Saturday, November 01, 2008

Why it is hard for the PAP govt to do the right thing...

Another day another explanation for the 21% increase in electricity tariffs. Recent explanation gets interesting - the $1B profits last year is due to one-off asset sales, SP Power does not benefit from the price hikes and Singapore is already very efficient in generating power so our consumers are getting the best possible deal etc. The thing is Singapore Power did not make $1B only last year it made this amount the year before and even more the year before that[Link]. As for efficiency, some Singaporeans are asking if we are so efficient, why are the paying 2nd highest tariffs in the world and 82% more than Hong Kong. Why did Singapore Power use the billions to buy those Aussie assets instead of returning it to consumers? They are very good at explaining things to citizens so maybe next week the govt can generate a new explanation for all this.

Everytime Singaporeans stand up and ask the govt to do the right thing usually all we get is an explanation why the govt cannot do it. Hold back GST hike - cannot....but after all the explanation to us why it was so critical to accept the pain of GST hike, we had the horror of finding out that the govt had a surplus of $6.4B straight out of our pockets. Now people are asking if the govt can undo the painful GST hike given the recession is biting hard. I'm sure the govt has a good explanation why it cannot. Along the way to this 2008 financial crisis and recession we have received a number of explanations why the public transport fare has to be hiked - oil price increase, improvement of service quality, rising costs. Well the oil price has collapsed and did anyone see improvement in service quality?...Its more like people are getting used suffocating sardine cans which we call buses. Reduce fares due to fall in oil price? I'm sure the govt has a good explanation why that cannot be done.

Given we have a govt that is so good at explaining why it has to do what it does, it is only right that I reciprocate by giving an explanation why the PAP govt finds it hard to do the right thing. ...hmm where do I begin? There was a time when Singapore paid its ministers only $10,000 a month and Singapore didn't sink. Why? Those days the job of the minister was simple - he looked at the needs of the people and does what was best for them in the long run. All policy decisions were simple and optimised to best serve the people of Singapore. Today our ministers are paid $150-$200K a month. Why? The job of the govt is a lot more complex now. The PAP govt has links and stakes in a huge conglomerate of GLCs and decision making is no longer so simple. Singapore is now Singapore Inc - the interests of the PAP govt is now diversified. When the minibond fiasco erupted, the job of the Hong Kong govt was very simple - they stood firmly on the side of the people, spoke to them first to find out what they needed, threaten to sanction the banks for wrong doing and recently promised to provide unlimited sums to pursue legal action against the bank. Things are not so simple in Singapore - DBS bank for example is part of the PAP govt financial eco-system so MAS had to discuss with them first before listening to Singaporeans on the way forward to resolve the matter. Our transport ministry probably has more meetings with our transport monopolies than ordinary citizens to understand their financial concerns....hmm incidentally SMRT has increased its profits again for the latest quarter.
Next time the PAP govt does something that you think is not right please be more understanding. Things are a lot more complex behind the scenes and unlike many other govts the PAP govt cannot simply do what is best for you.


Anonymous said...

MM Lee said what we really need is a good dose of incompetent government...

STupidIndex said...

You need to know position of SOME PEOPLE does not allow them to ADMIT TO MISTAKE.
ONCE they ADMIT, people will start questioning decisions you make in the PAST & FUTURE!
Even in US, George W. Bush throughout his presidency "NEVER ADMIT TO A MISTAKE"

So, if you understand what you have READ ABOVE. Prepare to expect NOTHING WILL BE CHANGED when its decided in SINGAPORE

Anonymous said...

To Mr. MM,

Don't you think we already have overdose of incompetent government ?? Examples :
MAS are headless chickens, only know how to follow HKMA. SP charging high tariffs compared to HK - obvious incomptency in their management, and IR going to involve tax payers' money now that Las Vegas Sands has gone under quick sand etc. etc. So many failed policies of our gahmen !

Anonymous said...

mmmm their ROTA was 6%, but their return on equity was 25%. Being owned by Temasek Holdings, of course we cannot reduce the tarrifs. Where would Ho Ching hide her face?

Boy we are screwed!

Anonymous said...

It is a so typically headless no leadership thingy.

