors are there for the long term. Syndicates were seen as robbers and criminals and were watched under the microscope for any wrong doings. In double quick time they were got rid off, or many were gotten rid off for creating too much volatility in the market.
And their absence left a void to be filled by hedge funds and other bigger fund managers to trade the market in greater ferocity. The market mechanism was redesigned to allow the big boys to trade in greater volumes, to scalp the market, through mini bid size, for intraday trades, for fast trades by the minutes and by the seconds. High volatility is now welcomed because the snake oil sellers and conmen said it is good for the market. High turnovers, small bids, churning big volumes are good. Scrip lending facilities were created for the big boys to trade even more madly. What happens to the old wisdom of long term investment?
The health of the stock market today is as sick as a dying patient in the ICU. But no one wants to acknowledge this sad state of affair. Everyone is pretending that it is very healthy. Just encourage more retail investors to come in and trade. Create more products, more derivatives, cut the commissions to make it cheaper. Where got white elephant in the room. The stock market is so healthy!
The volumes are definitely much higher, always in the billions. There was a time when hitting a billion shares in a day was a rare phenomenon. Now hitting 3b, 5b is no problem. Anything less than 3b shares daily is bad, too small. And funny thing, where are the investors. No need investors. Just let the computers to do the trading and generate clearing fees for the exchange.
The brokerage are encouraged to under cut one another with lower and lower commissions to force the competitors out of business. In the meantime, in their childlike innocence, they are wiping themselves out of the business too when the commission is so low and unable to sustain the operation and pay for the overheads. And they are still scheming to reduce the commissions to even the bare minimum. Are they nuts?
But computer trading is not fast enough. The volumes are too small. The next big thing is to bring in High Frequency Trading where a trade can be executed in micro seconds without anyone knowing that millions of trade were done with the blink of an eye. And this is good.
What happens to long term investment? Long term investment is no longer about buy and hold for ten or twenty years. Long term is now measured by the seconds. Anything more than a second could be long term.
So what is going to happen to the stock market? If it survives in the long term, ie, more than 6 months, with HFT, it would have serve its purpose. Can anyone expect the market to be around in 3 years, 5 years or 10 years? Yes it will still be around, but no more retail investors.
Giving a helping hand
How many Sinkies need a helping hand from the more successful Sinkies?
Count the Govt out as they don’t believe in a welfare state. So charity
to the less able Singaporeans should be left to the Singaporeans, to
NGOs and charitable organizations to do the necessary. And there are
many kind souls among the Sinkies who are willing to do their parts to
share with the other half of the Sinkies that find it tough to get by.
Some do it quietly, some with aplomb, some with great fanfare like on
TV. Nonetheless, the objective is commendable.
Over the weekend I was involved in one of these big hearted event to share a little of material needs with those who really needed them. The list for the recipients came to more than a hundred families. Everyone was so enthusiastic to help, to give and to share, including the primary school children. The intent is genuine. And everyone felt good too, to be able to do their little bit even for a small amount and a little relief for a few days.
The desire to give, especially for those who know that they have done well, or at least are more fortunate than others that are not doing well, is a common feeling among many Sinkies. And this has helped to keep many charitable events going and helped many in the process.
By the end of the programme over the weekend, we were saddled with a bigger task. More than half of the goodie bags were not claimed. More than half of the recipients did not turn up for their goodies. And it was not that they did not need them or did not want them. The programme for the morning were like a little neighbourhood party with performances from the school children to entertain the invited guests, live shows, for free, and with lunch provided.
Now we were humbled by our thoughtlessness, by our callousness. We thought by telling the needies to come and collect their little goodie bags they will come forward. There must be many more sensitive ways to help the people in need. In our eagerness and enthusiasm to share, we forgot to put ourselves in their shoes. We forgot what it would be like to be on the receiving end. Mind you, it is no fun for sure. We trampled through the different floors on a door to door delivery mission to distribute the lunch boxes to everyone willing to open the door. Not many did and even for some who did, they declined our gesture and our lunch boxes. We were left with a lot of lunch boxes, decent food, with no takers and a used by date.
There must be better ways to reach out to the other section of the community. There must be. While we want to reach out, and knowing that they needed a little assistance, a little kind gesture, we must find a way to bridge the wide gap between the two parties. We fail to see the elephant that was keeping us wide apart. Never shalt the Twains met.
Could this be the reason why Rebecca Loh and Gabriel were alone in their struggle to live a normal existence?
Over the weekend I was involved in one of these big hearted event to share a little of material needs with those who really needed them. The list for the recipients came to more than a hundred families. Everyone was so enthusiastic to help, to give and to share, including the primary school children. The intent is genuine. And everyone felt good too, to be able to do their little bit even for a small amount and a little relief for a few days.
