How good are fund managers?

Dow hit by 380 pts fall The SubPrime Loan crisis is not going to go away. American and European Banks are pumping in a few hundred billion US$ to try to stave off the problem. Some American and probably European funds are hit bad. Investors who have put faith in the professional expertise of these fund managers are heading for a rude shock. Could this be the American equivalent of the Asian financial crisis? Let's hope that these great talents and fund managers are able to clean up the mess they have created. It is unbelieveable that they could create such a big bubble for themselves and they are teaching the world how to manage their economies.

Bus concessionary pass is a privilege

Tammy Tan of SBS Transit replied in a letter to the media that concessionary pass is a privilege. So no pass just pay adult fare. Is the running of public transport a privilege or a right of bus companies? Why do we need humans instead of running everything by unthinking computers or robots? This is the kind of Singaporeans that we are creating. The unthinking kind that just work by following the book. A very good example of such Singaporeans are the security guards. Because of the terrorist threat, all the guards are told to check for pass. No pass no entry even if he knows who you are, that you greet him or he greets you every morning. Another stranger who picks up a pass and wears it on his chest will be allowed into a building with no question ask. He got a pass. But then, we cannot expect Singaporeans at all levels to have the thinking ability. Thinking too much is dangerous.

Making informed choices

“The Ministry will continue to manage medical inflation without compromising the quality of patient care,” said the MOH spokeswoman. “We will use market forces, where appropriate, to manage medical costs — for example, through publishing bill sizes and quality indicators. She added: “This will allow Singaporeans to make informed choices on where to seek treatment and provide transparent benchmarks on the comparative efficiency of healthcare providers.” Singaporeans will now be better informed. So they can choose between SGH, KKH, NUH, CGH or AGH. And if they still find these hospitals unaffordable, they can try Gleneagles, Mt Elizabeth, Thomson, Raffles, East Coast, Mt Alvernia etc. Now that Singaporeans have so many choices, they should not complain about high hospital charges.

S Dhanabalan awarded Order of Temasek

This man has been in the thicks of Singapore's development and transformation from a third world to first world status. He has held many key positions that would make anyone envious of the opportunities he had. And he had done well in these offices. He is well respected and according to Jackson Tai, a man for the masses and more important, inculcating a corporate culture based on integrity and fairness. Now how many big organisations can boast about these values of integrity and fairness and be proud of them? How many are seriously violating every inch of good conduct, fair and ethical practices and masquerading under a big innocent smile?

Celebrating National Day

As Singapore celebrates its 42nd National Day, Hsien Loong made a speech about the glorious achievements we have made for four good years of growth under his watch as the new PM. Among the many things to cheer about, he listed the following: 1. Our athletes are winning medals 2. Our Chefs are winning culinary contests ( should include all the Guinness Book of Records Singaporeans have achieved) 3. Our entrepreneurs are launching new businesses 4. Our students are excelling at all kinds of international events 5. We are gearing up for new and exciting projects, like the Formula One Grand Prix and integrated resorts 6. A clean and corruption free society 7. Disciplined and well educated workers 8. A cohesive, multi racial community 9. A capable and vigilant SAF and Home Team Then he went on to discuss about the problem of widening income gap and how the govt has put in measures to help those who are struggling to make a living. And there were many programmes like Comcare and Workfare to help needy Singaporeans. Actually a widening income gap may not be the real problem if the people at the lower end have enough to eat and are able to pay for their expenses. What is frightening the people and causing hardship and pain to the people is the constantly rising costs and money not enough. The galloping away of costs of essential services and basic necessities is the greatest failure of the govt. It is not a case of these costs cannot be arrested but more a case of a belief that profits are good for all these providers of goods and services. And the govt only needs to give some handouts when there is a need to. Thus the people at the lower end will forever be chasing for money to pay for the increasing costs. And whatever income or savings they have will never be enough. If the costs of living can be curbed and contained, there is no fear of a widening income gap. There is no fear of earning a little lesser as things are not going to cost more everyday. And there is lesser fear that savings, the CPF, the Medisave, will never be enough. There is no need for handouts. Give to the people by not giving. Rein in the runaway costs.

En bloc wealth, real or illusion?

