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Oops, The Economy Broke: Reasons for Singapore’s Inflation Scare
By Ryan Ong – Wed, Apr 25, 2012 12:00 AM SGT
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Did you have breakfast this morning? I sure as hell didn’t. Or rather I did, but then I read the news and upchucked four hot cakes from sheer shock. The consumer price index was at 5.2% in March, and may hit 6%. Our inflation’s growing faster than my waistline, and I’m Singapore’s most popular model…for the “Before” pictures in weight loss ads. But what’s causing our economy to bloat like Steven Segal after 40? Read on and find out:
How Bad Is Our Inflation?
The consumer price index (CPI) checks the price difference of a market basket of goods over time. So a CPI of 5.2% suggests, in a very simplified way, that most of what you buy will cost 5.2% more.
Unless you’ve gotten a matching raise in your pay, it means you now have less money. And apart from everything costing more, the inflation eats into your bank savings. Your bank’s interest rate (even for fixed and structured deposits) are nowhere near the 5.2% inflation. So if you have a savings deposit, you may as well lock your money in a room with a lighter and an arsonist.
The CPF may also lose its efficacy as a retirement fund. The CPF interest rate is 2.5%, and the inflation rate is 5.2%. As a retirement provision, that’s about as effective as a paper umbrella in a tsunami. But of course, the government will take action to rectify this soon.
Right?
Hello, government? Is anyone awake in there? Because we need to fix the reasons. Like the…
1. Insane COE Prices
As of April 18, COEs for larger cars hit $91,000. [URL="http://sg.finance.yahoo.com/news/1-singapore-inflation-accelerates-car-071418118.html"]Reuters (http://forums.condosingapore.com/) pointed out that a Toyota Vios, which cost $77,000 at the start of the year, now costs $107,000 (including COE). That same amount could land you a Porsche in some parts of Europe (and a complimentary AK-47 in Russia, because YOU try owning a Porsche in St. Petersburg).
Come August, the government also intends to drop the vehicle quota to 0.5%. This will raise COE premiums even higher; presumably, it’ll match the admissions rate of hysterically giggling car buyers at IMH. Because the bad news is, there will always be situations when a car is necessary; no matter the price. Certain lines of work, along with family requirements, will continue to pressure people into buying cars.
And because the COE is an unavoidable, artificial addition to price (increasing price without adding real value), it’s a major contributor to inflation.
2. Overheated Property Market
Nice try with the new measures, HDB. Sadly, chucking an ice cube at Fukushima would have been a stronger cooling measure.
The ABSD has dissuaded foreign buyers, but it’s channelled demand into the rental market. Foreigners are now pushing rental income to new heights, and that’s led to property speculation (shoebox flats anyone?) Likewise, the cash over valuation (COV) of resale flats is now less realistic than Transformers 2.
And have you seen Sky Habitat (http://www.moneysmart.sg/housing-property/3-lessons-from-the-sky-habitat-sale/)? The property developers forgot to include a disclaimer. Something like:
“Please note that your purchase signifies market collapse, uncontrolled inflation, impaired judgement, or all of the above”.
There has also been news of HDB flats reaching the $900,000 mark, and even heartland homes aren’t the low-cost bulwarks they used to be. Until some control is placed on COV, and further cooling measures kick in, housing’s going to keep raising our cost of living.
3. Higher Transport Costs
Government policies have made cars unaffordable, while raising public transport costs. It’s like the person-in-charge Googled: “Inflation and How to Cause It”, and started taking notes.
SBS is already intending to pay bus drivers 16% more, which should raise transport fares. Part of the reason is to, you know, cope with inflation. Then there was Comfort and other cab companies; they raised fares as well. To cope with inflation.
Now, take a step back and reread those reasons. Do you see a problem here?
Transport companies are coping with inflation by…contributing to said inflation. That’s like trying to solve groin pain by having doctors take turns kicking you in the nuts.
But hey, at least higher transport costs have had benefits. Like making the MRT more reliable, or making bus captains more polite. And I’m totally not being sarcastic there.
