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.
Update: 9:20am
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.
Here's a really scary thought ...
ReplyDeleteTony Tan becomes Elected President and resigns from GIC.
GIC and Temasek merge to become a single corporate entity to enjoy cost savings, economies of scale and a larger global footprint to project Singapore's soft power overseas.
And Ho Ching becomes the new CEO of the merged entity.
Judging by what he says - no one asked him to stand (if you believe him that is)., then this is the only possible scenario that had happened.
ReplyDeleteRight after GE, LHL announced he's just made himself GIC chairman (why not - it pays well & his PM salaries is going to be cut). So if you are TT, will you want to stay and report to him, since Father is now taking over as senior advisor? No. So he's to resign to continue his contribution (unfinished business). For those who says He is from GIC so we don't need to know how much in reserves..that's like saying Bernie Madoff is a conman to the ponzi scheme so we don't need to know how much is left in his hedgefund..(assuming worse case scenario).
TT is a cabinet minister during operation 'spectrum' in 1987. If he is elected as the new EP, he will have the constitutional power to veto against ISD detentions.
ReplyDeleteIf the PAP govt decides to fix the opposition by launching another operation 'cold store' or 'spectrum', do you think TT will veto or endorse such detentions?
This is indeed a very scary and plausible scenario which Singaporeans must beware. Voting for him to be EP will mean that our political development and maturization will regress not progress. Voting in alternative candidates like TCB or TKL will at least provide a realistic check and balance on possible abuses by the PAP. So its a no no for TT as far as I am concerned.
There is no need for ANY Elected President.
ReplyDeleteWhy do Singaporeans need a walking statue that has nothing to do with the citizens?
One can be appointed to conduct whatever ceremony as needed in any rites and diplomatic duties.
Why must the Citizenry be involved since the people had given the Cabinet the Mandate to rule?
The People have given the Rulers the Trust, did they not?
patriot
I got a a nic for TT alias, the smiling tiger.
ReplyDeleteWe better what it. are we going to let another PAP man hold the second key? We would be mad, mad beyond redemption to even entertain it for a sec!
We must all be mad except TT. Coming from GIC, he will never question about the Reserves (he would have answers to the losses of our SWF in 2008 but he is not telling. I can only think of one better person to be our President - the present advisersenior in GIC, LKY.
ReplyDeleteBut looks like daft Singaporeans may elect TT and Ho Ching assumes his vacated position in GIC?
Saycheese
Any candidate elected in the past and future will make not the slightest difference to any Singaporeans.
ReplyDeleteOops, maybe those close to him(the Presidents) could benefit from their positions, I can be wrong; right?
It will be a disaster to have TT as a president. I doubt he cares for Singaporean. He cares for the $$$. Where on earth could you find such an income after 71 years old?
ReplyDelete