Lucy Huang wrote to the ST complaining that after benefitting from an en bloc sale, she is having trouble finding a replacement unit of equivalent locations as the prices have gone way way up. If she is to benefit from the sale, then she either has to buy an unit at the fringe of the island or downgrade. She is now calling for the govt to intervene to bring down the prices of flats nearer to the city areas. Now, can I say 'Did I tell you?' I think all those who benefitted from en bloc sales should just buy another property, cheaper ones, either smaller or away from the city and enjoy the cash windfall. They can't have the cake and eat it at the same time.

Back where it belongs?

The statue of the construction worker, a foreign talent, is back where it is, taking pride in the company of Stamford Raffles. If these paid workers, who came because we pay them well relative to what they can get at home, and are regarded as doing us a favour, sacrificing for us, then what about our forefathers who worked for less? In those times, their pay and working conditions were even worst than now. Why are we not recognising their contributions but feel so compel to recognise the contribution of these recent foreign talents? Any Singaporeans feel outraged?

Power of the web

Muslim intellectuals easily converted to become radicals and recruited to be terrorists. And the radical muslim groups have been exploiting the web to expound their cause and spread their message of violence. And they are very successful. Now there is nothing more effective than fighting fire with fire. Singapore is going to use the power of the web to fight these deviant websites. We are going to put up slick websites to attract muslim youths to the more positive and correct views of Islam and pull them away from the draw of radical sites. I think they can take the cue from the creative ways of Stomp to attract readership with their young oriented articles and posts and all kinds of attractions. Now we are seeing a new kind of wars being waged in cyberspace, competing for the control of the minds and attention of the youth.

Malaysia is secular - said Karpal Singh

Karpal Singh quoted Tunku Abdul Rahman and Tun Hussein Onn that Malaysia is a secular state. He also quoted the Supreme Court ruling in Feb 29, 1988, 'We have to set aside our personal feelings because the law in this country is what it is today, a secular law...' Is it that people have short memory? Or perhaps the ruling of the Supreme Court in 1988 was written in English and some cannot read English today? Malaysia is a secular or Islamic state. It cannot be anything in between, a halfbaked state, not knowing what it is. This will be a good opportunity for the Malaysian govt to state it clearly what it is so that all Malaysians do not live in a state of make beliefs, believing what they want to believe but totally different from realities.

Since when has Pakistan become the 52nd state?

George Bush and many US officials categorically said that if need be, the US will send their military into Pakistan to wipe out the Al Qaeda. And they is no need to inform or seek the permission of the Pakistan govt. Hmmm, when has Pakistan become a state of the US and the Americans can do anything they want in that country? Unwittingly, the US is doing a great disservice to their strongest one man ally in Pakistan, Musharraf, by undermining his standing in the eyes of Pakistanis. What kind of leader is Musharraf that the Americans can ignore him completely to operate military forces in Pakistan? Or is the US intentionally doing so to discredit him and has someone more congenial in mind to replace him? Or is Pakistan already in the complete control of the US? One thing for sure, the resistance of the Pakistanis and their anti American feelings will only grow with this kind of American rhetorics. How not to sow anti American sentiments when they do not have the slightest respect for the sovereignty of a nation?

Can bus captains think?

We have upgraded our transport system to world class quality, and going to get better with more improvement in services. Have we also been thinking about the upgraded title of bus captain and making them behave and act a bit like a captain? Though there is nothing much to expect from such captains, at least they should be able to think a little and be empowered a little to make simple decisions instead of behaving like unthinking labourers. Or they are trying to provoke the commuters to thrash them? A school girl in uniformed was made to pay adult fare insisted by the bus captain just because she forgot to bring her student pass. Even if there is an error of judgement, assuming the girl put on school uniform to cheat the bus company, how much would the bus company lose? Given the way things are, no right minded youth would want to put on a school uniform if they don't have to. And what flimsy excuse did the bus CAPTAIN gave to make the school girl pay more than she needed to? Maybe it is time to re designated bus drivers and call them something more appropriate, like bus drivers.