The desire to give, especially for those who know that they have done well, or at least are more fortunate than others that are not doing well, is a common feeling among many Sinkies. And this has helped to keep many charitable events going and helped many in the process.
By the end of the programme over the weekend, we were saddled with a bigger task. More than half of the goodie bags were not claimed. More than half of the recipients did not turn up for their goodies. And it was not that they did not need them or did not want them. The programme for the morning were like a little neighbourhood party with performances from the school children to entertain the invited guests, live shows, for free, and with lunch provided.
Now we were humbled by our thoughtlessness, by our callousness. We thought by telling the needies to come and collect their little goodie bags they will come forward. There must be many more sensitive ways to help the people in need. In our eagerness and enthusiasm to share, we forgot to put ourselves in their shoes. We forgot what it would be like to be on the receiving end. Mind you, it is no fun for sure. We trampled through the different floors on a door to door delivery mission to distribute the lunch boxes to everyone willing to open the door. Not many did and even for some who did, they declined our gesture and our lunch boxes. We were left with a lot of lunch boxes, decent food, with no takers and a used by date.
There must be better ways to reach out to the other section of the community. There must be. While we want to reach out, and knowing that they needed a little assistance, a little kind gesture, we must find a way to bridge the wide gap between the two parties. We fail to see the elephant that was keeping us wide apart. Never shalt the Twains met.
Could this be the reason why Rebecca Loh and Gabriel were alone in their struggle to live a normal existence?
7/10/2013
Stylo mylo Vivian in Parliament
The most impressive part of the 10 minutes broadcast on Parliament after the news last night was all about Vivian. At least that was the only thing I could remember. He was a class of his own. He dressed very well, dressed to kill, looked very good and spoke damn well. Indeed he was a very polished debater. He peppered his lecture in Parliament with well measured tone and body language. This is fine art. Great stuff. I gave him full marks for presentation.
When he was speaking the floor listened intently in silence. No one moved. Hsien Loong and all the ministers were there, in deep thoughts, listening or maybe thinking very hard about something else more important, that I am not sure.
It would be nice to know what were in their minds. Were they so impressed and overawed by the articulate performance of Vivian, the smooth talking minister? Or were they thinking that he should cut it off as such matters of ‘I said this, he said that, I am more honourable, he is not, he is lying, she is untruthful’, though well executed, should be said somewhere else and not in Parliament?
It is really interesting to know what were in the minds of the ministers and MPs then. Unfortunately there will be no answers to this. But overall it was a great performance by Vivian. In oratory skills, none in Parliament could come close to him. His parting shot to Low Thia Khiang was superb one upmanship, a little patronizing, but he got away with it.
Dependency Syndrome in Sin City
Sinkies have often and regularly been bashed for having a Dependency
Syndrome, always depending on the Govt to do the right thing or to offer
a little charity.
This sickness is deep and widespread, from the bottom to the top. The worst affected are those right at the top, thinking and living dependency instead of being self reliant.
No, don’t get me wrong. The people in general are very hardworking and are depending on themselves to make a living or to eke a living. Look at the oldies parading the roads and those in the foodcourts? They know that they have to depend on themselves, not the Govt. Some even got their savings ‘gantong’ or confiscated in the name of ‘for their own good’. So they continue to struggle to live on. Self reliant, though they could live a bit better if their CPF can be released to them and not held at ransom by all the minimum sum schemes just in case they need to use them.
Yes, the sickness is affecting the people right at the top. Still don’t get it? They want sports talents, where do you think they are looking? Of course they are looking elsewhere for foreigners to bring us the medals. Is this not dependency on foreigners?
And sports is only a very small part of this Dependency Syndrome. The whole economy is dependent on foreigners. Our population growth is also dependent on foreigners. We cannot reproduce, so bring in the foreigners to make up the numbers. 6.9m to be made up for by bringing in more foreigners.
Now we can’t even create jobs for ourselves. We need the foreigners to be here to create jobs for us. We tempt and invite millionaires and billionaires to be here and hopefully they can drop a few morsels from their tables for us. We hope that they can create jobs and opportunities for our people, open doors for us.
Is this not Dependency Syndrome then what is? Why are we so dependent on foreigners for everything? Why can’t we be self reliant and do things for ourselves, create jobs for our own people by ourselves?
Coveting thy neighbour’s wife and talent and belongings? We do not want to work anymore if we can bring in foreign talents to work for us. The Govt has shifted from having go getters going out there to fight for jobs to one that is praying that foreigners will be here to help us. It openly said so. We need foreigners to create jobs for us.
This sickness is deep and widespread, from the bottom to the top. The worst affected are those right at the top, thinking and living dependency instead of being self reliant.