MAS hide behind 'independant' auditors like Gerald Ee. Not making any noise until HKMA shows its hands.

Now SP hides behind EMA.

EMA give a statement to say gas cost depends on what the gencos negotiated with their suppliers and that it is linked to cost of forward fuel.

Blame is passed on to Sembcorp and Keppel Cogen and of course no one is telling us the true cost of the cost of gas required to produce one kilowatt of electricity- and how much they are charginf us.

Let us have more transparency please. EMA please help.

Check again to see who owns Sembcorp and Keppel cogen and again we citizens are screwed.

It is money, billions dollars sloshing around and citizens just need to cough up the 20% increase.

No MPs are going to question and push for the citizens.


Anonymous said...

Anon 3:30pm,

All those examples you cited are not considered examples of incompetent government.

You want to look at an incompetent government; look at Potong Pasir and Hougang.

Show me a voter who voted for WP, and I will show u an irresponsible voter.

Anonymous said...

They increase the bus/mrt fare and reduce the service by removing more sits for standing space. Isn't it a profit maximising plan?

Anonymous said...

>>They increase the bus/mrt fare and reduce the service by removing more sits for standing space. Isn't it a profit maximising plan?

“People support XXX because there are no protest outside parliament.”

路人甲 said...

they claim that the reason why HK utilities are cheaper because they are using coal. But coal is not good and a lot of pollution, so for the sake of our health we have to pay more for natural gas.

But out of 4 power companies, only 1 of them using coal, the other 3 are also using natural gas like us.

Anyone can check on this to prove that they are lying?

Anonymous said...

To the anonymous ninny who wrote the following:

"All those examples you cited are not considered examples of incompetent government. You want to look at an incompetent government; look at Potong Pasir and Hougang. Show me a voter who voted for WP, and I will show u an irresponsible voter."

- You obviously have never lived in HK to realize that Singapore is truly less efficient than HK, and that we have quite a lot to learn from the HK govt

- You obviously have never been to Potong Pasir or Hougang before, hence your ridiculous statement about both being examples of incompetence

- You obviously don't know Singapore politics (Potong Pasir isn't run by the WP, dodo)

- Your criteria for incompetent govt basically extends to "anything not linked to PAP", and hence...

- You are obviously a PAP hack who isn't smart enough to be a minister and are hence reduced to writing idiotic hackery on this blog's comments section

- You are living proof that not everyone who supports the PAP is necessarily smart or knows what he/she is talking about

Anonymous said...

To anon 7:18am,

Who really cares about the difference between WP or SDP or SPP or whatever...

If you are not PAP, you are not PAP. Why do you think Steve Chia, who worked his constituency for years, still got whipped by a PAP newcomer to the estate?

Who cares if HK is more efficient? We stay in Spore, not HK.

You can bitch all you like. But at the end of the day, you will still vote for PAP.

Onlooker said...

And they still haven't found what they are looking for....
After a wage hike (to the level of those CEOs who trashed the World Economy):)
It "our" honest mistake, We are the ones who are complacent(not those Elitist idiots who bought vote and buy 1 get 4 free GRC peep okay).
I still think Error Bee sucks.

Anonymous said...

Is there any clawback clause to allow us to claw back salaries and performance bonuses paid out to ministers who eventually are proven to be incompetent?

It's already happening in the banking sector.

Anonymous said...

To anonymous 9.31am :

You are off the cuff & illogical and trying to avoid the main issue. We are talking about incompetent governments - so why cannot compare S'pore. and HK even if we live in S'pore. ??

You can't even get your facts right (don't even know difference between WP & SDP !), it just shows your blatant ignorance, and all your comments are testimony to this fact.

As to voting for PAP - PAP did not give me a chance to vote at all in the last elections - they used GRC scheme to play dirty political tricks ! Is Singapore really a democratic country - it's only a show put up by PAP !

Time for you to go back to school !

Anonymous said...

To anon 7:31pm ;

Why does anyone need to know the difference between SDP or WP? We will beat them just the same.

66.6% of those who voted said PAP not incompetent. If you have the guts, vote against PAP lor.

Why no guts? You see the serial number on your ballot slip, you lose your balls oredi ah?

You eunuch or woman?

Simon Sim (not afraid of putting my name) said...

