This case has dragged on for more than a year. Trayvon Martin, a 17 year
old black boy living in the same neighborhood as the burly 29 year old
white man Zimmerman. On a night out to buy some food, he was racially
profiled as a bad guy by Zimmerman. Martin was unarmed, Zimmerman armed
with a gun. Zimmerman set upon Martin and in the struggle, neighbours
heard the voice of the young black boy calling for help. But he was shot
dead by Zimmerman claiming self defence. A jury of 5 white females and a
black female found Zimmerman not guilty.
The blacks and Martin’s family are crying foul. Rioting has started in
the district and several American cities in protest against the not
guilty verdict.
In the past, many blacks were found guilty when innocent and hanged or
lynched by white mobs and white courst. In the past, many white
murderers and nigger killers were set free even with unquestionable
evidence of guilt.
Now we are in the 21st Century and such racial and hate crimes against
the blacks are still happening, and the white men who did the killing
are acquitted. And the black leaders are calling for calm and peaceful
demonstration like they used to do in the past when they became victims
of such racial injustice.
Zimmerman may be free but admitted that he would have to look over his
shoulder for the rest of his life. Some day, some guy may just pull the
trigger on him to settle the score. Of course the guy will surely be
found guilty and sentenced to life imprisonment or death in some states.
How many think that Zimmerman is not guilty? How many believe that
Zimmerman killed the boy in self defence? How many think this is not a
racial profiling hate crime? How many believe the Martin family had the
fair share of the law on their side or was it just another kangaroo
court? How many think that racism is a thing of the past in the USA?
7/17/2013
Moody downgrades our local banks
‘International credit rating agency Moody’s has downgraded the outlook
for three Singapore banks – DBS, OCBC and UOB – to “negative” from
“stable” for the next 12-18 months.’ Quoted from TRE.
Big, strong and friendly banks with triple A ratings are now rated as negative? What does it mean? How is this equated to the A, B and C rating scale? Are our banks now in the B grade or C grade? Getting a negative rating is no joke for sure.
Taking a peep into Moody’s full report on Stand alone Credit Strength, DBS is now rated as B/aa3 and Neg, OCBC is B/aa3, Stable, and UOB has the same rating as OCBC. Bank of Singapore, BOS is rated C-/baa1 and Stable as well. The overall average rating of Singapore banks is B/aa3. The Long Term Bank Deposit ratings for all the local banks are Aa1/Stable except for DBS with a Negative rating.
One of the main reasons given by Moody for this downgrading is the banks exposure to housing loans which stands at 77% of household debt. Moody also mentioned that ‘77% of Singapore banks’ non-performing loans (NPLs) were related to loans made by borrowers outside Singapore in 2012, compared to 65% in 2008.
With the uncertainties in the world economy and the risk of higher interest rates, the impact of a tightening of monetary policy in the US could trigger big movements in the flow of funds in and out of emerging countries and the local market. A big outflow could have adverse effect liquidity and interest rates and the housing market.
How serious would this be is still a grey area. The consequences of the US subprime crisis is still vivid to many and something that no one wants to see here and no one would believe such a scenario will happen. There is American exceptionalism and there is also Singapore exceptionalism. We are exceptional and we will not be in the same plight as the Americans and no subprime crisis will be allowed to happen here. Our situation is well under controlled by the most expensive talents available managing it. No worry, the Moody downgrade is just a paper downgrade and nothing untowards will happen and there is no need for fear mongering.
There will be no housing crisis here and those who think that people will be jumping from the flats are just talking nonsense. Our property prices will continue to go up as usual.
Big, strong and friendly banks with triple A ratings are now rated as negative? What does it mean? How is this equated to the A, B and C rating scale? Are our banks now in the B grade or C grade? Getting a negative rating is no joke for sure.
Taking a peep into Moody’s full report on Stand alone Credit Strength, DBS is now rated as B/aa3 and Neg, OCBC is B/aa3, Stable, and UOB has the same rating as OCBC. Bank of Singapore, BOS is rated C-/baa1 and Stable as well. The overall average rating of Singapore banks is B/aa3. The Long Term Bank Deposit ratings for all the local banks are Aa1/Stable except for DBS with a Negative rating.
