Singaporeans are well educated and score high marks in academic subjects. Unfortunately, most are not able to think for themselves or are not "street smart". They rely on the advice of other people. They are quite trusting and gullible and may not even know who can or cannot be trusted. They are easily cheated by people with bad intentions.
This is why so many people are misled into investing in the credit linked notes, such as the mini-bonds. They rely on the advice and assurances of the people who sell the products, not knowing that these people are also ignorant and are mostly interested in the commission or meeting the sales quota. Their managers of the distributors trusted the investment banks who created the products and failed to do the due diligence.
The inability to think extend beyond the credit-linked notes. Many people are now being deceived by the empty promises made by the promoters of certain products, such as land banking or promises of buyback of the investments with an attractive rate of interest. The buy back options are written with legal loopholes.
For a long time, Singaporeans have been used to an environment where they do not have to exercise their legal or human rights. They trusted the "safe" environment" in Singapore. However, this environment has changed and is no longer safe. It is easy for crooks to go around cheating people under the environment of "caveat emptor" or "regulate with a light touch".
There is a story about the frog in a pot of water. As the water becomes heated, the frog get used to the temperature and was not aware about the danger, until the frog was finally boiled. I am afraid that there is a similar situation to what is heppening in Singapore today.
It is important for Singaporeans to pay attention to the new environment and be aware that they cannot continue to blindly trust people who have their own self interest. Singaporeans should learn to think for themselves, i.e. gather the facts and make their own judgement. They have to learn about the legal and human rights that they are guaranteed under the constitution of Singapore.
The leaders can take the lead to educate the people about their constitutional and human rights.
Tan Kin Lian
Mr. Tan,
ReplyDeleteAfter loosing 300k on the credit link notes, I no longer invest in anything else in Singapore other than straight forward products like shares and bonds (real bonds) and currency. Everything else I do not touch as the literature and prospectus are meant to protect the issuers and distributors and I do not have money to engage a lawyer to look through all these thick documents to invest a small amount.
Thinking and analysing takes a long time and a lot of information to make a good informed choice.
ReplyDeleteIt is only only one-sided to say that people don't think. Based on the available information, these people have thought about it and made the best decision based on the limited information available.
People who get caught in the bad financial products are not just housewifes and retirees. Many are investors and intelligent people. If facts are available as it is now, do you think people would still buy?
It takes two hands to clap. If I engage a lawyer, a doctor or an accountant to advise me, should I trust them? should I get another set of lawyer, doctor, or accountant to give a second opinion or third opinion? How do I know whether these people will turn rouge as well? By the way, the same information that I can get from the lawyer, doctor, accountant, I can also get from other people and the internet. So where does one begin and end? Even for your blog, I also cannot trust your information and views. I have to countercheck with other sources. Speaking of which, I suggest that you have a disclaimer on your blog to limit your liabilities and that readers should do their own research and not jumping into conclusions based on the information on your blog and that your views are only personal views and based on the information available to you at the point of writing.
Cannot agree more !
ReplyDeleteWe true-blue Singaporeans had been conditioned far too long to rely on fairly capable governments of the past 30 odd years that we are now lost when dealing with the current government who appeared to be standing aside amongst the many social / municipal/ finanical issues of the day.
'Human Rights', two words as simple as 'Natural Rights', 'Citizens Rights' and United Nation, another two words that most people have heard.
ReplyDeleteWhy mention United Nation when talking about the afore-mentioned Rights? The Rights are inaugurated in its' auspices and it has the duty to see the Rights accorded to all Beings in the World.
BUT,
like the Consumers of Singapore who got themselves hooked, consumed and outclassed by crafty shenanigans, no one will come to defend the peoples' Rights. The UNITED NATION had done little to uphold the Rights mentioned, ironically against a growing tides of legalized malpractices.
Kin Lian; me thinks it is not right to put the blames on the ignorants, innocents and even naivetes. Since the early days of civilizations, humans have been taught and educated to be honest and humane.
Why then is the World moving in the opposite? The more educated and powerful the Beings and Nations, the more mankinds become crafty and dangerous!
Oh, the answer is simpler; just one word GREEEEEEE....Ds. And the ULTIMATE TRUTH is, the weaks always get bullied.
Me will not blame the weaks for been gullible as Nature makes them to be. BUT, squarely blames those lacking consciences in their deeds of cheating, conspiring, bullying and at times killing.