MM Lee is a bastard. A criminal who ought to be arrested and judged at the Hague for crimes against humanity. Hopefully he will die one day hopefully sooner rather than later and singapore will finally move forward

Anonymous said...

No substance at all.. better off jerkin off.. ha!

Anonymous said...

Guys, what happen to our reserves huh? I remember the great woman managed to lose billions before the crisis really started, what are the figures like now?

Anonymous said...

Spore is under semi-dictatorship, so the PAP can do whatever it wants. There is no protest outside the parliament, this means Sporeans support the dictatorship.

Anonymous said...

To anon 7:12 pm

The 66.6% just like you lor no guts and no balls !!!

Why do we have serial nos. on our ballot slip ? In other true democratic countries, there is no serial or id nos. at all on the ballot slip !! So it shows PAP resorted to dirty political tricks !!!

People who don't think it is impt. to know differences between SDP / WP and things black / white are either ignorant or have a head with no brains !

And with the trash spewing out from your mouth in this forum, you garbage truck or PAP ass wiper ??

Anonymous said...

Anon 1046 pm;

You got balls or not? If got balls, then even if ballot got serial number, you still dare to cast your vote honestly.

If you got no balls to vote honestly, then shut up lah!

If you more scared of us than scared of god, then you should worship us instead.

No balls to vote honestly, but got balls to play investing? haha

Get some balls!

Anonymous said...

Thanks to the 66.6%. You reap what you sow. I belong to the 33.3% but the pain of the increases, all the lame excuses, the re-thinks, the pathetic assurances, the dodging , the ultimate arrangance, the self- glorification and the lack of accountability and transparency is all bearable because the 66.6% is learning the hard way and cannot complain for its their own doing.

Anonymous said...

We deserve this. We deserve for we kept quiet and did not do anything for so long.
We have grossly overpaid politician. We have people given fansy titles being paid extorbitant salaries and pension so that they can go around giving advice to the rest of the world. We have kept quiet for too long that no one listens when we start making noise. They simply brush you aside.

Anonymous said...

PAP not used to citizens making noise. So, when citizens make noise, they don't take us seriously.

Anon 10:46pm is right. The moment we see the serial number on the ballot, we lose all courage and have no guts to do the right thing.

If we have no guts to do the right thing, then the politicians whom we elect are likely to also not be the candidate who will do the right thing.

Daniel Ling said...

I still sincerely find it unfair that the venerable group has been paid where as the non venerable group still ve to investigate farther.

Sincerely i feel that ultimatly, is there Mis Selling? If there is regardless of whose the buyer, smart or stupid, there's a chance to be fooled. aka cheated. So cheaters should be burned right?

How much should investors get back? - From Newspaper 22nd Oct 08 By Low Ching Ling and Lediati Tan

Firstly i'm not a finanical expert, but i sure feel something wrong. Not the whole article but some parts.

"But how you see them makes a difference to what taxpayers are now prepared to pay to save these investors from their bad move." (Keyword: TaxPayer)

?????????????????????????????????????????????????? How come is TAXPAYER PAY??? I'm a taxpayer right? HOW COME I PAY? WTH~~~ Shouldn't it be the BANK who sold the PRODUCT PAY???

"In Parliament yesterday, Minister for Trade and Industry Lim Hng Kiang, who is also the deputy chairman of the Monetary Authority of Singapore (MAS), said both financial institutions (FIs) and investors have to bear responsibility."

E BRAKE~~~ I think they are missing the point. The Complains is about MIS SELLING. If there's MIS SELLING, Y do the Investors need to bear responsibility? From wat i understand, Low Risk Investment, you won't lose 100% (Correct me if i'm wrong pls) But in this case, the product seem to be sold as a LOW RISK when it's actually HIGH RISK. RIGHT??? So y do the BUYER ve to take responsibility when the SELLER CHEATED? (Mis Sell)

Some pple may say, for the older retirees, this is applicatable. Some may say tat for the young, more savvy generation, they should be more careful, etc. E BRAKE again~~~ If this is a case of mis selling, even if i'm finanically knowledgable, i may be CHEATED too right? I mean if i'm finanically knowledge, and i noe tat it's a HIGH RISK with 5%%%%%%%% returns only, WTH? No way man... RIGHT??? Who in the right mind, whose finanically investment smart will invest in HIGH RISK 5% returns?

