Recession looms for Singapore : economists
-
With the Foreign Reserves managed by the GIC and Temasek, and invested in the many questionable high risks ventures as publicly seen since 2006, can there be any left to help Singaporeans ?
Even prior to all these investments made since 2006, the Government had been reluctant to open the Reserves to help Singaporeans during the recession of 2002, 1997 currency crisis, and 1987 economic downturn.
This current recession has been brought about by this Government since 2007, as much as its appearance had been accelerated by the events unfolding in New York's Wall Street.
With GST of 7 per cent implemented on 1 July 2007, the economy had turned more sluggish when it was already trending downwards since 2006.
With the cost of living worsening as shown in the published consumer price index, it was already causing a tightening of domestic consumption, as well as causing business costs to go up - even when wage increases were kept under control by a Government controlled Wage Council.
To make matters worst, despite a healthy Balance Sheet and Profit Performance for the preceding year - with healthy reserves - the Government Linked Companies had to feed their greed by demanding increases in all the various rates charged for the consumption of essential services and utilities that are all controlled by these GLCs.
Singaporeans should ask ourselves whether we can believe our Ministers are the Top Talent that the PAP has claimed to be deserving of the Million Dollar paid for their supposed talent - when they are mis-managing our political system, as much as they are mis-managing our economy.
It is easy to operate and manage a political system that mirror the image of the Stalinist-Communist Political System with the aid of Internal Security Agents; while claiming to be operating in an Open Market Economy.
The Singapore "Open Market Economy" is heavily dependent on the heavy hand of the government - with legislations to prevent local private investors from competing with the Government Linked Companies, or to legislate laws allowing these pseudo-Private Companies to charged the rates necessary to make the returns to the capital provided by the Government.
Under such circumstances, it is not surprising that Singapore take the pole position in experiencing recession before even Japan make any declaration to such a state.
-
Originally posted by dumbdumb!:
hmm. expected.. don't mean no worries mah. haha everyone still joking etc.. i really am worried.
u definitely should worry more than ever before. But caution. Worrying weakens you as it saps away your energy and life. You grow older faster. Your libido lowers. your taste buds dont function as well as before due to stress. You eat less and sleep less if not lower quality.Meanwhile, influx continues at a pace never seen before, like 10 years before.
Why not? Remind you, ah gong said "No one owes you a living" , you break your rice bowl, that are you's parsah.
Employers look at bottomline and that means they always choose the cheaper labour.
But dont worry too many much. I keep myself optimistic by dreaming of more good years.
-
i can find similarities between Wall street financial crisis and PAP politics .
Personal profits and social risk
meaning, in good times, they get pay rise, in bad times, ppl like us take pay cut to drive up the economy .
heil hitler!!
-
When economy bombastic, who may take credit?
When economy not bombastic, who may not want the debit?
yibah yibah untooneh!
Believe lah .
-
Originally posted by GHoST_18:
so do u think the govt will still go ahead with the workers' dorm in serangoon gardens?
When the economy turns really bad, they might try to score brownie points by telling people that hey, they won't need the dorms anymore as there aren't enough jobs for these workers.
Then they will tell you, see how much the government listens and cares for the people.
-
Will the Casino developement be delayed due to the econ fiasco?
Will Circle line be delayed? Btw , what was the official released completion date for circle line?
How many more foreigners needed due to so many jobs not cut? Tell us to upgrade ah ? Will jobs be cut? Still need how many Foreigners? Dormitories?
-
Originally posted by likedatosocan:
Will the Casino developement be delayed due to the econ fiasco?
Will Circle line be delayed? Btw , what was the official released completion date for circle line?
How many more foreigners needed due to so many jobs not cut? Tell us to upgrade ah ? Will jobs be cut? Still need how many Foreigners? Dormitories?
These questions will be answered in the next year or so.
-
Originally posted by likedatosocan:
Will the Casino developement be delayed due to the econ fiasco?
Will Circle line be delayed? Btw , what was the official released completion date for circle line?
How many more foreigners needed due to so many jobs not cut? Tell us to upgrade ah ? Will jobs be cut? Still need how many Foreigners? Dormitories?
Morning Ladies and Gentlemen,The Casino will not be delay, it will open as per planned, if really got no foreigner coming in, we still have the domestic market to rely on, we shall then have 4 color cards for Ah ma and ah gong, matchstick game for local workers, Big and Small cau lag dices for the public and Foreign workers and finally, most important, Singapore Mahjong for the elites and public.
As for the circle line, even if it fail to complete in time, dun worry, we still hv circus tracks and circus show to entertain the crowd.
As for the downturn, actually it is an opportunity for Singaporeans, the injection of foreign workers need more dormitories, our Singaporeans can work as electricians, maintenance technician, toilet installation, toilet cleaners, room service chambermaid and man, we also need dormitories managers, accountants and food suppliers.
Angel
Spokewoman for young Pee n PEE
-
So I guess pay hikes for ministers to bring the country out of recession?
-
Originally posted by charlize:
So I guess pay hikes for ministers to bring the country out of recession?