No, don’t get me wrong. The people in general are very hardworking and are depending on themselves to make a living or to eke a living. Look at the oldies parading the roads and those in the foodcourts? They know that they have to depend on themselves, not the Govt. Some even got their savings ‘gantong’ or confiscated in the name of ‘for their own good’. So they continue to struggle to live on. Self reliant, though they could live a bit better if their CPF can be released to them and not held at ransom by all the minimum sum schemes just in case they need to use them.
Yes, the sickness is affecting the people right at the top. Still don’t get it? They want sports talents, where do you think they are looking? Of course they are looking elsewhere for foreigners to bring us the medals. Is this not dependency on foreigners?
And sports is only a very small part of this Dependency Syndrome. The whole economy is dependent on foreigners. Our population growth is also dependent on foreigners. We cannot reproduce, so bring in the foreigners to make up the numbers. 6.9m to be made up for by bringing in more foreigners.
Now we can’t even create jobs for ourselves. We need the foreigners to be here to create jobs for us. We tempt and invite millionaires and billionaires to be here and hopefully they can drop a few morsels from their tables for us. We hope that they can create jobs and opportunities for our people, open doors for us.
Is this not Dependency Syndrome then what is? Why are we so dependent on foreigners for everything? Why can’t we be self reliant and do things for ourselves, create jobs for our own people by ourselves?
Coveting thy neighbour’s wife and talent and belongings? We do not want to work anymore if we can bring in foreign talents to work for us. The Govt has shifted from having go getters going out there to fight for jobs to one that is praying that foreigners will be here to help us. It openly said so. We need foreigners to create jobs for us.
Crocodile population increasing
There used to be one, and then two crocodiles in Sungei Buloh Wetland.
Last Sunday I was there and I counted 6, two adults, two young adults
and two baby crocodiles. The river is rich in fish and is a very safe
and fertile sanctuary for the crocodiles to breed. At the rate the
crocodiles are breeding, soon there will be a football team and then
many football teams.
At the moment things are pretty quite, a lull before the storm. The crocodiles are free swimmers and could get out of the wetland into the surrounding areas when children and beach goers frequented. The closest is the mouth of the embanked Kranji River where there is a popular beach for picnickers. And if there is some nasty incidents waiting to happen, this must be the first spot to happen.
I hope the Parks and Recreation Dept is watching this development and has put in place some monitoring and control measures to check on the crocodiles before they snap their jaws on some children or human beans.
This is clear and present danger. Let’s hope a committee is formed now to tackle this potential threat and not after someone lost a leg or his life. Crocodiles are nice to watch from the comfort of elevated bridges or ground. But they can turn very nasty and the damage is beyond just regrettable.
Immediate action is needed from the ministry in charge. Maybe no ministry is in charge. Or maybe there are more immediate problems to tackle and this has yet to be a problem. No one got bitten by a crocodile yet. Would those in charge of catching pythons and wild boars be the best to take care of this problem akan datang? Maybe someone can give them a call. Maybe better to wait until the haze and dengue problems are solved before bringing this matter up.
At the moment things are pretty quite, a lull before the storm. The crocodiles are free swimmers and could get out of the wetland into the surrounding areas when children and beach goers frequented. The closest is the mouth of the embanked Kranji River where there is a popular beach for picnickers. And if there is some nasty incidents waiting to happen, this must be the first spot to happen.
I hope the Parks and Recreation Dept is watching this development and has put in place some monitoring and control measures to check on the crocodiles before they snap their jaws on some children or human beans.
This is clear and present danger. Let’s hope a committee is formed now to tackle this potential threat and not after someone lost a leg or his life. Crocodiles are nice to watch from the comfort of elevated bridges or ground. But they can turn very nasty and the damage is beyond just regrettable.
Immediate action is needed from the ministry in charge. Maybe no ministry is in charge. Or maybe there are more immediate problems to tackle and this has yet to be a problem. No one got bitten by a crocodile yet. Would those in charge of catching pythons and wild boars be the best to take care of this problem akan datang? Maybe someone can give them a call. Maybe better to wait until the haze and dengue problems are solved before bringing this matter up.
Hawker Centre cleaning – Politics is about scoring political points
It is amazing but not surprising that the cleaning of a hawker centre
and who should pay for it could drag on for months and wasting so much
of Parliament’s time and the time of Ministers and MPs.
Should not this be a simple case of administrative procedures? The cleaning of a hawker centre is not something new and has been going on for years. All the precedents are there as to whether the hawkers should pay or it is part of the cost that the hawkers have been paying monthly.
is this dragging on and on, and after yesterday’s Parliament session it does not seem to end and many more months of scratching at each other will go on. Is this an in thing, to bitch over such issues in Parliament when it should have been settled over a few meetings in the Minister’s office or in the Town Council?
But of course, this is all about politics, about scoring political points, about integrity, about being honourable, about bitching in Parliament over an administrative and procedural matter, and about everything and about nothing.