One of the main reasons given by Moody for this downgrading is the banks exposure to housing loans which stands at 77% of household debt. Moody also mentioned that ‘77% of Singapore banks’ non-performing loans (NPLs) were related to loans made by borrowers outside Singapore in 2012, compared to 65% in 2008.
With the uncertainties in the world economy and the risk of higher interest rates, the impact of a tightening of monetary policy in the US could trigger big movements in the flow of funds in and out of emerging countries and the local market. A big outflow could have adverse effect liquidity and interest rates and the housing market.
How serious would this be is still a grey area. The consequences of the US subprime crisis is still vivid to many and something that no one wants to see here and no one would believe such a scenario will happen. There is American exceptionalism and there is also Singapore exceptionalism. We are exceptional and we will not be in the same plight as the Americans and no subprime crisis will be allowed to happen here. Our situation is well under controlled by the most expensive talents available managing it. No worry, the Moody downgrade is just a paper downgrade and nothing untowards will happen and there is no need for fear mongering.
There will be no housing crisis here and those who think that people will be jumping from the flats are just talking nonsense. Our property prices will continue to go up as usual.
Scrap university education
What is education for? Is education for the sake of education? Or is
education about equipping the student to participate fully in life, in
the economy, simply about getting a job to earn some money to provide
for himself and his family should he decide to have one? For the elite
and the gentry class, the royalties and aristocracies, education is just
for education, to learn to read and write. The need to get a job or the
need for an education to equip the student to be gainfully employed is
not necessary in the lives of such privilege classes of people. Contrast
this to those who need to work for a living, an education is seen
primarily as a means to a job. Of course one does not need an education
to get a job. A fisherman, a butcher, a boxer or a golfer or a tennis
player, they don’t need an education to earn a living.
Putting aside those that don’t need to work, and those jobs that don’t need an education, education is the acquisition of a piece of certificate, diploma or degree or the acquiring of a passpost to a job. Several of our wise leaders have spoken many times to encourage the young to get a good education and advocating how important education is to a good job and a good life. Education is the leveller for all to compete on equal grounds to material success. And the Govt spent hundreds of millions annually to provide an excellent and world class education system for the population. And the universities and colleges all strived to be the best, to produce the best students for society and the economy.
Then out of the blue we heard two ministers in a matter of days said these. Khaw Boon Wan: “You own a degree, but so what? You can’t eat it. If that cannot give you a good life, a good job, it is meaningless”. He later went on to encourage people to become crane drivers when there is a great demand for it and the pay is good. Then Heng Swee Keat followed up a few days later by saying that ‘beyond providing students with a good education, he wasn’t sure or neither would he be responsible if these students could not find good jobs after graduating.’
Could you believe it, that two ministers in the same breath told the people that our world class education could not guarantee them a good job and maybe they should consider becoming crane drivers or take on other jobs that don’t require a good formal education? What the hell the Govt set up all the good schools, colleges and universities for? The students in these institutions are mostly from the working class that need to work for a living. They are not children of royalties or aristocrats or the super rich when working is an unnecessary chore, and if they choose to work, it is to kill their boredom. Why encourage the parents to send their children through the system, invested time and resources when it can be all for nothing?
Does anyone think that this is strange? Would the NTUC, the super advocates of training and the organisation that has been sending hundreds of thousands of workers for training, tell the workers that the training would not guarantee them a job? Then why waste their time and money?
The sick part of this conversation is that the country can provide a few hundred thousand jobs to foreigners who came from less prestigious or even doubtful institutions of learning with great jobs and good paying jobs. And we are telling our children that despite the fact that they have gone through one of the best education system, they may not get a good job here.
