Loan shark country II

Just when you think it is over, just when the men in blue declared war and successes in napping a few runners, they struck again. Saw the news last night that residents in some part of the country have to put a layer of plastics over their doors, windows and walls to avoid the paints that will come in the dark of the night. The loan sharks are quite fearless. Or are they sending out a message, that this is their country and they are the law or above the law, or the law is nothing to them? Yes they can defy the law, and what can the law do to them? The thing is that our reputation as loan shark country is growing and spreading, and loan sharks with deep pockets are sending their funds here from neighbouring countries. Soon we will earn the badge of being the number one loan shark country in the world. Another feather on our cap.

A new lifestyle

Singaporeans have many choices of lifestyle they wish to live by, at a cost. Take visiting families and friends for instance. A family of two adults and two children making social calls is not a cheap thing. The fortunate will drive to their destination and the immediate cost is the petrol. The road tax and car already paid for. Just the recurring cost, $10 for petrol and $5 for parking. And if they choose to park illegally, maybe another $30 to $80 if kenna caught by our superbly efficient parking attendants. The alternative is public transport, either by cab or train/bus. A two way cab fair is going to be at least $20 or more, depending on the distance. Even by mass transport, $8 may be the cheapest. Hey, leading a socially active life is not cheap and not free anymore. What can happen down the road is perhaps virtual visiting. Everyone hook on a webcam and sit in front of a PC or laptop to chat away, by the fingers of course. In visual contact but nothing physical. Now that is futuristic. For those with mother in law phobia it is the best thing to happen. Now I am wondering why is social life or family visit a thing of the past.

Political dissidents turned heroes

The South Koreans said farewell to one of their most loved leader, Kim Dae Jung, or Mr Sunshine. Kim Dae Jung is also hailed as the Nelson Mandela of Asia. He was demonised, turned into a villain and imprisoned by the political masters of his time. He spent many years behind bars, endured torture and death threats, but survived to be elected as South Korea's President in 1998. And history was rewritten. Kim Dae Jung was not the only one that went from dissident to national hero. Xanana Gusmao of East Timor is another example of the kind of treachery and political corruption in Asian countries even today. The abuses of political power to destroy political opponents is nothing new and hardly any Asian country can stand up to tell the world that they are free from such persecutions and bullyings of the losing party. The latest victims are Thaksin and Aung San Ssu Kyi of Thailand and Myanmar. Very likely they will have their stories rewritten someday. Malaysia is seeing Anwar Ibrahim making his come back and could be the next Nelson Mandela from Asia. The stories of Kim Dae Jung, Gusmao, Mandela and many more to come, are testimonies of the stinking political games that are being played by politicians, when innocent political contenders were painted blacker than black. We are so lucky to witness how these dirty political games are played for all to see. But would the masses be able to see the real from the unreal, the truth from the untruth? Or joining the winning side and enjoying the buffet is what counts and the 'villians' shall be villains for the day, until history favours them and turn them into another Mandela?

What we told the children

We teach and tell the children many things and many good values, don't cheat, be honest, be kind, be helpful, be caring to others, etc etc. These are values that the children take seriously and many would live by them as they turn into adults. As they grow older, we teach them more, serve the people and country, be prepared to fight and die for your country, honour, integrity and loyalty. But do we believe that they will live by them as adults? Or these are just values that are good to have, good to believe or aspire to, and that's about as far as we believe in them? In the world of the adults, the good values may be the same. But they are moderated by pragmatism. Be real. The adult world is not a world of make beliefs. It is a world where idealism is only idealism. It is all about what is in it for me. If there is nothing for me, forget it. Just enjoy the goodness of the meaning. It is better to be practical, pragmatic and live with a new set of values that will enhance one's self worth, material wellbeing and all the other trappings of being successful. Let the children and losers believe in all the goodness of things like honesty, loyalty, honour, integrity, fairness etc etc. Now I can understand why some people feel so disappointed about the national pledge. The more they believe in it, the greater is their disappointment, and the greater they feel like being a sucker. It is just another good to have, good to believe value. Not to be true, not to be real, not achieveable. Just an aspiration.

Property prices, an exercise in illusion

We have this property frenzy turning more crazier by the days. How much of this is real and how much are concocted to give the impression of real demand and real affordability? The ST carries several pages today with two conflicting views, that property prices are really affordable and with some cautioning that a bubble is in the building and we will have our property crisis like the US in the next economic downturn. Would we hear some sensible words of advice on this happy tragedy that is waiting to happen, or everyone is happily playing the monopoly game? A report by Citigroup economist Kit Wei Zheng said that prices at 19 times are now more affordable compare to the 40 times annual income of 1996. It is a relative game. From 40 times to 19, everyone should be cheering and rushing to get one unit. It is less than half price! The crazy and irresponsible thing is to let this go on and on. In fact it was utmost irresponsibility to let prices shot up to 40 times the annual income of the buyer at the average Singaporean level. But no one cares. Ahhh, caveat emptor. Nothing can be done. It is all good business and individual responsibility, and free market. Wny are we so concerned about people gambling in the casinos? Take a 20 year annual income as an example. It would mean that the buyer would need to pay every cent of his income for 20 years to fully pay up for the unit. And this also isn't true as the mortgage plus interest for 20 years will easily work out to be double the amount, ie, he needs to pay for 40 years instead, every single cent. Let's say that he uses half of his income to service the loan, wow, does it mean that it will take him 80 years to do so? Ok, double income family. So maybe 40 years to pay up. Still sounds good, provided neither of them loses his/her job. Then the increments and promotions along the way will make the repayment much easier. But still a 30 to 40 year repayment and a sum that is not small. In 1975 a semi D cost only 2 years of annual income, a 5rm HDB flat cost slightly more than 1 year annual income. That was why those who bought into properties then could sit on huge profits from asset appreciation. With today's prices, is there going to be a profit at the end of 30 years? We are assuming that many Singaporeans are rich and able to afford such properties looking at the attendance in property launches. We are also assuming that many Singaporeans in the future will be able to pay double the current prices if the present day properties are going to appreciate in value. What is very likely to happen is that in the next 10 to 20 years, there are bound to be several economic turmoils along the way, and people paying high prices and servicing high mortgages are going to be hanged for sure. For the time being, enjoy the party...if it is for real. Let's see who ends up with the baby when the music stops.