4. Rising Food Prices
Singapore imports a lot of food. Look at our land space; if we planted one shoot of kang kong it would die of claustrophobia. But in particular, the global recession and rising cost of fuel (which affects the import cost of foodstuffs) take a lot of blame.
Where local policies contribute is property. As rent rises, so too do food prices. Supermarkets need to charge more to maintain inventory, and hawkers need to pay their stall rent. The practice of subletting hawker stalls is especially problematic: That’s when a stall holder pays maybe $700 a month for the stall, but charges someone $2000 a month to operate it. Wave at Holland Village, people.
As it is, restaurants need as much reason to raise prices as North Korea needs to launch a missile. But the rental market is heating up, and landlords are basically sharks with legs. As surrounding rents go up, they’ll try to match it, which prompts F&B tenants to skyrocket prices.
5. Absurd Optimism
Inflation seems to be getting worse because of our laid back attitude. We’re taking little action because we can’t seem to acknowledge how bad it is. Here’s a quote from Channel NewsAsia:
“However, analysts said Singapore’s inflation rate is not a cause for alarm as the government had already warned that price gains would be steeper in the first half of this year.”
By contrast, that’s like saying you don’t have to be alarmed that your car is going off a bridge, so long as the screaming passengers in the back “already warned” you. Early warning doesn’t mean we shouldn’t freak out.
The Monetary Authority of Singapore (MAS) will probably allow the Singapore dollar to appreciate, as a way to combat inflation. This is effective as a stopgap measure, but it doesn’t address deeper flaws in the system.
Another problem is MAS’ method of measuring core inflation: It excludes housing and private transport. Since these are are a major cause of inflation, the method results in optimistic numbers and homeless Singaporeans. It’s like getting lung cancer, but having the doctor congratulate you because hey, apart from your lungs, you’re fine.
MAS is expected to take corrective action in October. But the immediate solution seems to be crossing our fingers really hard. Let’s all sit back and think happy thoughts, and pretend inaction isn’t part of the problem.
Oh so super bitchy it hurts (from ROTFL)!!!!! Only a gal or a gay could have pulled this off...
This Ryan ong a blogger?
Nice article :D
phantom_opera
27-04-12, 18:06
Mr B should read this one and call him moron :tongue3:
The real scary part is that PAP does not seem to care ...
2000 GDP SGD162,584.1 M3 (Dec 2000) 182,912.7
GDP/M3 = 113%
2005 GDP SGD208,763.7 M3 (Dec 2005) 225,699.6
GDP/M3 = 108%
2012 GDP (estimated) SGD340,000 M3 (estimated) 460,000
GDP/M3 % = 135%
For the very first time M3 as a % of GDPis going to hit above 134% this year, an all time high ... during the high growth period between 1992-1997, it was below 120%
http://www.tradingeconomics.com/chart.png?s=/singapore/liquid-liabilities-m3-as-percent-of-gdp-wb-data.html&d1=19670101&d2=20120427
Still dun believe, just read this:
http://lh6.ggpht.com/post1gallery/SLkZZ2idCrI/AAAAAAAABrs/kyIc0LYHGmw/s800/20080830-bread-inflation-2.jpg
I think The Noose should recruit Ryan as the script writer!
The style match 101%
DKSG
deleted (double posting).
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
1. Insane COE prices:
Yes insane, but it shouldn't affect most people >70% since they take public transport, not drive a car. By right COE price should not be in the general CPI! It should be in the Rich's CPI, if they ever bother to create another one that distinguishes between luxury items and real basic necessities!
2. Overheated property market
Again, this is a myth rather than fact. Overheated property market should be good for 90% of Singaporeans as they own their properties. These property owners should be over-joyed that their assets have increased in value! It is only bad for those who "shorted" their properties and are now renting hoping to buy back cheap cheap (like Mr B) and the small number of youngsters waiting to buy their properties! But then, these youngsters can buy the cheap cheap HDB BTO flats! No reason to complain the overheated OCR private properties and resale HDB flats! And by the way, isn't high rental good for the 90% singaporean property owners? They can rent to foreigners at a good price! Unless the govt want to lose more GRCs, they better don't crash the property market.
The real reason for high inflation are the overheated commercial properties' rentals! That is the one that govt needs to fix because it is causing the super high inflation that are hard-hitting all Singaporeans!