I think this must be the joke of the century. Now who started this joke and set the whole world laughing? Education, and expensive education, stressful education, is not ‘main main’ ya. Who in his right mind would tell the parents that this gonna be the case, that their children with good grades from this expensive and world class education system may not find a good job while the questionable students with questionable grades from questionable education institutions could be in a better position to get good jobs? Is there someone suffering from bipolar sickness but is not detected? Did someone say bird talk?
And there is the acting Minister of Manpower, Tan Chuan Jin, scurrying around like a bull arse fly shouting discrimination by employers, both locals and foreigners, against Singaporeans in employment. Now, what is that all about? Maybe have to wait for people to clean the hawker centre first before they have time to explain what is going on.
Putting aside those that don’t need to work, and those jobs that don’t need an education, education is the acquisition of a piece of certificate, diploma or degree or the acquiring of a passpost to a job. Several of our wise leaders have spoken many times to encourage the young to get a good education and advocating how important education is to a good job and a good life. Education is the leveller for all to compete on equal grounds to material success. And the Govt spent hundreds of millions annually to provide an excellent and world class education system for the population. And the universities and colleges all strived to be the best, to produce the best students for society and the economy.
Then out of the blue we heard two ministers in a matter of days said these. Khaw Boon Wan: “You own a degree, but so what? You can’t eat it. If that cannot give you a good life, a good job, it is meaningless”. He later went on to encourage people to become crane drivers when there is a great demand for it and the pay is good. Then Heng Swee Keat followed up a few days later by saying that ‘beyond providing students with a good education, he wasn’t sure or neither would he be responsible if these students could not find good jobs after graduating.’
Could you believe it, that two ministers in the same breath told the people that our world class education could not guarantee them a good job and maybe they should consider becoming crane drivers or take on other jobs that don’t require a good formal education? What the hell the Govt set up all the good schools, colleges and universities for? The students in these institutions are mostly from the working class that need to work for a living. They are not children of royalties or aristocrats or the super rich when working is an unnecessary chore, and if they choose to work, it is to kill their boredom. Why encourage the parents to send their children through the system, invested time and resources when it can be all for nothing?
Does anyone think that this is strange? Would the NTUC, the super advocates of training and the organisation that has been sending hundreds of thousands of workers for training, tell the workers that the training would not guarantee them a job? Then why waste their time and money?
The sick part of this conversation is that the country can provide a few hundred thousand jobs to foreigners who came from less prestigious or even doubtful institutions of learning with great jobs and good paying jobs. And we are telling our children that despite the fact that they have gone through one of the best education system, they may not get a good job here.
I think this must be the joke of the century. Now who started this joke and set the whole world laughing? Education, and expensive education, stressful education, is not ‘main main’ ya. Who in his right mind would tell the parents that this gonna be the case, that their children with good grades from this expensive and world class education system may not find a good job while the questionable students with questionable grades from questionable education institutions could be in a better position to get good jobs? Is there someone suffering from bipolar sickness but is not detected? Did someone say bird talk?
And there is the acting Minister of Manpower, Tan Chuan Jin, scurrying around like a bull arse fly shouting discrimination by employers, both locals and foreigners, against Singaporeans in employment. Now, what is that all about? Maybe have to wait for people to clean the hawker centre first before they have time to explain what is going on.
7/16/2013
Internet: WYSIWYG
Calvin Cheng, the ex NMP, wrote to the ST forum today with the title,
‘Seeking clarifications on line a disturbing trend’. This is one of his
statement referring to Ravi Philemon’s internet comments on the haze and
N95 mask problems, ‘That said, his actions were part of a rather
bewildering and disturbing trend: that of questioning the veracity of
govt statements during a national crisis, and the belief that it is
better to clarify uncertainties over the Internet rather than with govt
agencies.’
Calvin Cheng’s argument is not about questioning the govt but about using the internet to do so. His assumptions are that the internet is full of nonsense from unqualified and unreliable people. Only the govt and the respective official agencies will have the expertise and to tell the truth. He even asserted, ‘In a crisis, our Govt has never been known to lie. It is ridiculous to think it would start now.’
