Wednesday, November 26, 2008

Sample of our leaders wisdom....

I hope our leaders are somewhat prepared for what is coming. PM Lee seems wildly optimistic at the beginning of the year compared with other leaders around the world. Just a few weeks ago, he was still urging others to "take a measured approach" to the crisis.

This was posted by someone in the CNA forum :[Link]

Jan 2008 PM Lee urges world leaders at WEF to 'think ASEAN' Mr Lee said that the economy of Vietnam, for example, is taking off. The Philippines has strengthened its public finances while Singapore is enjoying a strong momentum, riding on the regional growth as well as its own economic restructuring. Oil producers like Malaysia and Indonesia are also benefiting from high energy prices. Thailand, Mr Lee added, is enjoying strong exports while forming a new elected government. Laos, too, is benefiting from the strong global demand for commodities. ---

http://www.channelnewsasia.com/stories/singaporelocalnews/view/325093/1/.html
THEN WHAT HAPPENED?

June 08 Vietnam's Troubled Economy http://www.time.com/time/world/article/0,8599,1812810,00.html?imw=Y

June 08 Big trouble for Philippine economy as prices surge - analysts http://www.forbes.com/afxnewslimited/feeds/afx/2008/06/08/afx5092886.html July 08

Trouble brews in two Asian democracies (Thailand and Malaysia) http://www.csmonitor.com/2008/0702/p07s04-woap.html

Aug 08 Crude Palm Oil prices plunge to new 9-month low http://www.themalaysianinsider.com/index.php/malaysian-news/34-malaysian-news/2605-cpo-prices-plunge-to-new-9-month-low Everyone else in the

2008 Davos WEF were grim about the world economy in 2008 except for the above mentioned.... Grim determination on the economy

http://www.ft.com/cms/s/0/ecb9948a-d3ec-11dc-a8c6-0000779fd2ac,dwp_uuid=01b19234-b4b2-11dc-990a-0000779fd2ac.html?nclick_check=1

7 comments:

Anonymous said...

Sigh...this reminds me of the "GOLDEN period"..

Anonymous said...

Lucky, thats a bit harsh though.

As is the case in all financial statements, one cannot predict the future right?

PM Lee based his comments on past developments at that point of time, which is January.

BUT what he could have done, or his PR secretary could have done, is get him to say something when things change. He didn't.

AlphavilleSG said...

There's good reason to believe the PAP govt., by implication GIC and Temasek sharing the group think fallacy, underestimated the risk that was to unravel following the purchase of Merill, UBS, Citi.

I can't recall where I had read this so apologies if the facts aren't straight...

First where did the money for these purchase came from? Tony Tan himself has admitted in a frank interview (davos?), they had forseen the sub-prime crisis, having held the investment throughout the boom years saw fit to reduce the risk and realised the gains.

Now as you know the PAP, they absolutely hate sitting on a pile of case, it like holding a boiling pot to them, so as things got worst (after reaping the profits), Tony from GIC, which supposedly the risk adverse part of govt. investment arm, was feeling optimistic, went all in, and you think these things only happen in movies where the poker player just shove the stack of chips as a bet of no return. As the story goes, they lost big-time, they gambled YOUR money away.

Got it! A must read
FT interview with Tony the Tiger

Anonymous said...

The Lee family must have been cursed and jinxed. Whatever they says come true in the opposite way. The more positive they are, the worse it becomes.

Anonymous said...

PM Lee and MM Lee are wannabes for dressing up as "knowledgeable statesmen".

But in fact they are well known for merely shooting off their mouths without checking facts(reminds you Mee Siam Mai Hum) & of course shooting their own feet with this Lucky's revelation and the golden period.

What harshness? These are people paid millions by Singaporeans.
Death to PAP.

Anonymous said...

Long live the PAP, thanks to big big GRCs, sue you till bankrupt, jail you for criticising the judiciary, hence kiasi, kiasu and bochap sinkaporeans.

Brilliant LKY strategy. That's why at 85, still needed to be around to babysit "mee siam mai hum" son and team.

Anonymous said...

According to Lee Kuan Yew,

1) Non-graduate + Non-graduate = Dumb Kids
2) Graduate + graduate = Smart Kids

I think Lee Hsien Loong is either a mutant, or had been picked from the rubbish dump as a baby since he is the highest paid "smart" idiot.