PAP politics- still stuck in a spoilt repeating groove

Dear friends,

The political leadership has decided to take out its old gramophone records, blow off the dust and play it for all to hear.

However, for the more discernable, the crackles and hisses are all too apparent as the analogue technology is so obviously out of date and anachronistic in the digital age.

Like a broken record stuck in a repeating groove, these messages are played out (again and again):

“Singapore cannot accept multi-party democracy

Singapore cannot accept a non-Chinese PM”

For younger Singaporeans this could be a new and novel experience.

But for the rest of us, this is just more of the same.

Coincidentally, one of my letters published in 2006 on the online ST forum page dealt with this matter and as it is just as relevant now, I will just attach it below.

Entitled “Beware the pitfalls of a one-party Parliament” it was written in the context of the previous General Election which was held soon after that.

Gilbert Goh has also sent in a forum letter about this here.

Cheers

Dr.Huang Shoou Chyuan





Beware the pitfalls of a one-party Parliament

April 4, 2006

Online Forum page of The Straits Times

As the general election looms, I am heartened to note that there is an apparent increase in the variety of opinions being represented in our print media.

This is in stark contrast to the not-so-distant past when so-called "dissident" discussions were confined to coffee shops and office tea-rooms.

An old theme has also resurfaced. This is that it might not necessarily be bad if the PAP had a clean sweep. Implicit in this thought is that the Non-constituency MPs and Nominated MPs have made the opposition MP's election redundant.

Attractive as this argument may seem, there are serious flaws. The main one is that a monopoly would be detrimental to all in the long run. Any economics student will tell you that a monopoly is a "market failure" as demand and supply are not invoked and the consumer pays more than he should. Most of us will no doubt remember how much more goods and services cost before market liberalisation.

The short term benefits of speedier passage of legislation and less need for meddlesome scrutiny in Parliament will be negated by complacency and its effects in the long term.

The latter would inevitably creep in as few MPs would be willing to think out of the box for innovative solutions which go against conventional wisdom.

If the cabinet or senior party leaders espouse a certain cause, would any PAP MP be foolhardy enough to object strongly to it?

After a clean sweep in the elections, it is not inconceivable to imagine Parliament becoming like a tidy jig-saw puzzle with every piece snugly in place but immovable.

Whoever tries to move and advocate change will be labelled a maverick who rocks the boat unnecessarily and a spoiler out to win glory for himself. He will be reminded that we are already the envy of the world. What is there to improve? Group think will become the norm.

The effect on the people will be no less drastic. Cynicism will again rear its ugly head and despondency turn into apathy and self-interest. The more affected will vote with their feet and succumb to the brain drain benefitting only the developed economies.

The opposition parties will revert to taking non-constructive pot-shots from time to time as they are unable to attract able, idealistic men and women who by now know the score and feel that the rules of the game are not playable.

We can only hope that the Westminster model of parliamentary democracy will be entrenched here and that the playing field continues to be levelled.

Only the cut and thrust of politics will ensure that the best gets to represent the people. Unsuitable and undesirable people will be found out and the more deserving ones be chosen to replace them. The people will then be the ultimate winner. That is what counts.

Dr Huang Shoou Chyuan

America dares to dream - we prefer half-truths

Hi Friends,

I was just as skeptical as the next guy that Barrack Obama could actually do it.

Despite polls that showed him miles ahead, there was always the niggling feeling that race would be such an overriding factor and that somehow, when the white voter ( who forms the majority) faced the ballot paper alone behind the curtain, his deep-seated prejudices would resurface and the 44th POTUS (President of the US) would be white and not black.

However, America has confirmed to me that it is truly a Land of Opportunity- a country where dreams do come true.

America is by no means a perfect nation- the poor sometimes cannot afford basic healthcare whilst the rich live in their own world of yachts and private jets.

Critics will continue to say that its politics is too divisive and that it takes too long and requires too much money to find her elected leaders; but Obama’s election shows to the world the real meaning of democracy.