Exactly, pay hikes for Ministers will prompt Singaporeans to work harder so as to paid higher taxes to support the hike. In term of such social ecology, the hiking place an important role to stimulate the public into workable peoples and not lazy and talk alot types.And hopefull, if singaporeans work harder and efficiently, we could get the Best Workforce award again Under the BERI standard.
Angel
Smokewoman for PEE N pee
-
Originally posted by angel7030:
Exactly, pay hikes for Ministers will prompt Singaporeans to work harder so as to paid higher taxes to support the hike. In term of such social ecology, the hiking place an important role to stimulate the public into workable peoples and not lazy and talk alot types.And hopefull, if singaporeans work harder and efficiently, we could get the Best Workforce award again Under the BERI standard.
Angel
Smokewoman for PEE N pee
Yeah, last time you always read that Singaporean workers were the best or most competitive or something to that effect. Used to be number 1 in that category.
These days, it's can we get cheaper workers than the ones we already have.
Haiz.
-
Originally posted by charlize:
Yeah, last time you always read that Singaporean workers were the best or most competitive or something to that effect. Used to be number 1 in that category.
These days, it's can we get cheaper workers than the ones we already have.
Haiz.
Yes, singaporeans are nos. 1 workerforce for many years, we worked long hours, never rebel and go on strike, alway obey orders, respect our superiors, trust in our organisation and our govt.
But now, howcome those Uncles and Aunties who build our economy thru sweat, blood and never say die attitude got no jobs leh??
-
Originally posted by angel7030:
Yes, singaporeans are nos. 1 workerforce for many years, we worked long hours, never rebel and go on strike, alway obey orders, respect our superiors, trust in our organisation and our govt.
But now, howcome those Uncles and Aunties who build our economy thru sweat, blood and never say die attitude got no jobs leh??
What to do?
People up in the ivory tower thinks everything is hunky dory because they are guaranteed million dollar salaries every year.
You think they understand the pain and suffering the common people go through when the economy is in a recession?
-
Originally posted by charlize:
What to do?
People up in the ivory tower thinks everything is hunky dory because they are guaranteed million dollar salaries every year.
You think they understand the pain and suffering the common people go through when the economy is in a recession?
that is the main flaw of capitalism, it only flavor the rich and powerful, never the lower and weak. Life goes on. -
Treat recession likes take a break from economic growth ie take a rest so that we can go further in future ie something like a recess in a school
. So keep calm and don't panic. -
Originally posted by Lee012lee:
Treat recession likes take a break from economic growth ie take a rest so that we can go further in future ie something like a recess in a school
. So keep calm and don't panic.
Sure, for us, we lost nothing, cool and steady, but for a person who lost millions or laymen who lost 250,000, if u tell them this, they may whack you. -
Originally posted by angel7030:
that is the main flaw of capitalism, it only flavor the rich and powerful, never the lower and weak. Life goes on.
Nah i disagree. The powerful and rich are always rewarded. It's been like that since the world started. It's not the fault of capitalism.But then again, why should people who are lazy be rewarded in the first place?
-
Wa, lose money gives one the right to whack people, is it ?
If one makes an investment and if the investment turns out losses, one cannot blame others. Just like when the investment turns out profit, one needs not have to share it with others. It is one's decision. OK.
-
Originally posted by NoobUnited:
Nah i disagree. The powerful and rich are always rewarded. It's been like that since the world started. It's not the fault of capitalism.But then again, why should people who are lazy be rewarded in the first place?
Nah, i disagree, some people are real hardworking, it is not a matter of laziness, it is the matter of smartness. By average, in this world 2,000 poors men bring up 1 rich man, and with the cash in hand, he manipulated the poors into division of labour for him, from MD down to workers and general toilet cleaners. He will do his upmost to depress the poors further so that he get richer, for without more poor, how can he get richer?? -
Originally posted by Lee012lee:
Wa, lose money gives one the right to whack people, is it ?
If one makes an investment and if the investment turns out losses, one cannot blame others. Just like when the investment turns out profit, one needs not have to share it with others. It is one's decision. OK.
in america, loser dun whack people, they kill people and then kill themselves..hope it is not happening here, i heard many get depressed and seeking medical psychologist help.Better stay at home, one siao lost investor may do me harm
-
Originally posted by angel7030:
in america, loser dun whack people, they kill people and then kill themselves..hope it is not happening here, i heard many get depressed and seeking medical psychologist help.Better stay at home, one siao lost investor may do me harm
so many ppl get depressed..
will tehy still go joo chiat a not?
-
Originally posted by Lee012lee:
Treat recession likes take a break from economic growth ie take a rest so that we can go further in future ie something like a recess in a school
. So
keep calm and don't panic.Recession no need to eat rice is it?
-
Pay Hikes for Sg Garmen, We need to Pay them more to let them think harder to get us out of reccession!!
Anyway we were right to pay them 6 times more than president of united states, because we got into recession later than them!!!
-
White house shocked! LOL want to run for singapore garmen LOL Some one please tell him Fat hope http://www.sgforums.com/forums/10/topics/247721
-
Many lost a lot of money.
I wonder would these ask their boss to hike their salaries so as to cover some of their losses due to greed? salary hike is completely a legal way to increase wealth?
i really the no no leh.
as long as its approved...