Maybe, many will disagree with me. Me had wished for more people to 'fight' for Rights, sadly there were few participants in discussions with regard their Rights in the Local Blogs. We have yet to know and understand our Rights, because our Rights are much curtailed by the Powerfuls; me thinks.
patriot
It is sad but true that many frogs are not aware the water is going to be hot enough to boil them. There is very little one can do to tell them this fact. They won't listen.
ReplyDeleteNot long ago when there was poisonous vegetable found in Hong Kong, many people here interviewed by TV said they were not worried because the government will check everything sold in Spore. Surprising that many people still hold the same belief after poisonous vegetable, Chinese drug and contaminated milk were found in local market. If the frogs still cannot feel the heat, when will they?
Loh
Reply to 9.59 am.
ReplyDeleteI agree with you that some of the investors did their research and made their decision based on the available information.
But the available information was "rubbish" and why do they accept these "rubbish", and also the "rubbish" assurances of the sales people?
I do apologise if I appear to rub salt on people's wonds, but I hope that the lessons are learnt, and that people will be street smart.
I have many people approaching me for help after they invested in land banking and buyback options. When will they ever learn?
The key lesson that all Singaporeans have to take away (including those that are not caught by these structured products) is that they have to take responsibility for their own decisions and should not blindly rely on other people to think for them.
Well put it this way. You can only cheat or decieve me once. After that i wise up and you won't get anymore business from me, ever. But Singaporeans are a strange breed, after all they keep voting for the PAP over and over again, hahaha.
ReplyDeleteKin Lian,
ReplyDeleteIf you were so very smart how come you buy your NTUC Income par policies and go very low return on surrender?
Explain??????
The lesson we must learn here is that if you think you are smarter there are people who are smartest to you.
If you think you can think better than other, think how come you are no more CEO?
There are some old man who got cheated of their whole life savings by young pretty foreigner girl. The old man is say late sixties and the girl is eighteen, and the old man believed that the girl is really in love with him. if these old man are thinking logiccally, they would know that there is very little chances that these young little girl are in love with them.
ReplyDeleteand there are some man who used money to buy bride, and they complained the woman are with them only for their money.
people are so illogical sometimes.
TO: May 03, 2010 6:42 PM
ReplyDelete" ... and there are some man who used money to buy bride, and they complained the woman are with them only for their money. "
To all the lonely old men out there.
Sometimes it's better to pay for "it", than to get "it" for free!!
Do not believe everything that you read in the newspapers including Sunday Times articles on "Your Money"
ReplyDeleteThe articles do not explain fully how these "astute" and "wealthy"
people became wealthy. Do they pay high mortage rates? how long are their loan terms? How do they finance their numerous property purchases? or their cars?
Usually, when something sounds too good to be true, it means eaxctly that.. too good to be true.
When banks are earning less than 4% from loans, how do you think some other investments can earn 2x that? Your CPF Special Account earns 4%.. how can another investment beat it? Find out the mechanics of it all before signing and parting of your money.
Otherwise, you stand just a good a chance at the casinos.. place 10K bet on Banco or Player.. walk away if you win.. 100% return. lose 10K if you bet wrong.. at least its fully understood by you how it all happened. No need to cry.
Senior citizen should participate more in the community and know more friends.
ReplyDeletehttp://www.channelnewsasia.com/stories/singaporelocalnews/view/1053935/1/.html
It isn't the 'ability' to think that is lacking, but the 'effort' to think that is. Just as 'laziness' is human nature; people do not develop a habit to seeve out information when they are all too used to have that "hard work" done for them. This same reliance on others permeates through many aspects of the local populace. Here is one:
ReplyDeleteThe maid oddity - Uniquely Singapore. A significant percentage of Singaporeans rely on domestic help; this unlike anywhere else in the world. The concept of having a maid envisions great wealth and large mansions. Here, even the lower middle class living in tiny apartments have developed a reliance on maids. What would happen when the maid oddity blows up due to economic or political events? Will familial ties be strained or broken as a result of this over reliance? What makes us think this oddity can persist for decades to come as the world changes economically and politically? Are Singaporeans prepared for this change? Do they even view it as an oddity?
People who bought life insurance are like the frog , don't know until they get burned years later when it is too late. Some died without knowing what they bought. Worse, many who got burned are resigned to the loss and don't dare to take action against the insurance agents and the company. This encourages the company and the agents that consumers are dumb and stupid. And more products are rolled out disguised as new to further con them.