Should the Speaker of Parliament tell the contending parties to sort it out over a meeting outside Parliament? Or should the issue continue to be aired in Parliament to see who is the more honourable one or who has more integrity over this matter? Or is Parliament a venue to see who is better in debating?
Should not this be a simple case of administrative procedures? The cleaning of a hawker centre is not something new and has been going on for years. All the precedents are there as to whether the hawkers should pay or it is part of the cost that the hawkers have been paying monthly.
is this dragging on and on, and after yesterday’s Parliament session it does not seem to end and many more months of scratching at each other will go on. Is this an in thing, to bitch over such issues in Parliament when it should have been settled over a few meetings in the Minister’s office or in the Town Council?
But of course, this is all about politics, about scoring political points, about integrity, about being honourable, about bitching in Parliament over an administrative and procedural matter, and about everything and about nothing.
Should the Speaker of Parliament tell the contending parties to sort it out over a meeting outside Parliament? Or should the issue continue to be aired in Parliament to see who is the more honourable one or who has more integrity over this matter? Or is Parliament a venue to see who is better in debating?
7/09/2013
What do you want?
Sinkies are most happy when their property prices keep going up. Sinkies
are even happier when they own more and more properties. Sinkies are
happiest when they look at their bank accounts and see the number of
zeros behind the digits keep growing.
Are these what Sinkies are happy about? Would Sinkies be happy to have more babies and children in their homes? The Govt think so but for the wrong reasons. There are different kinds of joy in life. Some want more money and properties, some want more power, some want more children. What do Sinkies want?
The way it is going, many will leave this world without having children or maybe one or two. Many may want to have more as having children is another kind of happiness, another kind of wealth that money cannot buy. Many Sinkies spent a lot of money going on holidays, visiting this place and that place, taking photographs of the places they visited. Some choose to stay at home to enjoy their children and grandchildren. Different interest, different joy, different happiness.
The govt also want children but of an unrelated kind. Strangers from all over the world are welcomed just to push up the economy, for economic growth. Is that a really good thing or a foolish thing to do?
While the social economic system in the country is designed to make the citizens childless or unbearable to have children, and the Govt could not understand why, and choose to import foreigners for economic growth that brings little or no joy to having your very own children and family, and the joy of seeing them grow.
Is there something not right somewhere? What is the purpose of this country if it is not to make the people, the citizens, happy and enjoy a fruitful life of abundance, not only in owning more and more expensive properties, but also having more children and a growing family?
Many will end up leaving behind all their material riches, money and properties, with no children to inherit them. When they pass away, it is all over. What is life and what do we live and strive a life time for? Some are contented that they lived well and do not bother after children after they are gone. It is life, our lives, not the lives of foreigners and people that have nothing to do with us. As a country, the Govt should be talking and thinking about how to make lives worth living in this island for its citizens, and having children and happy children must be a major goal in living. What is the point of having so many properties when there is no one going to live in them when the owners die? Oops, we shall invite the foreigners to take over this island and everything there is in it.
Is that the purpose of it all?
I am just rumbling.
Are these what Sinkies are happy about? Would Sinkies be happy to have more babies and children in their homes? The Govt think so but for the wrong reasons. There are different kinds of joy in life. Some want more money and properties, some want more power, some want more children. What do Sinkies want?
The way it is going, many will leave this world without having children or maybe one or two. Many may want to have more as having children is another kind of happiness, another kind of wealth that money cannot buy. Many Sinkies spent a lot of money going on holidays, visiting this place and that place, taking photographs of the places they visited. Some choose to stay at home to enjoy their children and grandchildren. Different interest, different joy, different happiness.
The govt also want children but of an unrelated kind. Strangers from all over the world are welcomed just to push up the economy, for economic growth. Is that a really good thing or a foolish thing to do?
While the social economic system in the country is designed to make the citizens childless or unbearable to have children, and the Govt could not understand why, and choose to import foreigners for economic growth that brings little or no joy to having your very own children and family, and the joy of seeing them grow.
Is there something not right somewhere? What is the purpose of this country if it is not to make the people, the citizens, happy and enjoy a fruitful life of abundance, not only in owning more and more expensive properties, but also having more children and a growing family?
Many will end up leaving behind all their material riches, money and properties, with no children to inherit them. When they pass away, it is all over. What is life and what do we live and strive a life time for? Some are contented that they lived well and do not bother after children after they are gone. It is life, our lives, not the lives of foreigners and people that have nothing to do with us. As a country, the Govt should be talking and thinking about how to make lives worth living in this island for its citizens, and having children and happy children must be a major goal in living. What is the point of having so many properties when there is no one going to live in them when the owners die? Oops, we shall invite the foreigners to take over this island and everything there is in it.
Is that the purpose of it all?
I am just rumbling.