3. Higher transport costs
Did public transport fare gone up this year or last year? The answer is obvious. The transport costs not that bad, except that frequent breakdown is a bigger problem!
4. Rising food costs
Yes, rising cooked & serviced food costs, because govt didn't build any new hawker centres and those REITs are causing escalating rentals of commercial properties which have been passed down to consumers! The govt better fix these REITs!
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
Oops, The Economy Broke: Reasons for Singapore’s Inflation Scare
By Ryan Ong – Wed, Apr 25, 2012 12:00 AM SGT
Did you have breakfast this morning? I sure as hell didn’t. Or rather I did, but then I read the news and upchucked four hot cakes from sheer shock. The consumer price index was at 5.2% in March, and may hit 6%. Our inflation’s growing faster than my waistline, and I’m Singapore’s most popular model…for the “Before” pictures in weight loss ads. But what’s causing our economy to bloat like Steven Segal after 40? Read on and find out:
How Bad Is Our Inflation?
The consumer price index (CPI) checks the price difference of a market basket of goods over time. So a CPI of 5.2% suggests, in a very simplified way, that most of what you buy will cost 5.2% more.
Unless you’ve gotten a matching raise in your pay, it means you now have less money. And apart from everything costing more, the inflation eats into your bank savings. Your bank’s interest rate (even for fixed and structured deposits) are nowhere near the 5.2% inflation. So if you have a savings deposit, you may as well lock your money in a room with a lighter and an arsonist.
The CPF may also lose its efficacy as a retirement fund. The CPF interest rate is 2.5%, and the inflation rate is 5.2%. As a retirement provision, that’s about as effective as a paper umbrella in a tsunami. But of course, the government will take action to rectify this soon.
Right?
Hello, government? Is anyone awake in there? Because we need to fix the reasons. Like the…
1. Insane COE Prices
As of April 18, COEs for larger cars hit $91,000. Reuters (http://sg.finance.yahoo.com/news/1-singapore-inflation-accelerates-car-071418118.html) pointed out that a Toyota Vios, which cost $77,000 at the start of the year, now costs $107,000 (including COE). That same amount could land you a Porsche in some parts of Europe (and a complimentary AK-47 in Russia, because YOU try owning a Porsche in St. Petersburg).
Come August, the government also intends to drop the vehicle quota to 0.5%. This will raise COE premiums even higher; presumably, it’ll match the admissions rate of hysterically giggling car buyers at IMH. Because the bad news is, there will always be situations when a car is necessary; no matter the price. Certain lines of work, along with family requirements, will continue to pressure people into buying cars.
And because the COE is an unavoidable, artificial addition to price (increasing price without adding real value), it’s a major contributor to inflation.
2. Overheated Property Market
Nice try with the new measures, HDB. Sadly, chucking an ice cube at Fukushima would have been a stronger cooling measure.
The ABSD has dissuaded foreign buyers, but it’s channelled demand into the rental market. Foreigners are now pushing rental income to new heights, and that’s led to property speculation (shoebox flats anyone?) Likewise, the cash over valuation (COV) of resale flats is now less realistic than Transformers 2.
And have you seen Sky Habitat (http://www.moneysmart.sg/housing-property/3-lessons-from-the-sky-habitat-sale/)? The property developers forgot to include a disclaimer. Something like:
“Please note that your purchase signifies market collapse, uncontrolled inflation, impaired judgement, or all of the above”.
There has also been news of HDB flats reaching the $900,000 mark, and even heartland homes aren’t the low-cost bulwarks they used to be. Until some control is placed on COV, and further cooling measures kick in, housing’s going to keep raising our cost of living.
3. Higher Transport Costs
Government policies have made cars unaffordable, while raising public transport costs. It’s like the person-in-charge Googled: “Inflation and How to Cause It”, and started taking notes.
SBS is already intending to pay bus drivers 16% more, which should raise transport fares. Part of the reason is to, you know, cope with inflation. Then there was Comfort and other cab companies; they raised fares as well. To cope with inflation.
Now, take a step back and reread those reasons. Do you see a problem here?
