The heavy thunderstorm in the night tripped the power twice. Each time I had to get up to reset the ELCB. Suffering from a bad headache I couldn't get back to sleep.
Just now I read this from the WSJ, "Who Pays for China's Bad Loans?" which reminded me of some of my earlier thoughts about the government and helped me decide that I will not support Tony Tan. In a line, Tony Tan will help the government make us do national service like the Chinese government make their people. In fact the Chinese had observed and learned the tricks from us!
We don't need another Yes-man like Nathan in that job.
A second rate government can always pass off as a first class government if somehow it can get the people to do national service all the time. Why do you think professional politicians elsewhere envy us? They know that they aren't that smart and they dearly hope to get their citizens to also perform national service like us and the Chinese. For a long while the Japanese were able to do the same until their government became third rate.
Again and again, I am reminded to vote for transparency and the time tested values of honesty and concern for fellow men.
Last two paras of the article:
The second option is for the banks to take the hit. Fear about that possibility has contributed to a sharp fall in bank stocks since the start of the month, with Industrial & Commercial Bank of China down 11%. But the government won't leave the banks, which it controls, to swing in the wind. A continued wide spread between government-set interest rates for deposits and lending should provide them with enough of a cushion to muddle through. That means bad news for households—which do most of the saving in China, with no end in sight to the implicit tax on their deposits from negative real interest rates.
So while the real cost of the stimulus isn't yet clear, there is little doubt that China's long-suffering households will pick up most of the bill in some form. That is another impediment to rebalancing the economy toward domestic consumption. After all, households can hardly be expected to hit the shops at the same time as they are squeezed by the government and the banks.
Lead by postings of facebook, I read up on Tony Tan in Wikipedia and his comments to the press about the IRs. A complex Yes-man still to me. As a rule of thumb I just dislike a former Member of Cabinet to be the President. We were lucky with Ong Teng Cheong. We shouldn't tempt luck if we can find someone else who was not close to the government.