ReplyDeleteThis is Singaporeans educated but dumb, kiasi although kiasu.
"The leaders can take the lead to educate the people about their constitutional and human rights."
ReplyDeleteThis is NOT going to happen.
I believe LKY once said something to the effect that it was not his job to help the Opposition get elected. I apologize in advance if I got this wrong.
Where is the motivation?
If hypothetically I'm a political leader, I don't see how educating Singaporeans about their constitutional and human rights will help entrench my position. If anything, it will undermine my authority and control.
The Aussie phrase is "keep them barefoot and pregnant".
Americans learn about their constitution in school.
What do Singaporeans learn in school that will educate them on their rights as citizens?
Quick Singaporean quiz:
a. Does Singapore have a constitution?
b. Our National Pledge. Can we challenge a Singapore Law in the courts on the basis that it violates our National Pledge?
- If not, then why are we reciting the pledge for? Wayang? Aspiration?
c. Do Singaporeans have any human rights that are guaranteed and protected under Singapore Law and/or constitution?
By "guaranteed" I mean protection that cannot be suspended, cancelled or overturned by a simple parliamentary majority.
the previous link about senior citizen wellness programme
ReplyDeletehere another one:)
http://livelife.ecitizen.gov.sg/crs/category/my-activities-courses/#senior
Can consumers think...maybe like the chimps..Some chimps are smarter.
ReplyDeleteYou can see the way consumers buy life insurance. Why do they always get conned into buying wholelife and endwoment products when it is well known that they are scam products?
Maybe they need more intelligence than the chimps.
Singaporeans are not street-smart unlike the Hongkongese, Chinese from China, Taiwanese, etc They relied too much on the formal system that has been ingrained into our education system. This works in the last 30 to 40 years or so. However, since the last 10 years or so, almost everything changes subtley. So many are caught particularly those investors of credit-linked notes. Worst still many thought MAS would protect them, only to find out to their horror that MAS boh-chap. Many think that the prospectus has been approved by MAS and so it is ok to buy, only to be told that the prospectus has been registered by MAS. So, why don't say so at the time of launching of the product sale and not when Lehaman Brothers goes bankrupt.
ReplyDeleteThe U.S. has 5,113 nuclear warheads in its stockpile and many thousands more that have been retired and awaiting dismantling
ReplyDeleteI read the above from CNN.
You can see how much responsibilities Obama has.
How much is his salary only?
How much is our minister salary?
If we can think carefully, we will know no matter how no matter what, our minister should not be getting millions.
I believe most of the people miss the point.
ReplyDeleteThe merchants who push their products must be truthful and disclose all the facts about their products. If they fail to do so knowingly, then they must be punished.
We consumers rely on the facts provided by these merchants. If we are cheated or injured by these products, it is the job of the authority to ensure that justice is exercised.
The recent two cases in US show how consumers were protected by the law, one is Toyota and the other Goldman Sach.
Dear Mr Tan,
ReplyDeleteCan you please highlight the problems(loopholes) in landbanking?
Are you refering to the ones sold by Walt..?
Thanks
TKL,sometime save your breathe.
ReplyDeleteBringing a cow to the water does not mean the cow will drink the water.Apathy SE pple will learn some day & mind u,many do not even know what a UN Charter is all about especially of rights after WWII,so,this being Singapore & even with 'education',many do not know or simply don't care about rights;for the fear of the "law" suffice to say in this land,taught them all's well,"just follow law by law"& do u expect the ignorant lot to understand & comprehend what they are 'buying or investing'?!!& after all the teaching,'fighting' & even giving free advice that these pple are appreciating your help?there are 2 to 3 camps in this 'political'game & all seeking to have BEST SIDE of the throwing coin,so where is the '3rd'side,well,this is the interesting part,infiltrated will be a good of showing so,e point, are u really ready for the game & to sacrifice for the greater lot, or your course of staying to thread where angels fear?Mr Tan, no man is an island but sometime island man are happy just to be no man (land).
Singapore consumers are brain dead and cannot think when it comes to buying life insurance. Why so many kenna conned by insurance agents?
ReplyDeleteWe heard of disgruntled policyholders here very often. Why? Couldn't they see through the deception of the insurance agents? Couldn't they read the BIs? Or were they really cheated by the agents?