Transport companies are coping with inflation by…contributing to said inflation. That’s like trying to solve groin pain by having doctors take turns kicking you in the nuts.
But hey, at least higher transport costs have had benefits. Like making the MRT more reliable, or making bus captains more polite. And I’m totally not being sarcastic there.
4. Rising Food Prices
Singapore imports a lot of food. Look at our land space; if we planted one shoot of kang kong it would die of claustrophobia. But in particular, the global recession and rising cost of fuel (which affects the import cost of foodstuffs) take a lot of blame.
Where local policies contribute is property. As rent rises, so too do food prices. Supermarkets need to charge more to maintain inventory, and hawkers need to pay their stall rent. The practice of subletting hawker stalls is especially problematic: That’s when a stall holder pays maybe $700 a month for the stall, but charges someone $2000 a month to operate it. Wave at Holland Village, people.
As it is, restaurants need as much reason to raise prices as North Korea needs to launch a missile. But the rental market is heating up, and landlords are basically sharks with legs. As surrounding rents go up, they’ll try to match it, which prompts F&B tenants to skyrocket prices.
5. Absurd Optimism
Inflation seems to be getting worse because of our laid back attitude. We’re taking little action because we can’t seem to acknowledge how bad it is. Here’s a quote from Channel NewsAsia:
“However, analysts said Singapore’s inflation rate is not a cause for alarm as the government had already warned that price gains would be steeper in the first half of this year.”
By contrast, that’s like saying you don’t have to be alarmed that your car is going off a bridge, so long as the screaming passengers in the back “already warned” you. Early warning doesn’t mean we shouldn’t freak out.
The Monetary Authority of Singapore (MAS) will probably allow the Singapore dollar to appreciate, as a way to combat inflation. This is effective as a stopgap measure, but it doesn’t address deeper flaws in the system.
Another problem is MAS’ method of measuring core inflation: It excludes housing and private transport. Since these are are a major cause of inflation, the method results in optimistic numbers and homeless Singaporeans. It’s like getting lung cancer, but having the doctor congratulate you because hey, apart from your lungs, you’re fine.
MAS is expected to take corrective action in October. But the immediate solution seems to be crossing our fingers really hard. Let’s all sit back and think happy thoughts, and pretend inaction isn’t part of the problem.
Prominent bearish gurus have also warned against inflation. Jlrx and his famous voltaire quote comes to mind.
Core inflation is the one to watch out for as it affect the poor.
Private car is a luxury and not a necessity in my opinion.
Majority of the citizens do not pay rental.
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
1. Insane COE prices:
Yes insane, but it shouldn't affect most people >70% since they take public transport, not drive a car. By right COE price should not be in the general CPI! It should be in the Rich's CPI, if they ever bother to create another one that distinguishes between luxury items and real basic necessities!
2. Overheated property market
Again, this is a myth rather than fact. Overheated property market should be good for 90% of Singaporeans as they own their properties. These property owners should be over-joyed that their assets have increased in value! It is only bad for those who "shorted" their properties and are now renting hoping to buy back cheap cheap (like Mr B) and the small number of youngsters waiting to buy their properties! But then, these youngsters can buy the cheap cheap HDB BTO flats! No reason to complain the overheated OCR private properties and resale HDB flats! And by the way, isn't high rental good for the 90% singaporean property owners? They can rent to foreigners at a good price! Unless the govt want to lose more GRCs, they better don't crash the property market.
The real reason for high inflation are the overheated commercial properties' rentals! That is the one that govt needs to fix because it is causing the super high inflation that are hard-hitting all Singaporeans!
3. Higher transport costs
Did public transport fare gone up this year or last year? The answer is obvious. The transport costs not that bad, except that frequent breakdown is a bigger problem!
4. Rising food costs
Yes, rising cooked & serviced food costs, because govt didn't build any new hawker centres and those REITs are causing escalating rentals of commercial properties which have been passed down to consumers! The govt better fix these REITs!
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
I will tell you why this is rubbish tomorrow. have a good night.
Core inflation is the one to watch out for as it affect the poor.
Private car is a luxury and not a necessity in my opinion.
Majority of the citizens do not pay rental.
but if the pte housing market inflates beyond the middle class, it may also become an issue.