Ahem, I am sure all of you reading the above are raring to say your piece about how ridiculous and flawed his assertions are. All I can say is that the internet is WYSIWYG, minus the biases of the editor and whoever that thinks that the right answer should be what they think is best to be printed. In the internet, everything you see is what the bloggers want to say, minus those with a hidden agenda which can be quite easily to fish out. Many bloggers are genuine and simply expressed what are in their minds, untainted by political considerations and the need to say the right thing.
The reasons why people are seeking the internet to express their views speak for themselves, and why they are not going to the main media or the agencies concerned. Other than not having faith in getting a reasonable reply, what they sent in may not see daylight and could end up in the waste bins. The internet is also a very convenient and efficient means for circulation of information, instant and immediate, no need to wait for the sun to rise. And it is the platform for everyone with no one thinking that he is the lord and his views prevails.
Step aside main media. You are history, partly of your own doing, partly due to the advancement in technology. The internet is now a platform of choice of the people to air their views and grievances. And there is nothing bewildering or disturbing about this trend.
Calvin Cheng’s argument is not about questioning the govt but about using the internet to do so. His assumptions are that the internet is full of nonsense from unqualified and unreliable people. Only the govt and the respective official agencies will have the expertise and to tell the truth. He even asserted, ‘In a crisis, our Govt has never been known to lie. It is ridiculous to think it would start now.’
Ahem, I am sure all of you reading the above are raring to say your piece about how ridiculous and flawed his assertions are. All I can say is that the internet is WYSIWYG, minus the biases of the editor and whoever that thinks that the right answer should be what they think is best to be printed. In the internet, everything you see is what the bloggers want to say, minus those with a hidden agenda which can be quite easily to fish out. Many bloggers are genuine and simply expressed what are in their minds, untainted by political considerations and the need to say the right thing.
The reasons why people are seeking the internet to express their views speak for themselves, and why they are not going to the main media or the agencies concerned. Other than not having faith in getting a reasonable reply, what they sent in may not see daylight and could end up in the waste bins. The internet is also a very convenient and efficient means for circulation of information, instant and immediate, no need to wait for the sun to rise. And it is the platform for everyone with no one thinking that he is the lord and his views prevails.
Step aside main media. You are history, partly of your own doing, partly due to the advancement in technology. The internet is now a platform of choice of the people to air their views and grievances. And there is nothing bewildering or disturbing about this trend.
How to fix the COE system?
On the covering page of Today paper is a full page on the COE system
with the question ‘How do you fix the COE system? There are three more
questions following this, ‘Why not make car buyers pay what they bid for
their COE? Or should COE just be balloted? What should COE categories
be based on?
The unhappiness over the COE system has been on going for many years. Occasionally people would raise their grievances for a while but soon forgotten. The Govt knows best and this is the best system they could come up with. The fact that this system is coming up for criticism year in and year out and for Today to put it in an exclusive page and a TV programme dedicated to it speak a lot about how good or shitty the system is.
Why is this system allowed to go on for so long? The answer is obvious. Or maybe everyone can see the problem but our super talents could not. Their thoughts are more intelligent and they could see all the merits of the system but the farmers could not. So, like the clever deaf frogs, they knew that this is the best way to go and no time to waste listening to the daft.
Everyone in the street can see the flaws of this system, how is it that the Govt thinks that this is the best and is willing to overlook the flaws? Now I am being silly. Where got flaws? Let me tell you the merits of this system. If I am very rich, I can guarantee myself getting the COE and paying the least despite bidding for $1m. See, the system is so good to me, the rich man. And who is the one suggesting that I should pay the $1m that I bidded? Don’t be stupid can. How can you make me pay $1m for a COE? I only bid to make sure that I got the certificate with no intent to pay the million dollar lah. Siao.
As for the Govt, it is so generous to make sure that everyone pays the lowest successful bid. How can anyone blame the Govt for being so kind? Imagine paying $1m for a COE and another bidder pays $50 for it? Such injustice cannot be allowed. The Govt must be fair to all the bidders. Everyone pays one price, the lowest price. See, fair or not? The people must be very grateful to such a considerate Govt that thinks for their own good.