My First Skool – Sack all of them
When I first suggested the idea that all the staff in the childcare should be sacked, I thought I was over reacting and a bit harsh. Now with more cases of abuses being revealed, with more children have scratches and signs of abuses on their bodies and with a child having nightmare and unable to sleep, my call is not overreacting.
If Yusuf’s case has not surfaced, the poor children would continue to be in living hell, being bullied and abused daily. I really feel very sorry for the children there, daily being harassed by their caregivers without anyone having a clue of what was going on and with all the staff keeping quiet about it. It is not a childcare but a horror chamber.
At least two parents have made police reports of their children being abused in the same centre. And you have jokers saying that it was not abuse but mishandling. And you have asses who could not differentiate between disciplinary actions or the normal knocks and tumbles of children. Even disciplinary action is uncalled for at such tender age. How many of the children really know what they are doing and that their behavior is unacceptable and deserved to be punished?
The school administration must do a thorough investigation, review all the video recordings to get to the bottom of the problem. How painful it is to subject the children to such terrifying experience? The children need to be counseled and helped to forget this dreadful experience to grow up as healthy and well adjusted children. Hopefully the scar will go away fast. The whole thing is so sickening.
When so many cases of abuses are being reported, it only shows that Yusuf is not an isolated case and it did not happen overnight but could be ongoing for too long. Sack everyone of them for allowing the torture chamber to go on for so long and to put so many vulnerable children through such an ordeal. Every child will be adversely affected psychologically seeing how their playmates are being harassed and beaten daily.
Can you believe that this is happening in our neighbourhood? And no one seems to be concerned about the harm done to the children except their parents.
Should HFT be allowed in SGX?
Below is part of an article appearing in ‘TABB Forum, Where capital
markets speak’, in response to Congressman Markey’s call for an
immediate ban on HFT.
‘Congressman Markey, in a letter to the SEC on January 18, declared that HFT “represents a clear and present danger to the stability and safety of [US] capital markets and that it should be curtailed immediately.” Direct and to the point.
Congressman Markey backs this assertion with evidence drawn from market events, such as the Flash Crash and Knight Capital, as well as academic studies on the impact of HFT on markets and, therefore, Main Street. If I can synthesize his argument, essentially he states that:
1. The speed of HFT disadvantages other styles of trading.
2. HFT exacerbates volatility in the market.
And as a result …
3. ‘Other’ investors are scared away; and
4. Volume traded by HFT is therefore a dangerously high proportion of overall traded volume.
While I favor “working with HFT to address perceived dangers,” I have to say I see a thread running through the Congressman’s letter that I both agree with and, like the Congressman, find disturbing:
While most HFT is actually just normal-but-very-quick-trading, HFT strategies typically profit from very short-term pricing anomalies between two or more products or liquidity sources. Volatility in the market as well as market fragmentation and the lack of adequate consolidated price feeds in some (many?) markets generate these anomalies and make it easier for HFT strategies to succeed. In fact you might argue engineering volatility -- at the very least, exacerbating it -- is in the interest of HFT strategies.
As someone who is primarily concerned about the performance of long-only funds and future planning, this sounds unnerving; but it’s actually OK (just about OK, that is) if the volume traded by HFT is a small percentage of the total market. It’s a faint background noise. However, when HFT becomes a large, or even dominant, force in the market, then ‘other’ investors genuinely do have a reason to stay away. Who wants to play in a market where movement for movement’s sake has overtaken fundamentals? No thanks -- I’ll let the HFTs spar in a zero-sum game or volatility ping pong and stick my cash under the mattress....’
The position of Hildyard and some supporters of HFT is that it should not be banned but be controlled and managed. Presumably HFT can be controlled and managed. Below are a few comments to his article.
05 February 2013
any part of our industry that has a market share over 50 % is alarming and wrong .Here is where the exchanges board delivers correct governance to balance the correct order of play . Finally an automated kill switch is very simply applied as you refuse his key entry.
wsteetpro
05 February 2013
I fully agree. It's a matter of time before the markets go into another tailspin - HFTs produce zero economic output. Just skimming off other market participants. Capitalism at it's best!
Anonymous
05 February 2013
if they are using other investors as a profit engine (my perception) then there are real problems with the current market structure. Why would anyone want to invest in something when they know that others are embezzling their money out of the other side of the building?
John Harris
05 February 2013
Yes, by all means, let's have more government mandates. We can't have businesses deciding for themselves how to interact with their customers. If left to their own devices, exchanges and other market centers are certain destroy themselves, bankrupt their shareholders, and leave U.S. capital markets with no secondary markets at all....
crammond1964
05 February 2013
the problem being that a number of exchanges are lying in the same bed as the HFT ; therefore making a debate rather futile .