A different sacrifice

What is this foreign worker statue being honoured by the side of Raffles? From the look of it, it looks like a recent foreign worker with the hard hat. If this is the case, we are over exaggerating the contribution of these foreign workers to our economy. And do we owe them a debt? Who were the real workers who sacrificed their blood, sweat and tears to build this little island? The famous red hat samsui women immediately came to mind. And there were many of the living testaments still haunting the streets of Chinatown and some heartlands. Those were the real pioneers that we have taken for granted and forgotten. The Singaporean labourers and construction workers as well. Just because we are hyping about the greatness of foreign workers and foreign talents, let's not get carried away and forget our forefathers who sweated and bled for what we have today. It may be an ominous sign that the statue was knocked down as an appeasement to our forgotten and belittled forefathers, the people who really sacrificed for this island and got very little in return. They missed the good times and the millions that should be rightfully theirs. Spare a moment of your thoughts to those pioneering men and women.

You want to eat in restaurant?

The beggar asked for another dollar as $2 could not buy him a bowl of noodles. Prices of everything have gone up. The giver was annoyed. What, $2 not enough? You want to eat in the restaurant like me? Beggars cannot be chosers. They should know their station in life. Got things to eat is good enough. If they want to eat at restaurants, they must be real smart and earn smart money. Then they can snap back at beggars who ask for $1 more. Who ask them to be beggars and not smart alecs?

Old formula of success

When the economy is doing well. When there is full employment. When income is going up and up, the old formula that nothing is for free, that all govt services and essential services must operate on a profit basis seem so logical and so effective. But can the same formula continue unabated, without ill effects? The economy is still doing well, jobs are aplenty, so they said. But are the income going up and up? Yes, if one is in the top 20% of the workforce. But for many, the income increase is too little, and to many, hardly any increase, to keep up with all the increases and inflation. In fact many at the bottom are experiencing a shrinking income. The lemon has been squeezed to the point of becoming a pulp. The income of the lower end, even the self employed, have been hit by either lower revenue or higher cost. Even the taxi drivers are being squeezed by the higher cost of rental and petrol. This is a last choice occupation when all else fails. Workers, even professionals, who cannot find employment will find driving taxis and other self employed occupation as a way out. Occupations that they have to work to pay themselves. But as these people keep downgrading, lowering their expectations, they are still being constantly squeezed and their income shrinking while expenses only go up and up. The quality of life of the people at the lower end has been stagnant for many years. There were growth years and improvements in the 70s and 80s. Since the 90s, one can hardly see any betterment. All are struggling to live day to day, trying to make ends meet. And all the public services only think of nothing but hike in their fees and charges. Squeeze them dry, every drop counts.

The Malaysian Pandora Box

Abdullah Badawi came out to say that Malaysia is neither secular or theocratic. What does that mean? Najib and Mahathir said it is Islamic. PAS wants it to be Islamic. The MCA and MIC and the eastern Malaysian states claimed that the founding fathers of Malaysia wanted it to be secular. Would Malaysia be formed if it was to be an Islamic state? The answer is obvious. And the British colonial govt will not allow it. During its conception, it was plain clear to everyone that it was meant to be a secular state with every Malaysian being treated equally except for some special rights to the natives, not just to the Malays. Over the years the Bumis have shifted the goal posts gradually on the threats of another May 13 should the minorities dare to open their mouths. So what we have in Malaysia today is a state running on two principles, Islamic principles and Malay dominance. It is good that the issue is out in the open. Malaysia shall categorically state its position. If it is an Islamic state, a Malay state, or whatever, let it be clear for all and no need to beat around the bush, and everyone guessing. Once the official position is stated and adopted in the Constitution, then so be it. Those who accept it stays. Those who cannot agree with it leave. Only then will Malaysia be allowed to progress in its own chosen path without threats of racial or religious bloodbath. The Malaysians must know what kind of constitution and state principles they are supposed to live by.

NKF story - Knowing shame

The scripture says, 'fearing God is the sign of wisdom.' In life, knowing shame is a sign of honesty. Richard Yong is the first member of the old NKF Board that has apologised, according to his new lawyer, and he is also asking the gullible public, who were betrayed and hurt in the course of events, to forgive him. For a person who has done wrong and asking for forgiveness is a way of acknowledging his wrongs and feeling guilty about it. At least Richard Yong has come about to know that what he had done were wrong and shameful. It is now left to the victims to forgive him. For those who have done no wrong, there is no need to apologise nor any need to ask for forgiveness. It is the fault of the gullible public to be snooked. So do not blame the clever from cheating the public. This reminds me of what the Japanese told the Sick Man of Asia that it was China's fault for being weak. For weakness invites one to be raped. It was China's fault that Japan invaded and tried to colonise it. There is no need to apologise for the invasion.