In the Land of the Free, anyone can be at the pinnacle. So long as he (or she) is able to infect others with his ideas and enthusiasm. Able to galvanize ordinary folks and convince them that change is not to be feared but is inevitable and to be grasped by the horns.

I am happy for America but have mixed feelings about my Singapore.

We are told (and many believe) that Singapore is not ready to accept a minority-race Prime Minister. That deep inside each one of us dwells a racist who cannot see beyond the colour of the skin.

We are told (and many believe) that Singapore is not ready for change. That the status quo is best. That deep inside each of us dwells an apathetic and contented citizen too lazy to consider better ways of doing things and to break out from our comfort zones.

But the late David Saul Marshall, a Jew, was Singapore’s first Chief Minister.

And Barrack Obama, an African-American who had the audacity to dream and hope, has become the next President of the United States.

Whilst we continue to believe half-truths.

Cheers,

Dr.Huang Shoou Chyuan

Singapore's Distraught Investors of Structured Products Need Help Now! (Forum Letter)

Addendum (16.10.08): A second version of this was printed by My Paper on 16.10.08 ( see below in italics)

October 12, 2008

Dear Editor,

I applaud Mr. Tan Kin Lian, the ex-CEO of NTUC Income, for helping to organize the obviously distraught holders of the many structured financial products. (see link here) These credit linked securities are now in real danger of vanishing into thin air.

Thousands of Singaporeans, many of whom are retirees, had sunk their complete life savings into the Lehman Minibonds, DBS High Notes, Morgan Stanley Pinnacle Notes and Merrill Lynch Jubilee Notes. They are justified in being upset that they may see little or none of their monies again. ( see links here & here)

Their frustrations are multiplied when these investors hear reports that DBS Hong Kong might pay full compensation to Lehman Minibond investors there if they can prove they were misled during the sales process. It is natural that they expect DBS to act likewise in Singapore, its home base.

For the sake of these people, let us get beyond the blame game about why they are in such dire straits as a result of buying products that they were not 100% certain about. Buzzwords like “caveat emptor”- buyer aware, are meaningless to them now when they face a bleak future without any financial resource. They need real help- not just words.

How is the government or its elected representatives going to help these Singaporeans?

Doing nothing is hardly an option.

Dr.Huang Shoou Chyuan

PS: Since submission of this letter to the forum editor, DBS has finally come out to take responsibility if there is any evidence of mis-selling here in Singapore. It will be on a case-by-case basis. This letter was not published.



16.10.08 :Second version of this letter (Published in My Paper 16.10.08) ( just for the records)

Dear Editor,

I applaud Mr. Tan Kin Lian, the ex-CEO of NTUC Income, for stepping forward to champion the cause of desperate holders of the many structured financial products.

Thousands of Singaporeans, many of whom are retirees, had sunk their complete life savings into the Lehman Minibonds, DBS High Notes, Morgan Stanley Pinnacle Notes and Merrill Lynch Jubilee Notes. Their desperation is understandable as these credit linked securities are now in imminent danger of vanishing into thin air.

Furthermore these investors feel that they have been neglected by the authorities. The banks who sold these products to them, were also deemed extremely slow in initiating help. How could investors think otherwise when it was many days after DBS Hong Kong had offered to pay full compensation to Lehman Minibond investors there (if they could prove there was mis-selling) before DBS Singapore offered the same here? Are Singaporeans less worthy of help? Is this just poor PR or a case of double standards?

For those of us who are fortunate not to have invested in these products, let us not be smug and judgmental. Let us get beyond the blame game about why they are in such dire straits as a result of buying products that they were not 100% certain about. Buzzwords like “caveat emptor”- buyer aware, are meaningless to them now when they face a bleak future without any financial resource. They need real help- not just words.

How is the government and its elected representatives going to help these Singaporeans?

Doing nothing is not an option.

Dr.Huang Shoou Chyuan