Exchanges deny their manipulation and HFT survive off the exchanges ridiculous rebate system .
shamlet76
05 February 2013
i think the market is broken. you have phony financials because of the off-balance sheet arrangements, you have market "gaming", which is fraud. shortselling and HFT is dominant. both shortselling and HFT is a capital outflow from the stock market. regulators have disregarded the investors' concerns, which is aiding and abetting shortselling and HFT. banks have become the enemy of their customers. current rules are not enforced. this isn't capitalism. it is a plutocracy.
if HFT was not harming the market, then they should explain where their $ is coming from? we know where it's going to - their pockets.
neither HFT nor shortsellers are investors. they are speculators, traders. but the global economy won't be able to get on it's feet as long as those money movements are taking place. when speculators become dominant, the markets lose.
honestman
05 February 2013
It is unfortunate that so many people offering comments have not read even the most fundmental text on direct digital control of processes used in any undergraduate Chemical Engineering curriculum in any accredited university. In something called closed loop control, a computer calculates the difference between the desired value for a process output and the actual value for the process output. Using that difference the computer makes a change in what is termed a "manipulated variable" that afffects the value of the process output. The process output is the price of a share of the stock whose price is being manipulated, the manipulated variable is the quantity of the stock offered for sale in a naked short sale. The computer can monitor the price of the stock as it is sent downward and can enter a buy at the appropriate point to avoid triggering a stock market "time-out" on the stock.
To increase the price of a stock, consecutive orders for a large number of shares are placed.
A computer program can monitor the effect of the sell orders and decide what action to take. The problem is compounded when large, privileged customers can see the order book and know what orders are out there. To help the manipulation along, rumors and half-truths can be instituted by "analysts".
Ignorance of basic control of chemical reactors is not an excuse for being stupid and saying the same jibberish over and over again in a meaningless diatribe that is full of sound and fury and signifies nothing but stupidity.
There are pro and against HFT camps. The reasons are obvious. The small investors will be outclassed and stand to lose their pants. It is like putting in a few vacuum cleaners to suck clean the small investors.
In a small market like SGX, the most fear factor mentioned, ie the dominance of HFT trades in volumes, will kill all the small investors for sure. Can the small investors of SGX survive the overwhelming presence of HFT and the huge volumes they created and monopolised the trading in the market? This unfair trading practice is dangerous to the big markets like NYSE. How can it be safe to a teeny weeny market like the SGX? The small investor will surely be mauled and the market will go ‘bonk’ for sure.
MAS and the Govt must seriously look into the introduction of HFT in SGX and don’t end up in a bigger mess than the Lehman bonds crisis. Knowing the risk, the unfair advantages and dangers of HFT, and to allow it to be introduced into our market is simply irresponsible and inexcusable.
If the MAS is adamant in wanting to have HFT in SGX, then it should be well advised to listen to Liquidnet founder and CEO Seth Merrin.
‘Merrin proposes the SEC create "HFT-free zones" to protect retail investors who wish to trade in a separate and slower lane while allowing HFT to continue. Retail investors, he says, should have the option and the opportunity to decide if they want to interact in the HFT zone.’
‘Congressman Markey, in a letter to the SEC on January 18, declared that HFT “represents a clear and present danger to the stability and safety of [US] capital markets and that it should be curtailed immediately.” Direct and to the point.
Congressman Markey backs this assertion with evidence drawn from market events, such as the Flash Crash and Knight Capital, as well as academic studies on the impact of HFT on markets and, therefore, Main Street. If I can synthesize his argument, essentially he states that:
1. The speed of HFT disadvantages other styles of trading.
2. HFT exacerbates volatility in the market.
And as a result …
3. ‘Other’ investors are scared away; and
4. Volume traded by HFT is therefore a dangerously high proportion of overall traded volume.
While I favor “working with HFT to address perceived dangers,” I have to say I see a thread running through the Congressman’s letter that I both agree with and, like the Congressman, find disturbing:
While most HFT is actually just normal-but-very-quick-trading, HFT strategies typically profit from very short-term pricing anomalies between two or more products or liquidity sources. Volatility in the market as well as market fragmentation and the lack of adequate consolidated price feeds in some (many?) markets generate these anomalies and make it easier for HFT strategies to succeed. In fact you might argue engineering volatility -- at the very least, exacerbating it -- is in the interest of HFT strategies.
As someone who is primarily concerned about the performance of long-only funds and future planning, this sounds unnerving; but it’s actually OK (just about OK, that is) if the volume traded by HFT is a small percentage of the total market. It’s a faint background noise. However, when HFT becomes a large, or even dominant, force in the market, then ‘other’ investors genuinely do have a reason to stay away. Who wants to play in a market where movement for movement’s sake has overtaken fundamentals? No thanks -- I’ll let the HFTs spar in a zero-sum game or volatility ping pong and stick my cash under the mattress....’
The position of Hildyard and some supporters of HFT is that it should not be banned but be controlled and managed. Presumably HFT can be controlled and managed. Below are a few comments to his article.
