Low Thia Khiang taken to task

It was reported in the ST that Low Thia Khiang had doubts on the effectiveness of the Jobs Credit Scheme in saving jobs. "He was promptly taken to task by six PAP MPs,...including labour chief Lim Swee Say.' Surprisingly several PAP MPs also questioned the same thing as Low Thia Khiang. But they were not taken to task. One thing which everyone is careful not to touch is the CPF. It seems that touching the CPF is taboo or will cause undue hardship to the hardlanders. And I too strongly disagree with Ngiam Tong Dow's suggestion that the CPF should be cut. I think he is too far away from the masses. Why can't we cut the CPF? Please ask the HDB or Mah Bow Tan.

Singaporean first or foreigners first

This is gearing up to be the new debate of the day. Several MPs are standing up to be heard in speaking up for a Singaporean first policy. It was never an issue till now. We used to hear things like foreigners are talented and here to help us. Why are we chasing them away if they are here to help us? Not very logical. Then there is also the brutal truth version. Singaporeans who cannot make it in such an ideal environment like paradise, to make money and a good life, deserved to be kicked aside. They just don't have it to make it in life. Let their places be taken over by the hungrier foreigners. Maybe we should compromise on this. Singaporeans, being less talented, can take over the cleaning jobs in food courts. The talented foreigners can run the country.

What is US$60b? It's only Madeoff!

Tony Tan reported that GIC was managing a fund of $450b and Temasek Holding managing a portfolio of $200b. These work out to be $650b. He also said that 7% was in cash and something like 30% in income paying investments. And we have outperformed the market! The market valuation of stocks worldwide has fallen by 42%. Our portfolio only lost 40% of its value. Not bad after taking some precautionary measures to trim down our investments in stocks and shares. So what is our paper loss to date. A 40% loss of $650n is $260n. But if we deduct the cash and other investment part, assuming 40%, then the sum invested in stocks and shares should be around $390b. A paper loss of 40% works out to be $156b. Still not a small sum of money. A little more than what Madoff has lost. But this is based on the above data and extrapolation. The actual amount loss, on paper, may be lesser. How much did we really lose? The number must be unspeakable.

Step aside Tan Kin Lian

We have two heroes coming in to help the investors in the minibond debacle. Professor Hans Tjio of NUS will oversee the process at Hong Leong Finance. At DMG & Partners Securities, Kim Eng Securities, OCBC Securities and UOB Kay Hian will be Hwang Soo Jin. Both "will not be personally involved in the resolution and settlement of individual complaints. 'They will provide MAS with regular updates on the progress of the financial institutions' complaints review and will highlight to MAS any shortcoming in their processes as well as any issues that require regulatroy follow up,' said the central bank." This is reported in Today paper. Tan Kin Lian's role is over. Now the heroes will step in to finish the job.

Workers clapped after being retrenched

This is the headline of an article in the old media, 'Somthing to clap about' by Lin YanQin in Today. Workers of Chin Heng Garment Factory still found something to clap about after being retrenched. They were initially unhappy and angry and feeling quite emotional about being out of job. Soon they were clapping when the severance package negotiated over a month was improved. The workers greeted the news by bursting into an applause. This is a very positive spin on a depressing news. And the workers' morale is high and bubbly and looking forward to more challenges in good spirit, like oxens.