Time to stop the housing ponzi

The pioneer of Singapore’s public housing, Dr Liu Thai Ker, has spoken on the need for HDB to return the basics. Dr Aline Wong also joined the call. HDB should go back to provide a roof for all Singaporeans. More and more senior elites from the establishment are saying that things are not going right and needed to take a step back. And the solutions offered by Liu Thai Ker to stop the housing ponzi are not calculus but simple common sense. Build public flats with no frills and build a little extra to the supply. The prices of public housing will adjust accordingly.

The same call was made by Boon Wan but with many catches. Back to basics to offer cheaper flats will necessitate adjusting the products for sale and one could end up buying half an apple, like shorter lease, conditions to sell back to HDB and all the jazz. Why like that?

In today’s media, it was reported that 2 rm and 3 rm flats can be sold at a net price of $57k and $159k respectively after setting off the grants. Hey these prices are quite decent and reasonable. If this can be done, why is there a need to tweak the terms of sales to bring down the prices? Many silly suggestions to make HDB prices cheaper were made by muddle head Singaporeans. The actual cost of building public flat is very much lower and the sale price can be brought down without all the silly suggestions. The fact that the cost of building the flats is being kept secret is telling a big story.

What so far transpired in the media is that the Govt is preoccupied with the need to keep property prices going up. If we don’t bring in more migrants, property prices will come down. What rubbish. Now you understand why 6.9m is necessary? It is to prop up property prices as part of the ponzi scheme. The SERS and en bloc sales will not be feasible without more and more buyers in the pipeline. Every old flat pulled down must be replaced by 5 new flats to justify the cost of rebuilding. Thus, it means you need 5 times the buyers to sustain the scheme. The population must continue to grow even after 6.9m if the property price is go be kept up.

This gravity defying act, by meddling with market forces and supply and demand will all come to naught without the increasing influx of migrants. The 99 year lease will dictate that all such flats must end up with zero value unless they can be pulled down before the lease expires. The ponzi scheme must come to an end sooner or later as the island just cannot keep taking in more and more people and the price of flats keep going up while the workers remain as CBF.

It is better to stop the ponzi housing scheme now with lesser people being hurt and less badly than to allow it to snowball to monstrosity and beyond control, like the American national debt. Too big to do anything or unsolvable without a total collapse of the system.

Obituary – Today we mourn the passing of Feed Me To The Fish

A day has passed and no more news from Fish. His blog is filled with condolence messages to Mrs Fish and the family. It is sad that our social media has lost a booming voice in defense of the common Singaporeans. His last stand was in Hong Lim Park on Feb 16. He was not a lone. His family was with him, and the 4000 Singaporeans that turned up to keep him company. It was an opportunity I missed to meet this honourable man.

Fish will be remembered by all the keyboard warriors in cyberspace and all those who read his blog and are touched by his humble sincerity to fight for the average Singaporeans. I can still remember him singing with gusto from his troubled heart,

‘Do you hear the people sing?

Singing the song of angry men

This is the music of a people

Who would not be slaves again!

When the beating of the heart

Echoes the beating of the drums

There is a life about to start when tomorrow comes’

Fish was very happy that night after the Worker’s Party reclaimed Hougang in a by election. He was joyous as he shared the moment with the people on the streets of Hougang and his video with all in cyberspace.

Bless you Fish. RIP.

So much deference, so little substance

‘Former Minister Mentor Lee Kuan Yew was speaking at a dialogue on 20th Mar 2013 organized by Standard Chartered Bank [Link] with US Federal Reserve and former chairman of US President Obama’s Economic Recovery Advisory Board, Paul Volcker. Also included was Standard Chartered group CEO Peter Sands.’ Quoted from TRE.

This gathering is best remembered as the last pose to honour the passing of a political giant. His view on population growth as if it is the only way to achieve economic growth was swallowed like a bitter pill, solemnly without much protest, more in due deference to his stature as a senior statesman.

Volcker the economist politely contradicted this flawed growth theory by growing population with this comment, ‘the world “cannot continue to grow” indefinitely, and would have to resign to “being like Japan” eventually. This is in response to LKY lamenting that Japan’s refusal to admit immigrants would see the population halved and eventually becoming nothing. A simple extrapolation on paper may say so, but the realities of how the human race will adjust to different situation will see the race’s continued existence into the future short of a nasty catastrophic disaster.

The assertion that China or all countries must continue to grow their population must be greeted with disbelief. The world would be a better place if the population is reduced by a third, and countries like China and India and even Japan could be better off with a 20% or 30% population reduction. There will be more for everyone and all the unnecessary economic activities to support a bigger population can be made redundant and the resources allocated to more productive and useful things for the rest of the population. Mother earth and the oceans would have a reprieve and time to nurse their wounds and to replenish the livestocks in them.

Population growth for economic growth up to a point becomes meaningless and disastrous, self defeating and self destroying.

The other point harped upon is the value of foreign talents with the assumption that the talents come in peace and to bring goodness to the people. What if the talents are here with their private agenda, to promote their own interests at the expense of the citizens? A country or its govt owes its right to be the govt to look after the interests of its citizens and not the good of foreigners no matter how talented they are. It is treason to allow foreigners to destroy the local population and to rob away their wealth and the right to a good life.

Every country can do away with foreigners when the end result is not a betterment of its citizens. To hell with foreign talents. Every country can grow at their own pace without the need for foreign talents unless these talents are there to advance and complement the general well being of the citizens.

Tan Chuan Jin, We have a situation.

Tan Chuan Jin must have discovered that he has landed up in a shit hole when the lid on the problems of discrimination and victimization of Singaporeans in the job market was lifted. He must be cursing himself for the mess he has inherited. At least Boon Wan did know what he was in for and was prepared to have shit up to his neck in housing. Boon Wan is still struggling but unable to get them off. There were just too much shit and he too deep in shit. The housing problem has taken a life of its own and cutting any corners would cause pain in other corners.

