The enormity of it all

Which is more serious? The escape of an international terrorist who was planning to blow up our airport or the loss of at least $100b of our reserves, or the tax payers' money? Is the selling of the series of minibonds and other toxic products to the public more serious than a stock market beefed up with many dubious stocks or management that we hardly know and accounting systems that are difficult to verify, and a system that allows the big boys to bring the small investors to the cleaners? Both are very serious issues and have very serious implications to the well being of the state and its people. It would be best for the professionals to deal with them in depth than for me to touch on them briefly in an internet forum. Let me deal with the Mas Selamat escape versus the $100b loss. We can look at them from the implications and consequences to come, as well as the lapses and the system to prevent their occurrence. We can also look at the execution and the processes that led to these two incidents. In the Selamat case, we can't imagine how he would hit back and the untold damages and pain that can be inflicted on the people and assets. We can live our lives as if nothing has happened. But wait, if he is around, and should he be successful in what he set out to do before, we will regret deeply for his escape. When it happens, no amount of consolation and remorse can make up for it. No excuses can make up for it. How he escaped and the patching up of the system had been dealt with and hopefully, keeping our fingers crossed, it is not going to happen a second time. And the $100b loss! How long it took to build up this sum of money? How much can it do for the people if we have not lost them? And how long will it take to make back this kind of money? Just think about it. To be fair, some part of the losses are expected given the risk involved in investing. But two points need to relook at. Should so much money be invested in high risk assets? Then the next question is whether some deals were done too hastily, insufficient ground work and effort to understand the risk involved, and could be avoided? And the most silly question to ask is whether we have been too trusting of the Americans? Yes, we lost a lot of money, billions in the last few deals, mostly because of trust. And we put in so much money without even a board representation! What, playing masak masak? Giving away Monopoly Games money? These are huge sums of money that must be carefully handled and managed. The way it was distributed begs for a serious re examination and introspection into our mentality, policies and decision making in these areas. Trust and too trusting will get us only into deep shit. Would there be serious indept analyses of these incidents by the professionals and academics, or would they find them too hot to handle? I will touch on the toxic products and stock market separately.

Cyberspace the next battle ground

From what Hsien Loong had said, cyberspace will be the new battle ground for the next general election. The PAP has been preparing for it and the younger members are being encouraged to play a more active role to lead the charge. He has forgotten that Lim Swee Say will be a more popular blogger if he has his own blog. He has a lot of interesting and captivating stories to attract hoards of bloggers. The new media or cyberspace can no longer be ignored as the backwater that was hardly treaded. Over the last few years it has gained tremendous ground and eating into the readership of the old media. People are looking for alternative views instead of the stead and predictable comments of TOM. And with the flowery and unrestrained lingo used, it is an act that is hard to beat. We will see a battle for readership between the new and old media, one that is more critical and cynical against one that is pro govt and singing praises. Or as Hsien Loong said, the traditional or old media will 'present trusted, unbiased and informed opinions' though a bit tame. On the other corner (I said) will be the untrusted, biased and less informed opinions of the new media, but sexy and attractive. And don't forget the power of podcast and pictures. The presentation of the most beautiful angle or the ugliest angle can make or break a candidate. Imagine one getting caught on video or photos in the most compromising position, I mean like digging the nose. Pictures can tell a very distorted story. An ugly or hostile face will be a put off immediately. Now this is not going to be the protected turf of TOM any more. Both can print whatever they like, selectively, and definitely biased. Oops, TOM's pictures will be unbiased. Only the pictures of new media will be biased. Interesting scenarios coming up. I doubt TOM will be anything given its slow printing schedule.

Notable quote by Hsien Loong

'On a long term basis, overall, the way the Govt has managed the money, we haven't done badly.' Lee Hsien Loong I disagree. We have managed our money well until we started the shopping spree. And the last few deals to buy the banks, were at best, good intention but poor execution. Losing $100b can never be called 'haven't done badly.'

The end of the Shopping Spree

It was great fun going on a shopping spree with a container of cash. Better still when it is other people's money. Take all the credits and big bonuses if it turns out right, and if not, well, so be it. Buying the world is not as simple as it turns out to be. When everyone plays by the rule, proper trading practices, it should not go too far wrong. Unfortunately the world is infested with thieves and conmen of all disguises. Now we have came home with a basket of rotten eggs. And the rotten eggs will not become fresh any more. Caveat Emptor! Would it be easier and safer to invest at home? Here every element is under our control and supervision. The entities are known and can't go too far wrong. But we have neglected our own local companies and the stock market. They have been ruined. Big funds were allowed a free hand and free play to destroy the values of our stocks and emptying the pockets of our small investors by sheer muscles. It is time that we look inward, use our own funds and take on these big funds, save our market, the stock value of our companies, and the small investors. With $1b and the connections, it is so easy, yes, so easy to lick the big funds and make them pay for their waywardness and destruction of our wealth, the wealth of corporations and individuals. Overseas shopping spree is over. Time to help ourselves and save ourselves with our own money. No more dumping in unknown land, unknown companies and management, and ended with baskets of rotten eggs. Play in a pool that we know well. We have comparative advantages.

Licensing of bicycles

I read that this important issue was raised in Parliament. And there is a case for licensing bicycles and the problem is only about how ugly and big the licence plate will be. I am not sure if the issue of moderation or self regulation in cyberspace was also raised after the comments by Lui Tuck Yew. The last few days were all about whether a snap election will be called. Seriously, do we have time for all these? Shouldn't people be cracking their golden brains, planning and scheming on how to get back the billions that we have lost? Come on, this is the hottest issue not only in cyberspace but kopitiams as well. The comments in kopitiams were no less wild, pointed and vulgar than those in cyberspace. Now I am allowing my imagination to go a little while after a breakfast of plain porridge and black soya source. I tried that to relive the memories of the 50s and 60s when this was the staple food for many. And they didn't have that for breakfast, but as their main meals, lunch and dinner. It tasted quite plain actually. Should I go for Ah Koon's breakfast set? I digressed. More signboards are coming up in kopitiams and hawker stalls. Self regulations when commenting on social and political issues. No vulgarities. Not tantrums. 'KNN, why got so many signs ah! Kong si mi?' I turn around to see a few Ah Peks pointing at the signs using their middle fingers. On another corner a few Ah Peks were in serious discussion to form a committee and to set up rules and regulations on what are acceptable or unacceptable comments and lingos. A code of conduct is also being drafted up. One even suggested wearing T shirts with logos to tell the other Ah Peks who they are, Kopitiam Moderators.