OCBC Bank - Returning to the roots

It was not many years ago when children were encouraged to save in schools. Banks were also actively promoting savings among children by offering all kinds of schemes and attractive toys to the young savers. Then as banks grew big and strong, they find the few dollars and cents too tedious, unworthy, and costly to manage. So they start to impose a fee for savers who did not have the minimum sum in their bank accounts, something like $1000 or $1500. Small savers suddenly find that it is the bank that is doing them a service and they have to pay to keep their miserable sums in the banks for safe keeping. I think subsequently all the children savers who have less than the minimum sum stop putting their money in the big and strong friendly banks. The banks are now so rich that they find the small savers a pest. I cannot imagine where these small savers are putting their monies but very likely in piggy banks or some tin cans. Where else when no bank is going to keep their few dollars for free? Now OCBC is launching a scheme with all kinds of attractive gifts for the children to save. I believe these children will not have to pay a fee should their savings be too small. Nothing stated on this. Looking at the long run, this is a genius move, a strategic move to sign up all the future depositors to become OCBC account holders. Yes, get them when they are young and once they have got use to OCBC and have an account with OCBC, they will remain there. Unless OCBC mess it up with their services or starts the nonsense of imposing a banking charge again for small savers. Just one generation, OCBC will sign up all the new adults as their account holders. What a smart move. 'Greed has no shame'

Dow down 280 pts on Friday

Looks like Dow is bend on spoiling our National Day celebration. Just when everything is turning around, it came crashing down again. And why should the worry of subprime housing loan in the US concern us? This is their domestic management of housing loans and even if it does affect us or the world market, it should be of a bearable nature when funds withdraw some investments out of other markets to cover their losses back home. And some banks here may also be exposed to these loans but should not cause any panic. Even losses of a few hundred millions are not a life of death situation. Our economy is booming and the construction industry is full of works for the two IRs. These are totally detached from the US housing loan woes. So are many industries around the world. But if funds join the fun and short the market down, all the markets will go down regardless of fundamentals. It is about time that Asian bourses detach itself from the domination of Dow and take a life of its own. The Chinese market has taken on a character of its own and without too much foreign fund manipulations it is able to perform on its own merits. We will have to hope that sensibilities are not too badly affected and Asian bourses remain firm on Monday. But it will need some encouragement from analysts and fund managers to make some affirmations that the fall in Dow need not be so deadly and some sectors of he economy are totally undisturbed by the housing loans trouble.

Malaysia heading towards a crisis

Malaysia is heading towards a crisis of unimaginable proportion, worst than May 13. This time it is not because they having too small an economic pie. It is the other way round, they want the whole cake and eat it. And to make matter worst, they are being led by two of the hottest firebrand and ambitious politicians, both trying to outdo each other to prove that they are worthy of the Premiership. Hishamuddin was hot, but he cannot hold a candle to Khairy who is bent to upstage him in all aspects. Khairy is going to prove himself to be a fiercer fighter for the Malay course. He is prepared to burn down anything in his path. On the other hand the MCA and MIC, after their shameless appeasement of UMNO in 1955 by giving in without a fight, is again hiding meekly in their closets without breathing a word of protest at all the changes that are being made to the detriments of the minority races. This time, with better organisation and more power in their hands, the bloodbath is going to be clinical and complete. The kris will be drawn and wash with blood if the firebrands are not stop in their path for personal glory.

Greed has no Shame

As we march down the road towards greed, as we celebrated the virtues and benefits of greed, it is time that we discard all the hypocrisies about goodness, generosity and a caring society. We should boldly embrace the positive aspects of greed and how it drives every man and woman to his best in chasing after more money. It is time to stop all the hypocritical acts of unproductive idealism. Singaporeans must be taught to cherish the culture of greed. That is how we can progress at an ever faster pace, financially and economically. We will have the best of everything money can buy. Anything that were claimed as virtues and money cannot buy were false virtues, mirages, the opium of the poor. There are ample proof and evidence that greed is the driving force in our growth. And everyone who is plainly displaying this by clinging onto whatever they have, title, position, influence and money, to get to more money for themselves, without shame. Singaporeans must be brave to tell the world that this is our culture and our formula for success.