And if everyone were to pay what he bids, it is so complicated and messy. It will drive everyone nuts to compute the exact amount for every car during transfer or rebates or whatever. With one price, so easy to calculate, use fingers also can.
Doesn’t the system encourage everyone to bid as high as possible knowing that they need only pay the lowest? Doesn’t this in a way lead to the price to be artificially higher than it should be? Really ah, cannot be lah. Buyers still only pay for the lowest bid so even if the price is unusually higher it is okay what. Good for Govt revenue and money can be used to improve public transportation and roads better. It is a good thing.
Shouldn’t the bidders pay for the price they bidded since it is their own free will to bid high? Cannot, not fair for the rich to pay higher COE and the poorer buyers pay lower COE. The Govt must ensure that there is fair play for everyone. Have you heard of leveling the playing field?
This COE system is about as good as it gets. Now who thinks he is smarter than the super talents and wants to change the system? Every good idea has been thought through and found to have other problems and not workable in the long run. Let’s stick to this present system and move on. No need to waste more time on it. But if it is just to allow the people to let off some steam, then it is ok to talk about it and let the people think, for once, that they are smarter than the super talents and have cleverer ideas to contribute. There is a saying that the fools may have something wise to learn from ya? Swee boh?
The unhappiness over the COE system has been on going for many years. Occasionally people would raise their grievances for a while but soon forgotten. The Govt knows best and this is the best system they could come up with. The fact that this system is coming up for criticism year in and year out and for Today to put it in an exclusive page and a TV programme dedicated to it speak a lot about how good or shitty the system is.
Why is this system allowed to go on for so long? The answer is obvious. Or maybe everyone can see the problem but our super talents could not. Their thoughts are more intelligent and they could see all the merits of the system but the farmers could not. So, like the clever deaf frogs, they knew that this is the best way to go and no time to waste listening to the daft.
Everyone in the street can see the flaws of this system, how is it that the Govt thinks that this is the best and is willing to overlook the flaws? Now I am being silly. Where got flaws? Let me tell you the merits of this system. If I am very rich, I can guarantee myself getting the COE and paying the least despite bidding for $1m. See, the system is so good to me, the rich man. And who is the one suggesting that I should pay the $1m that I bidded? Don’t be stupid can. How can you make me pay $1m for a COE? I only bid to make sure that I got the certificate with no intent to pay the million dollar lah. Siao.
As for the Govt, it is so generous to make sure that everyone pays the lowest successful bid. How can anyone blame the Govt for being so kind? Imagine paying $1m for a COE and another bidder pays $50 for it? Such injustice cannot be allowed. The Govt must be fair to all the bidders. Everyone pays one price, the lowest price. See, fair or not? The people must be very grateful to such a considerate Govt that thinks for their own good.
And if everyone were to pay what he bids, it is so complicated and messy. It will drive everyone nuts to compute the exact amount for every car during transfer or rebates or whatever. With one price, so easy to calculate, use fingers also can.
Doesn’t the system encourage everyone to bid as high as possible knowing that they need only pay the lowest? Doesn’t this in a way lead to the price to be artificially higher than it should be? Really ah, cannot be lah. Buyers still only pay for the lowest bid so even if the price is unusually higher it is okay what. Good for Govt revenue and money can be used to improve public transportation and roads better. It is a good thing.
Shouldn’t the bidders pay for the price they bidded since it is their own free will to bid high? Cannot, not fair for the rich to pay higher COE and the poorer buyers pay lower COE. The Govt must ensure that there is fair play for everyone. Have you heard of leveling the playing field?
This COE system is about as good as it gets. Now who thinks he is smarter than the super talents and wants to change the system? Every good idea has been thought through and found to have other problems and not workable in the long run. Let’s stick to this present system and move on. No need to waste more time on it. But if it is just to allow the people to let off some steam, then it is ok to talk about it and let the people think, for once, that they are smarter than the super talents and have cleverer ideas to contribute. There is a saying that the fools may have something wise to learn from ya? Swee boh?
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