So with these in mind. Can the authories start again and focus on investigating whether there's any Mis Selling first? If there is, then i think no need to Case by Case anymore, since the SELLER CHEATED, there should be FULL REFUND, isn't it?

EXAMPLE: A Store sells a certain imitation branded item (HIGH RISK) and trys to market it as genuine (LOW RISK). So pple who noes the brand (FINANICALLY SMART INVESTORS) will see and siam coz they noe it's not real (HIGH RISK LOW RETURNS). Other pple who may not noe the brand well (FINANICALLY NOT SMART INVESTORS and OLDER RETIREES) will think wa, good good, i needed this (LOW RISK) and buy lo.

EXAMPLE2: Door to Door Conman to 1st Customer Old Grandma (FINANICALLY NOT SMART INVESTORS and OLDER RETIREES). This pearl good!!! U wear liao sure no backache!!! (LOW RISK) Actually the pearl is just a fake one. Plastic de. (HIGH RISK) Grandma not knowing better buy. 2nd Customer Young Man (FINANICALLY SMART INVESTORS). This pearl~~~~ **Door Slam Shut**

I hope the above is a ok analogy. Obviously in both cases the Seller is wrong, thus no need to prove. So in the investment Issue, i feel tat first thing is to check whether the SELLER is wrong? (Mis Selling). I hope someone can stumble on this post. lol
For example 2, the Conman is unknown, so sell le run. Police also cannot chase also. But for the Investment issue, Bank can't run. So can catch, can check. Waiting SIMI??

Govt: Both investors, banks must bear onus of losses - From Newspaper 22nd Oct 08
Article on the same day.
As i pointed out above, I feel that the direction is wrong. Where did the investigation for the Mis Selling go? Has it stopped? If there's mis selling then Investors shouldn't be make to bear responsibilities right?

PS: I voted against...

Anonymous said...

Singapore, truly A NATION CHEATED by lee con you and his cronies.

Anonymous said...

Anonymous said...

Banks are pushing shoddy products; their high notes, minibonds and structured products are shoddy, risky and are leveraged against investors.

The scary part is, MAS and our leaders are not concerned that banks are pushing shoddy products. It is almost like China not giving a crap that they are selling melamint milk.

PAP wants to showhand with us. They don't give a crap, but they still bet that you will continue to vote PAP every election.

PAP showhand. You dare to follow? Or will you quietly fold and continue to vote PAP?

Xtrocious said...

How can we expect the MPs to stand up against these companies when many of them sit on the board of these companies?

Independent blah blah blah - yeah right...

Anonymous said...

To anon 11:10pm (alias PAP ass wiper and 'no balls')

PAP did not give me a chance to vote because of GRC ! Why am I denied this chance to vote although I am a citizen ??? Why PAP play such dirty tricks, cos they they no balls like you, scared that allowing more citizens to vote, they will lose !

So the issue is not dare to vote or not ! The issue is why PAP deny us the right to vote ?? I want to vote but PAP don't give any chance!! Who care what serial no is on the ballot paper, I will vote against PAP any time !!

If you still cannot get this into your thick head, go get your brain examined !! (or maybe you don't have one to begin with).

Get some brains !!

Anonymous said...

Dear STupid Index,
Even President George Bush is apologizing for the finanncial crisis that the US is facing whilst on his watch, also for war wage against Irak when as a result of false Intelligence:

"I'm sorry it's happening, of course," Bush said in a wide-ranging interview with ABC's "World News," airing Monday. "Obviously I don't like the idea of people losing jobs, or being worried about their 401(k)s. On the other hand, the American people got to know that we will safeguard the system. I mean, we're in. And if we need to be in more, we will."...

On the war in Iraq, Bush said the biggest regret of his presidency was the "intelligence failure" regarding the extent of the Saddam Hussein threat to the United States. With the support of Congress, Bush ordered the U.S.-led invasion of Iraq in March 2003 - a decision largely justified on grounds - later proved false - that Saddam was building weapons of mass destruction.

Do you think we will ever get an apology from any of our ministers for the blunders whilst under their watch?