If Singaporeans can think, today they are all properly and adequately insured, right? Sorry, Singaporeans are only insured for only 1/10 of what is required.Hard to believe , right? Singaporeans are so smart and they know everything about life insurance. They know what product they want and yet manymany of them got wrong products in wrong amount too.Why? it is becuse they can't think. They are brain dead and only some are comatose.
May 04, 2010 1:17 PM
ReplyDeletePeople seek water here, not the other way round.
I agree, sometimes we need to read between lines, sometimes we need to analyse what a person say whether there is self-conflict of interest.
ReplyDeleteLike a recent case of PM Lee writing in to comment on a photo of train operators passing a brown bag. Some readers in other forums lambast PM Lee for wasting their time writing silling things..
But what he is trying to do ..is just ...to subtly tell us that whatever works for the past 35yrs should continue to work. And it has worked in moving singapore forward for a reason or two..
1) the baton passing from old guard to new guard of the one party to ensure singapore moves in the right direction.
2) because in the 2 way track, there is only 1 holding the decision(majority) to singapore's future direction. It has worked for 35yrs ..Singaporeans took things for granted..
So, morale of the story is.. do not take things that has worked for granted.. and if you insist on putting more oppositions into the decision making body, a train collision might result..
Whether you agree or not.. it's up to your own judgement call.
"The leaders can take the lead to educate the people about their constitutional and human rights."
ReplyDeleteI completely agree with Anon May 04, 2010 9:36 AM. This will not happen to a govt that intends to stay in power forever.
A classic example. Look at Greece about 2000 yrs during Socrates time. Socrates was trying to educate the ppl by getting them to think and question whatever is thrown at them. The politicians were insecure about this, as the ppl would question govt policies. The leaders saw Socrates as a threat to their existence, charged him, convicted him and finally executed him.
I am concerned that something like this (albeit to a much lesser extent) is happenning here. In such an environment, do we expect ppl to question authority? One can easily be sued for libel for just asking a simple question.
Dear Wealth Journey
ReplyDeleteConcerning your analogy about PM Lee and managing train safety.
The train's direction and destination has been fixed and unchanging for the last 35 years.
- Are you proposing to pay $1 million/year salary to the station master to past the bag to the train driver everyday?
Managing a railway is not the same as managing a country.
- managing a big country like USA is not the same as managing a small country like Singapore
REX comments on Wealth Journey's @911pm post:
ReplyDeleteHello pal. I like to read posts from pro-establishment people like you. It is so refreshing because it is so boring on the blogs here when everyone is throwing *dung* at the establishment.
Unfortunately, I could not support your arguments. "Whatever works for the past 35yrs should continue to work." What a big lie.
This proposition might have some truth for Software or models from the Hard Sciences. If you have a perfected program like Windows, in 35 years, in 1000 years time, it will still work because it is a program is set of rules within a clearly defined, forecasted and unchanged environment. If you have a FM radio today, it will still work 35 years, 1000 years from now, because, all these examples are one dimensional, objective examples.
Politics and the art of Governance is not an exact science like programs and machines such as exemplified above. Politics has the human dimension. Whoever was in charge 35 years ago, need not be the same person today. Whatever environment variables existing 35 years ago, may not exist today. Education, value systems, foresight, all these are specific to each individual leader, and not uniform.
Therefore it is a very poor argument to say that if a certain party had been good 35 years ago, they are safe bet. It is not an objective approach. It appears that you don't find it necessary to examine recent performance. Have you bought Sony before? I used to swear by Sony. But recently i found that out of 3 Sony handphones i bought, all 3 gave problems!! I changed to Nokia. Sony used to be good for the last 35 years, but in my opinion, it has changed somehow.
You also paint a naive picture of "passing the baton" as if it all humans are machines and identical. That is to say, if A is good, he will make B which is just as good and the "baton" will pass on nicely without a glitch, when the time comes. If you look at world history, you will find this is nonsense. There are so many examples of great Empires which crumbled after the baton passes. Hundred year old banks can also fail. Once righteous people can also be found to be corrupt By the time you know it, it is too late.
Unless you are paid for writing the post@9.11pm, I cannot fault you for your sentimental line of thoughts. You, Wealth Journey, are merely a victim of the propaganda constantly drummed into us for 50 years by the extremely protective media which systemetically suppresses certain vital information whilst highlighting others.
Therefore it is vital to make a value judgement according to policy and results, in recent times, other than "blind faith" approach. If you sincerely think that in the past 5 years, policies are all going the way you would like to have them, then peace be unto you, you made a good choice by your reckoning.
