Read this article by Seah Cheang Nee.
My comment
The big swings in the economic performance is bad for most people who watch on the sidelines and see prices move beyond their comprehensive, let alone control. However, they do benefit the wealthy, who can afford to make more profit.
I'd tend to agree with Mr Tan KL.
ReplyDeleteBig swings in prices (volatility) within a short period of time is generally not good for most citizens.
I would only add the following caveat:
a) I know of a few rich people who ended up poor due to price volatility in the stockmarket and property market.
- They borrowed to buy assets.
- The value of the assets declined.
- Their bankers asked them put up more cash as collateral.
- They couldn't raise the cash
- Their bankers conducted fire sales of their assets into the falling market
b) I also know of poor people who gotten rich because of price volatility.
- They read the market correctly. - They had the courage to act on their knowledge
- They felt they had nothing to lose
- a lifetime of being a scared obedient PMET versus a chance for financial freedom
- it's a no-brainer for poor folks who believe in the motto "Who dares, wins"
What were you doing in the great stockmarket crash of 2008?
- cowering in fear?
- praying for your job?
- making a fortune?
Whether the economy boom or bust, what is important is that majority of the people are not negatively affected by it.
ReplyDeleteAnd those affected do not break any laws like illegal public protests or camping out in public places.
And the opposition remain where it is, ie weak, bickering and divided.
And many foreign talents want to come, never mind 2nd, 3rd or 4th rate talents.
If these 4 conditions can be achieved, the gahmen deserve to win the elections and their sky high pay.
This kind of volatile market will not benefit the majority who has no extra money for property, stock and car. The report has not touched on inflation which affected everyone through basic necessities, such as cost of food, utilities, transportation, education and etc. The rise in cost of these basic needs can be felt in the last 2 to 3 years among middle to lower income families. On top of this, there is no offset of income tax, town council fees and etc given in the previous year for the year of 2010. The pain is deep in our hearts.
ReplyDeleteLoh
2008, i hold a higher pay job.
ReplyDelete2010, my pay drop 25%
but the important thing is i still get to sit down to eat dinner with my whole family once a week.
I am more worried that gct said that after the recession, govt want to build reserve again. It means the big squeeze is coming soon.
ReplyDeleteShould we have a windfall tax on property developers (esp those who benefited from FT policy and discreet govt bailouts), to pay low-income families, young people and people who lost their homes?
ReplyDeleteMr. Tan,
ReplyDeleteThis post from Temasek Review. Very well done and may be you can consider posting on the main page.
Quitter:
May 2, 2010 at 3:52 pm
REFLECTION OF A TYPICAL SINGAPOREAN
I am Ong Ah Tee living in Kampong Chai Chee
Life used to be simple and HAPPY
I worked hard in my STUDIES
I learned A-B-C, and everything from 1, 2, and 3.
Primary school was quite easy I passed PSLE
Then I went to SECONDARY
The subjects include HISTORY, GEOGRAPHY
Physics, Biology and CHEMISTRY
After O levels I went to JC
They said you live in Singapore very LUCKY
This is a small humid tropical COUNTRY
Surrounded by unknown potential ENEMIES
Boys turned 18 must go to ARMY for the tour of duty
After that we may continue our Studies
The girls can just sit back, relax, and watch TV
They come to this world only to “lim kopi, kway jit chee
No one lives on free meals or depends on CHARITY
I want to take up IT, but I had no money to go to University or Poly
So I went to work at FACTORY
Working hard to earn a little lousy SALARY
After CPF and INCOME TAX, I have just enough money to buy ROTI and
ride in MRT.
My bosses show me no SYMPATHY
Mumbling over my shoulder daily: “HURRY, HURRY and HURRY !”
Accusing me of always trying to get MC
But my sickness was due to over stretch OT
Going home after midnight by TAXI
And they pay me only bus fee
My colleague likes me because of my honesty and can easily bully
They said I don’t know how to carry.
I Park-Tor and became STEADY
Finally had to MARRY
Because gahment gave baby bonus MONEY
I lost money holding Wedding Dinner PARTY
Cheeky friends donating only cheap PANTY
After marriage, nothing was EASY
In one year, I became DADDY
I can’t support my family and our BABY
Being tied down for life to repay 2 rooms HDB and rising monthly
utilities to PUB
My bank account has NO MONEY
POSB balance is almost EMPTY
DBS wants to charge me EXTRA FEE
Insisting that “Nothing is FREE!”
So I moonlight as KARANG GUNI
Many times I want to jump MRT
But that is not EASY
My wife cries: “Who is going to support me and our BABY?”
So I can’t MATI
I went to seek assistance from the MP
His reply was simple and easy
“Vote for me, vote for me, vote for me”.
He never tells me any convincing Policy.
How to help the poor with more GST?
Why I cannot have pay increase but they can have increase?
Before, my MP said “Vote for me, we give you sweeties”.
Now, they want to increase salary, because “You voted me”..
They claim they made good economy for our country.
They benchmark themselves using GDP.
They said, “To get the best man, you have to pay high fee”
otherwise, they will join MNC.
And all your ‘char bor’ become maids in other COUNTRY.
Next will be the GST..
My boss say “no” to increase in salary,
It’s really make me worry.
Our Health Ministry said let GP set their consultation fee.
If the GP charges high fee, don’t let them see.
No money, how can healthy
If fall sick, can only mati
In hospital, can afford Class C.
I don’t mind all nurses are aunty,
But only one doctor to see
No money for operation, I Tan Si.