Core inflation is the one to watch out for as it affect the poor.
Private car is a luxury and not a necessity in my opinion.
Majority of the citizens do not pay rental.
Imagine Foreign worker, waiters, drivers etc.
Earn 1500$ and Pay rental 500$ save 1000$ :)
Earn 1500$ and Pay rental 1000$ save 500$ :(
-> Inflation
Earn 2000$ Pay rental 1000$ save 1000$ :)
I think thats the effect of HDB rental, the lowest tier which is causing the most inflation on the core level.
Who Pay that 500$ you and me. so ultimately it all bite backs.
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
1. Insane COE prices:
Yes insane, but it shouldn't affect most people >70% since they take public transport, not drive a car. By right COE price should not be in the general CPI! It should be in the Rich's CPI, if they ever bother to create another one that distinguishes between luxury items and real basic necessities!
this is a good example your mypoic view of the economy. To people like you, childless perhaps??, transportation is luxury item, everyone should take public transport so that they can put 50% of their income in property.
Have you ever ask yourself, how did the food you eat landed on your table everyday? Who provide the delivery service to you decide to order home delivery? how did the poultry, fishes, fruits, taufu etc all end up in the market every morning while you are still sleeping in the comfort of your home. how did the goods from the ports end up in the shops and your home?
And if transportation cost rises? Does it not affect people from all walks of life?
2. Overheated property market
Again, this is a myth rather than fact. Overheated property market should be good for 90% of Singaporeans as they own their properties. These property owners should be over-joyed that their assets have increased in value! It is only bad for those who "shorted" their properties and are now renting hoping to buy back cheap cheap (like Mr B) and the small number of youngsters waiting to buy their properties! But then, these youngsters can buy the cheap cheap HDB BTO flats! No reason to complain the overheated OCR private properties and resale HDB flats! And by the way, isn't high rental good for the 90% singaporean property owners? They can rent to foreigners at a good price! Unless the govt want to lose more GRCs, they better don't crash the property market.
The real reason for high inflation are the overheated commercial properties' rentals! That is the one that govt needs to fix because it is causing the super high inflation that are hard-hitting all Singaporeans! .
Please get your fact right, there are over 5m people living in this country, how can 90% be a home owner? Again, for selfish people like you (childless perhaps) what you can only think about is your personal gain without considering the financial stress for the younger and future generations.
It is a fact that people are getting married later because they couldnt affort to buy a home, and people are retiring later because they have outstanding mortgage, and many people are not having children because they couldnt afford to have one.
Overjoyed?? What is there to be happy when throughout your entire life you are saving to pay your mortgage and at the end of your life, you are childless, dying alone and then come to realize that you couldn't bring your properties to hell
Get a life Teddy, there are life outside the bricks and concrete.
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
3. Higher transport costs
Did public transport fare gone up this year or last year? The answer is obvious. The transport costs not that bad, except that frequent breakdown is a bigger problem!
Did public transport fare gone up?? Is this a JOKE?
Didnt taxi fare has gone up substantially last year and with COE rising are we not expecting to see further increase?
As for train and buses, you could also say they have gone up because you are now getting less space and comfort for the same price.
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
4. Rising food costs
Yes, rising cooked & serviced food costs, because govt didn't build any new hawker centres and those REITs are causing escalating rentals of commercial properties which have been passed down to consumers! The govt better fix these REITs!
Teddy. If a hawker who have been operating in a hawker center for the past 10-15years, why would no new hawker center, REITS affect them in terms of cost???
If the poor uncle who deliver noodle to hawker center have to pay $30K extra for this lorry, and set aside more money for his sons to buy property. Would you expect him to keep maintain his noodle price or would you expect him to pass on the cost down to the hawker?
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate. Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy. There are many countries and cities that has gone through it before and they all suffer the same fate at the end. So please dont try to reinvent the wheel by saying that Singapore case is sustainable.
if you drink TIGER beer no inflation ma...as far as i can remmber a price of big bottle of tiger at coffeeshop has always been about $5 plus...:D:D
Give that man a TIGER...:cheers1:
if you drink TIGER beer no inflation ma...as far as i can remmber a price of big bottle of tiger at coffeeshop has always been about $5 plus...:D:D
Give that man a TIGER...:cheers1:
Beer is mostly yeast-fermented malt and water. How expensive can it get? Most of the price is marketing, profit and tax.