05 February 2013
any part of our industry that has a market share over 50 % is alarming and wrong .Here is where the exchanges board delivers correct governance to balance the correct order of play . Finally an automated kill switch is very simply applied as you refuse his key entry.
wsteetpro
05 February 2013
I fully agree. It's a matter of time before the markets go into another tailspin - HFTs produce zero economic output. Just skimming off other market participants. Capitalism at it's best!
Anonymous
05 February 2013
if they are using other investors as a profit engine (my perception) then there are real problems with the current market structure. Why would anyone want to invest in something when they know that others are embezzling their money out of the other side of the building?
John Harris
05 February 2013
Yes, by all means, let's have more government mandates. We can't have businesses deciding for themselves how to interact with their customers. If left to their own devices, exchanges and other market centers are certain destroy themselves, bankrupt their shareholders, and leave U.S. capital markets with no secondary markets at all....
crammond1964
05 February 2013
the problem being that a number of exchanges are lying in the same bed as the HFT ; therefore making a debate rather futile .
Exchanges deny their manipulation and HFT survive off the exchanges ridiculous rebate system .
shamlet76
05 February 2013
i think the market is broken. you have phony financials because of the off-balance sheet arrangements, you have market "gaming", which is fraud. shortselling and HFT is dominant. both shortselling and HFT is a capital outflow from the stock market. regulators have disregarded the investors' concerns, which is aiding and abetting shortselling and HFT. banks have become the enemy of their customers. current rules are not enforced. this isn't capitalism. it is a plutocracy.
if HFT was not harming the market, then they should explain where their $ is coming from? we know where it's going to - their pockets.
neither HFT nor shortsellers are investors. they are speculators, traders. but the global economy won't be able to get on it's feet as long as those money movements are taking place. when speculators become dominant, the markets lose.
honestman
05 February 2013
It is unfortunate that so many people offering comments have not read even the most fundmental text on direct digital control of processes used in any undergraduate Chemical Engineering curriculum in any accredited university. In something called closed loop control, a computer calculates the difference between the desired value for a process output and the actual value for the process output. Using that difference the computer makes a change in what is termed a "manipulated variable" that afffects the value of the process output. The process output is the price of a share of the stock whose price is being manipulated, the manipulated variable is the quantity of the stock offered for sale in a naked short sale. The computer can monitor the price of the stock as it is sent downward and can enter a buy at the appropriate point to avoid triggering a stock market "time-out" on the stock.
To increase the price of a stock, consecutive orders for a large number of shares are placed.
A computer program can monitor the effect of the sell orders and decide what action to take. The problem is compounded when large, privileged customers can see the order book and know what orders are out there. To help the manipulation along, rumors and half-truths can be instituted by "analysts".
Ignorance of basic control of chemical reactors is not an excuse for being stupid and saying the same jibberish over and over again in a meaningless diatribe that is full of sound and fury and signifies nothing but stupidity.
There are pro and against HFT camps. The reasons are obvious. The small investors will be outclassed and stand to lose their pants. It is like putting in a few vacuum cleaners to suck clean the small investors.
In a small market like SGX, the most fear factor mentioned, ie the dominance of HFT trades in volumes, will kill all the small investors for sure. Can the small investors of SGX survive the overwhelming presence of HFT and the huge volumes they created and monopolised the trading in the market? This unfair trading practice is dangerous to the big markets like NYSE. How can it be safe to a teeny weeny market like the SGX? The small investor will surely be mauled and the market will go ‘bonk’ for sure.
MAS and the Govt must seriously look into the introduction of HFT in SGX and don’t end up in a bigger mess than the Lehman bonds crisis. Knowing the risk, the unfair advantages and dangers of HFT, and to allow it to be introduced into our market is simply irresponsible and inexcusable.
If the MAS is adamant in wanting to have HFT in SGX, then it should be well advised to listen to Liquidnet founder and CEO Seth Merrin.
‘Merrin proposes the SEC create "HFT-free zones" to protect retail investors who wish to trade in a separate and slower lane while allowing HFT to continue. Retail investors, he says, should have the option and the opportunity to decide if they want to interact in the HFT zone.’
7/08/2013
The rise of the Indian elite class in Singapore
The Indian community used to be one of the most powerful elite class in Singapore during the colonial days. They are second only to the Seranis or Eurasians in power and influence. They were initially transferred from the East India Companies, the unofficial trading arms of the British Empire. And they spoke and wrote English which gave them that special advantage over the non English speaking locals. They were like the extended arm of the British colonial masters.
After the British departed, the Indian elite continued to dominate the civil service and occupied most of the senior positions, in politics, in the judiciary, in the uniform services and in many of the ministries and stats boards.