Did Tan Chuan Jin know what he was in for? Before he knew anything, his little stuff is already half cooked. The discussion in Parliament and the peep into the problems were too revealing and frightening to know the whole truth. It seems that he had some preview to what was coming and had some serious discussion with Tharman and needing Tharman’s weight to move some boulders along the path.

There are high expectations from the citizens for Tan Chuan Jin to do a successful Herculean lift. Any half baked measures like in housing will not do. This problem is very serious and hit the citizens real bad and more and more citizens are feeling the pain. Can Tan Chuan Jin rise to the occasion to clear this shit or would he be sucked into the shit hole like Boon Wan?

The PAP, if it knows how much its fate in 2016 rests on how Chuan Jin tackle this issue, must also want him to do a good job and give him all the clout he needs. Tan Chuan Jin cannot fail or he would fail himself and the party. He has only a couple of years to clean up the shit as the smell is spreading too fast and wide.

For an Acting Minister, his task is the biggest and most difficult to unscrew. No lip service and no time to delay, no honeymoon years for this young man. All eyes are on him and the true blue displaced, victimized and discriminated Singaporeans are looking to him like the savior, The One that is coming to lift them up from their miserable existence.

Any foreign company operating here and stuffed by mainly foreigners has very little value add to the people and country except to raise the rentals of office space and property prices. They should not be allowed to be here as there is no gain for us. We are a multi racial country and we must not permit the practice of racism in the country and worst, against our very own citizens by foreigners. No organization must be allowed to practice racism in our country. Their licences must be cancelled with immediate effect if they are found guilty of this racist act.

The ball is now in Tan Chuan Jin’s feet. He can pick it up, blow the whistle or continue to play the game like them shiok, nothing wrong what. Have Singaporeans been led to the slaughter house with blinkers on?

Open letter to Acting Minister over Unfair Unemployment Practices at banks in spore

Complaint Against Unfair Unemployment Practices at Swiss Italian Private Bank

Dear Acting Minister,
It has been almost a month since our email dated 22 Feb 2013 was sent to your kind self. And it's extremely disappointing that we have not heard from you nor your ministry to date.

We sincerely hope you are not merely paying lip service to your own pledge in Nov 2011 to ensure that Singaporeans remain the core of our workforce in companies operating here.

Being accountable for what you have said, we would like to highlight the unfair unemployment practices against Singaporeans at a Swiss Italian private bank XXX Bank. We would like to know what actions are you or your ministry going to take to rectify the situation.

1) Until the middle of last year, almost all the Heads of Department/Section in the bank’s Wealth Management Department consist of foreign Indians:

Head of WMS (Malaysian Indian)
Head of Active Advisory (India Indian)
Head of Strategic Advisory (UK Indian)
Head of Investment Strategy (India Indian)
Head of Structured Product (India Indian)

It was only in May 2012 that a local was engaged by the bank as Head of Product Strategy. And that was the result of an unfortunate event further elaborated below.

Where is the hiring and developing of a Singaporean Core the TAFEP and the government have been advocating all this time?

2) Sometime in late 2011, an anonymous complaint letter against one of the India Indians was sent to the Monetary Authority of Singapore.

Instead of launching an investigation into the India indian, the bank shockingly chose to cover up for the latter and terminated the services of 2 Singaporeans. They then created the Product Strategy to take over some of the major responsibilities held by the India Indian in an effort to minimise the damage done.

Prior to that, the Singaporean Head of WMS was forced to step down after he openly questioned the competency of the same India Indian. The Deputy CEO, another India Indian, also reduced the Singaporean's responsibilities and remuneration, and this led to his resignation.

In all, it's disheartening that 3 Singaporeans lost their jobs simply because the management chose to shield one of their own kind.

Where is the protection afforded to Singaporeans against biased senior management who use unfair hiring/firing to favour their own countrymen in this case?

3) The bank has a discriminatory hiring practice, using every opportunity to recruit foreign Indians, whenever possible, for positions within the WMS department. It is not hard to understand why, given that the Deputy CEO is an India Indian.

Some examples: In Nov 2010, the bank went all the way out to recruit an India Indian for the position of Investment Analyst in the department.

Sometime in Mar 2011, another India Indian was also employed by the bank as an Advisory Associate in the same department when all these low level positions could have easily been filled by local Singaporeans.

Even the department’s risk manager is a new Singapore citizen who was previously an India Indian.

In fact, almost half the interns in the department during 2010 and 2011 are foreign Indians. Furthermore, if you exclude the investment advisors reporting to XXX HK (but based in Singapore), more than half the advisors ranked AVP and above in the department are foreign Indians too. This is clearly unacceptable.

We completely agree with Mr. Brenton Ong's letter to the ST Forum dated 28 Feb 2013 that many Singaporeans are unhappy with the "liberal recruitment of foreign professionals, managers and executives". In fact, almost 9 out of 10 Singaporeans now support curbs on foreign workers, especially PMETs.

In a ST article dated 25 Jan 2013, the Prime Minister was quoted as saying the PAP government is on the side of Singaporeans. Is it really true... then why are there so many foreigners performing jobs that can be easily filled by locals?

And in many cases, the foreign talent are not as "talented" as what the government paints them to be. They are simply here at the expense of Singaporeans, taking advantage of the government's lax pro foreigner policies.

As such, the PAP government especially the Ministry of Manpower must be held fully accountable (to what they have said) by investigating and penalizing firms with discriminatory employment practices and hiring/firing policies. Otherwise, we should vote for somebody else who can protect Singaporeans' jobs. Thank you.

The above letter is posted in TRE and CNA forum. I copied from the latter.