Beer is mostly yeast-fermented malt and water. How expensive can it get? Most of the price is marketing, profit and tax.
Hmm is actually quite cost effective. Fills u up. Boosts your mood. Keeps u hydrated. Sort of. Makes u look cooler than the kopi drinking uncle next table.
if you drink TIGER beer no inflation ma...as far as i can remmber a price of big bottle of tiger at coffeeshop has always been about $5 plus...:D:D
Give that man a TIGER...:cheers1:
They might have reduced the nett volume to compensate for higher cost.
Beer is mostly yeast-fermented malt and water. How expensive can it get? Most of the price is marketing, profit and tax.
considering a pack of cigarretes has gone up from $2 to more than $10 or a cup of Kopi from 50c to $1...:o
Ignorant fool! You are saying commercial vehicles pay same COE $ as private cars? :doh:
Why didn't you consider that since S$ gone up so much, the lorries and delivery vans become so much cheaper and hence negated the negative effect of COE $ increase?
Below are just fool's which doesn't use brain to talk! :p
this is a good example your mypoic view of the economy. To people like you, childless perhaps??, transportation is luxury item, everyone should take public transport so that they can put 50% of their income in property.
Have you ever ask yourself, how did the food you eat landed on your table everyday? Who provide the delivery service to you decide to order home delivery? how did the poultry, fishes, fruits, taufu etc all end up in the market every morning while you are still sleeping in the comfort of your home. how did the goods from the ports end up in the shops and your home?
And if transportation cost rises? Does it not affect people from all walks of life?
The citizens of Singapore are only interested in the welfare of citizens. So, I am right to say that 90% of Singapore citizens own their houses! Why I say so? Because our Minister of State for Manpower and National Development Tan Chuan-Jin say so, see his blog:
http://www.facebook.com/notes/tan-chuan-jin/providing-a-housebuilding-a-home/373138819395566
Now, are you going to say that Minister Tan is lying? I challenge you to state clearly here: You say he is lying or not?
I bet you won't dare to make a direct statement here, because you are obviously telling a big lie and telling a lie without blinking your eye lids! If you say he is telling a lie, then I will direct him to your post and let him clarify with you whether he lied or you lied... :tongue3:
As a matter of fact, the younger generations are actually doing much better than our generation, many are earning >$10k pm at a younger age of 30+ years old.
All the rest you said are all already addressed by Minister Tan, please see his blog.
In summary, >90% of citizens can afford to own their properties and pay instalments, it is a matter of whether they are greedy, they want a private condo in the city central area with full facilities, at peanuts price, drive big flashy car, eat at restaurants everyday if they can, and go holidays twice a year to exotic and expensive places etc - Now that is the problem! Ask these bloody idiots (like you) to go fly kite! Govt don't owe them (& you) a luxury living life-style! :tongue3:
Please get your fact right, there are over 5m people living in this country, how can 90% be a home owner? Again, for selfish people like you (childless perhaps) what you can only think about is your personal gain without considering the financial stress for the younger and future generations.
It is a fact that people are getting married later because they couldnt affort to buy a home, and people are retiring later because they have outstanding mortgage, and many people are not having children because they couldnt afford to have one.
Overjoyed?? What is there to be happy when throughout your entire life you are saving to pay your mortgage and at the end of your life, you are childless, dying alone and then come to realize that you couldn't bring your properties to hell
Get a life Teddy, there are life outside the bricks and concrete.
May be you want to enlighten us "Is Taxi a luxury or necessity?" :doh:
Trying to twist and turn again regarding train and buses being more expensive than last year because you getting less space? :tsk-tsk::rolleyes:
Did public transport fare gone up?? Is this a JOKE?
Didnt taxi fare has gone up substantially last year and with COE rising are we not expecting to see further increase?
As for train and buses, you could also say they have gone up because you are now getting less space and comfort for the same price.