I end with your same exhortation "do not take things for granted".
-Do not take for granted that what works 35 years ago will work today.
-Do not take for granted that wisdom is a monopoly of the rulers
-Do not take for granted that YOU are as powerless as they make you out to be. You and I all have the intelligence, capability to contribute to this country.
Clever people are everywhere, even in Singapore, I assure you. It is a matter of time, opportunity, and circumstance.
rex
Wow.. Such strong response:)
ReplyDeleteIf you read my post carefully, you will find that I was just merely suggesting what PM Lee was trying to subtly say. Whether it was right or wrong is "It's your own judgement call" (ie, please do your own critical analysis).
I did not offer my view of whether it is correct or wrong or factual.
For your info, I am not influenced by the propaganda. if you think I am, I will respect your perspective :)
REX comments as follows,
ReplyDeleteTo Wealth Journey.
I am sorry to say but your last answer @3.32pm completely contradicts your post @911pm and i based on that I can declare that you are insincere, at least in this specific matter.
Because, In your last answer you said that you "didnt offer your view whether it was correct or factual".
But, in your post, you clearly also said "the moral of the story is...if you insist on putting more oppositions into the decision making body, a train collision might result.."
I think you have to search your conscience, whether you are "merely" stating some other person's views or you are sharing a story for which the reader is supposed to learn the "moral".
This is very strong word, you use, MORAL means you are talking down to us, and telling us to heed your advice.
I have zero tolerance for insecerity.
rex
pm write to straits times they publish.
ReplyDeletei write to straits times before, they never publish.
how come?
i am not pm what.
this is what i feel.
@Rex.5.33pm
ReplyDelete"I have zero tolerance for insecerity" who cares!
What Wealth have written stand with validity of proven statistic & performance results.Collision course if any from the influx of opositions does disrupt & that the PM will be busy fixing these people.What is so wrong with that? What would you have done if you are the government?Welcome your opposition with open hands?With great nation the like of Europe,England,watch the process of the Election & i dare say that all Politicians & Aspiring Politicians have agendas in mind to benefit to a fair degree for oneself.Rex,if you are so in love with & for Singapore,& by your tone in this blog,since you are favored by TKL<well,same here watch your tone as also the way you are writing at times in Singapore Democrats.DON'T BE A TEACHER OF SORT and best still, BOOMZ, stand for election and we shall see what you are made of.if not, shut up & truly, with so many clowns hanging around, NO WONDER SINGAPORE CANNOT THINK & IS BETTER TO LET THE CONTINUING GOVERNMENT THINK FOR US,AFTER ALL IT WORKS WHY TRY SOMETHING NEW AND TAKE THE DANGER...LIKE THIS BLOG!WE ARE WATCHING....:-0)
@REX.
ReplyDeleteI see you appear in few blogs.
Are you a Democrat, Liberal Or Conservative?Or even Republican...
Social Democrats?
so what is your view of Singapore political system of the last 50years?& forward on,could sustain.
You spoke & write with so much conviction,can you contribute to change,educate or even implement cohesive manifesto for alternative policy that will not lead to collision course even of an inch..?
If not, on what conclusion does your intelligence state in advance that Oppositons will not lead to such state especially if granted as the next govt and/or garner of 50% votes?With a crystal ball at hand,you must have done your work on the ground,understood the field & know your terrain..truly, as a son of the soil,Son of Singapore, i urge you and TKL to stand for election just like CSJ & see to it that you are truly SINCERE of what you are saying,and wanting to do for Singapore.Otherwise,you are no more than just NATO..A BLOG WRITER.
The Constitution of Singapore does not guarantee legal and human rights in Singapore as long as the Constitution allows the Government to pass legislations that over rides these so called rights. One of these laws is the Internal Security Act. How can the Constitution guarantee legal and human rights when under the ISA the ruling party can incarcerate anyone indefinitely at their pleasure especially when there is no emergency in the country.
ReplyDelete"if not, shut up & truly, with so many clowns hanging around, NO WONDER SINGAPORE CANNOT THINK & IS BETTER TO LET THE CONTINUING GOVERNMENT THINK FOR US,AFTER ALL IT WORKS WHY TRY SOMETHING NEW AND TAKE THE DANGER...LIKE THIS BLOG!WE ARE WATCHING....:-0)"
ReplyDeleteIt seemed like you are paid to monitor this blog.