The dominance of the Indian elite was challenged when the other races took up English education and started to use English as the medium for communication. The public service employment pie was subsequently shared more evenly relative to the racial composition of the population. Even then, the Indian elite still enjoyed a much bigger share of the pie relative to the size of their population.
Today, the Indian elite is entering its golden years in this city. They are everywhere in the top echelon of management, from politics, the govt ministries and to the industries. The Mediacorp has just appointed Walter Fernandez as the Group Editor In Chief. And there is Warren Fernandez, the Editor of the Straits Times and Patrick Daniel as Editor in Chief of the Straits Times. The three of them would have a big say the in content of the Media and wield great influence on what the readers shall read.
In the Cabinet there is the Dep PM and Fin Minister in Tharman, Law and Foreign Affairs Minister in Shanmugam, MEWR in Vivian, and another minister Iswaran in the PM’s office, also Second Minister in Home Affairs and Trade and Industry.
In the judiciary the Chief Justice is Sundaresh Menon and Indian high court judges have always been a part of the bench. Then there are many prominent senior counsels in practice.
The Chief of Army is MG Ravinder Singh.
Most notable is that the Indian elite distinguished themselves in finance. Other than Tharman as Finance Minister, there is Ravi Menon as MD of MAS. And the CEO of DBS, the national bank, is Piyush Gupta. There are many top Indians in the foreign banks as CEOs or in top management, and also in GIC and Temasek, including Dhanabalan as the latter’s Chairman. Their dominance in finance is unchallenged and this will grow bigger over time.
In the academia there are many prominent professors heading many departments. So is the field of medicine. The Indian elites are everywhere stamping their influence and authority in their respective fields.
The field of IT is more or less dominated by Indian professionals mainly from India. There is however a strange phenomenon, that the local Indians are somehow not very good in IT. And there is an increasing community of very rich Indian PRs and new citizens finding residence in the City. And they brought along their businesses, now the biggest group among the foreign investors here.
The Indian community is now a very formidable force to reckon with in all fields of enterprise in the island and will play an increasing role in the growth and development of the country. Not forgetting we had two past presidents in Nair and Nathan, not counting the numerous very rich individuals among them. Singaporeans will have to be better acquainted with this development and acknowledge the bigger role played by the numerically small Indian community. But this is set to change with CECA and the India Indians finding this island a very conducive and good place to do business and bringing up children.
After the British departed, the Indian elite continued to dominate the civil service and occupied most of the senior positions, in politics, in the judiciary, in the uniform services and in many of the ministries and stats boards.
The dominance of the Indian elite was challenged when the other races took up English education and started to use English as the medium for communication. The public service employment pie was subsequently shared more evenly relative to the racial composition of the population. Even then, the Indian elite still enjoyed a much bigger share of the pie relative to the size of their population.
Today, the Indian elite is entering its golden years in this city. They are everywhere in the top echelon of management, from politics, the govt ministries and to the industries. The Mediacorp has just appointed Walter Fernandez as the Group Editor In Chief. And there is Warren Fernandez, the Editor of the Straits Times and Patrick Daniel as Editor in Chief of the Straits Times. The three of them would have a big say the in content of the Media and wield great influence on what the readers shall read.
In the Cabinet there is the Dep PM and Fin Minister in Tharman, Law and Foreign Affairs Minister in Shanmugam, MEWR in Vivian, and another minister Iswaran in the PM’s office, also Second Minister in Home Affairs and Trade and Industry.
In the judiciary the Chief Justice is Sundaresh Menon and Indian high court judges have always been a part of the bench. Then there are many prominent senior counsels in practice.
The Chief of Army is MG Ravinder Singh.
Most notable is that the Indian elite distinguished themselves in finance. Other than Tharman as Finance Minister, there is Ravi Menon as MD of MAS. And the CEO of DBS, the national bank, is Piyush Gupta. There are many top Indians in the foreign banks as CEOs or in top management, and also in GIC and Temasek, including Dhanabalan as the latter’s Chairman. Their dominance in finance is unchallenged and this will grow bigger over time.
In the academia there are many prominent professors heading many departments. So is the field of medicine. The Indian elites are everywhere stamping their influence and authority in their respective fields.
The field of IT is more or less dominated by Indian professionals mainly from India. There is however a strange phenomenon, that the local Indians are somehow not very good in IT. And there is an increasing community of very rich Indian PRs and new citizens finding residence in the City. And they brought along their businesses, now the biggest group among the foreign investors here.
The Indian community is now a very formidable force to reckon with in all fields of enterprise in the island and will play an increasing role in the growth and development of the country. Not forgetting we had two past presidents in Nair and Nathan, not counting the numerous very rich individuals among them. Singaporeans will have to be better acquainted with this development and acknowledge the bigger role played by the numerically small Indian community. But this is set to change with CECA and the India Indians finding this island a very conducive and good place to do business and bringing up children.
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