I already said that we can help you people to increase productivity and efficiency without requiring to increase the population of Singapore to make singapore's economy more sustainable! If you have so much time to talk cock during office hours, obviously you are not spending all the time during office hours to do your work when you should be doing so! So, retrench you or your colleague and make you 1 person do 2 persons' job! Sure will increase producitivity! Ha ha ha! Almost all consultants will advise that given such situation! ha ha ha! :p
MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate. Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy. There are many countries and cities that has gone through it before and they all suffer the same fate at the end. So please dont try to reinvent the wheel by saying that Singapore case is sustainable.
See article below. Under pressure, Europe will have no choice but to have LTRO-2 (aka Europe-QE2)! Wakekekeeeeeeeeeeee! Hard assets will continue to climb in price! What are hard assets? Properties & hard commodities loh! :spliff2:
If US economy is not going to show sign of solid recovery in Q2-Q3, we can expect US-QE3! Wakekekekeeeeeeeee! Another round of hard assets appreciation again! :D
All those who shorted their properties, like Ringo, Mr B all go fly kite! Cry father-mother for govt to help you? Nah! Remember, 90% of Singapore citizens own their properties! :beats-me-man:
Europe headed towards 'suicide' on austerity: Stiglitz
'The austerity approach will lead to high levels of unemployment that will be politically unacceptable and will make deficits get worse.'
Joseph Stiglitz
- BLOOMBERG [VIENNA]
NOBEL Prize-winning economist Joseph Stiglitz said Europe is in a "dire" situation as a focus on austerity pushes the continent towards "suicide".
"There has never been any successful austerity programme in any large country," Mr Stiglitz, 69, told reporters in Vienna on Thursday. "The European approach definitely is the least promising. I think Europe is headed to a suicide."
Politicians across the 27 European Union members are implementing austerity measures totalling about 450 billion euros (S$738 billion) amid a sovereign-debt crisis. At the same time the debt of the euro region rose last year to the highest since the start of the single currency as governments increased borrowing to plug budget deficits and fund bailouts of fellow nations crippled by the fiscal crisis.
Subscribers, log in (http://www.businesstimes.com.sg/ldap/redirect.html?reroute=/print/40604) here to read the full story.
"Wealth destruction...... Very high inflation..." ~ Marc Faber.
"Wealth destruction...... Very high inflation..." ~ Marc Faber.
" EVERYONE LIES " ~ House :D
Teddy, the reason why I am using separate post to rebuke you is to prevent you from paraphrasing and mess up our discussion.
Before we go any further, lets just recap. whole purpose of this discussion is that you said (Please see what your wrote) the rise in COE will not affect 70% of the population and COE is an luxury items.
1. Insane COE prices:
Yes insane, but it shouldn't affect most people >70% since they take public transport, not drive a car. By right COE price should not be in the general CPI! It should be in the Rich's CPI, if they ever bother to create another one that distinguishes between luxury items and real basic necessities!
this is a good example your mypoic view of the economy. To people like you, childless perhaps??, transportation is luxury item, everyone should take public transport so that they can put 50% of their income in property.
Have you ever ask yourself, how did the food you eat landed on your table everyday? Who provide the delivery service to you decide to order home delivery? how did the poultry, fishes, fruits, taufu etc all end up in the market every morning while you are still sleeping in the comfort of your home. how did the goods from the ports end up in the shops and your home?
And if transportation cost rises? Does it not affect people from all walks of life?
--------------------------------------------------------------------------------------
I believe I have explained myself very clearly that this isnt the case because rise in COE does affect people from all walks of life.
So Mr. Teddy, how did you came about with this reply?
Ignorant fool! You are saying commercial vehicles pay same COE $ as private cars? :doh:
Why didn't you consider that since S$ gone up so much, the lorries and delivery vans become so much cheaper and hence negated the negative effect of COE $ increase?
Below are just fool's which doesn't use brain to talk! :p
Teddy, our whole discussion here is about COE. Why are you making words which was never said in this forum? Is this a desperate attempt to cover your track?
Honestly, you should stop living in the fantasy world by making up stories about real world. facts will always be facts and you cant simply change it with some made up stories.
Commercial veh become cheaper?
If you are Pinocchio, Burj Khalifa must be the 2nd tallest building by now.
BTW, ARE YOU CHILDLESS?
Teddy, this is what you wrote.
2. Overheated property market
Again, this is a myth rather than fact. Overheated property market should be good for 90% of Singaporeans as they own their properties. These property owners should be over-joyed that their assets have increased in value! It is only bad for those who "shorted" their properties and are now renting hoping to buy back cheap cheap (like Mr B) and the small number of youngsters waiting to buy their properties! But then, these youngsters can buy the cheap cheap HDB BTO flats! No reason to complain the overheated OCR private properties and resale HDB flats! And by the way, isn't high rental good for the 90% singaporean property owners? They can rent to foreigners at a good price! Unless the govt want to lose more GRCs, they better don't crash the property market.
The real reason for high inflation are the overheated commercial properties' rentals! That is the one that govt needs to fix because it is causing the super high inflation that are hard-hitting all Singaporeans! .
Please get your fact right, there are over 5m people living in this country, how can 90% be a home owner? Again, for selfish people like you (childless perhaps) what you can only think about is your personal gain without considering the financial stress for the younger and future generations.
It is a fact that people are getting married later because they couldnt affort to buy a home, and people are retiring later because they have outstanding mortgage, and many people are not having children because they couldnt afford to have one.
Overjoyed?? What is there to be happy when throughout your entire life you are saving to pay your mortgage and at the end of your life, you are childless, dying alone and then come to realize that you couldn't bring your properties to hell
Get a life Teddy, there are life outside the bricks and concrete.
The citizens of Singapore are only interested in the welfare of citizens. So, I am right to say that 90% of Singapore citizens own their houses! Why I say so? Because our Minister of State for Manpower and National Development Tan Chuan-Jin say so, see his blog:
http://www.facebook.com/notes/tan-chuan-jin/providing-a-housebuilding-a-home/373138819395566
Now, are you going to say that Minister Tan is lying? I challenge you to state clearly here: You say he is lying or not?
I bet you won't dare to make a direct statement here, because you are obviously telling a big lie and telling a lie without blinking your eye lids! If you say he is telling a lie, then I will direct him to your post and let him clarify with you whether he lied or you lied... :tongue3:
As a matter of fact, the younger generations are actually doing much better than our generation, many are earning >$10k pm at a younger age of 30+ years old.
All the rest you said are all already addressed by Minister Tan, please see his blog.
In summary, >90% of citizens can afford to own their properties and pay instalments, it is a matter of whether they are greedy, they want a private condo in the city central area with full facilities, at peanuts price, drive big flashy car, eat at restaurants everyday if they can, and go holidays twice a year to exotic and expensive places etc - Now that is the problem! Ask these bloody idiots (like you) to go fly kite! Govt don't owe them (& you) a luxury living life-style! :tongue3:
Tan Chuan Jin mentioned that 80% of Singaporeans live in HDB flats. 90% of them own their own flats. And it definitely doesnt said anything about "Overheated property market should be good for 90% of Singaporeans as they own their properties"
From my understanding of what he said is that 90% of the 80% of Singaporeans living in HDB (which doesnt give you 90% of Singaporeans) are living in the flat that is bought, not rented. So for a family of 5 living together, they only own property, not 5 properties.
I hope this is clear enough for you.
BTW, ARE YOU CHILDLESS?
May be you want to enlighten us "Is Taxi a luxury or necessity?" :doh:
Trying to twist and turn again regarding train and buses being more expensive than last year because you getting less space? :tsk-tsk::rolleyes:
Taxi as public transport is both a luxury and necessity and it is the quickest mode of transport if you are in a hurry, and the most convenient if you are traveling in group, especially with children, handicap, newborn, etc or when you have stuffs to carry, e.g grocery, luggage, pram, etc or after hours when there are no more train and buses.
BTW, ARE YOU CHILDLESS?
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate. Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy. There are many countries and cities that has gone through it before and they all suffer the same fate at the end. So please dont try to reinvent the wheel by saying that Singapore case is sustainable.
I already said that we can help you people to increase productivity and efficiency without requiring to increase the population of Singapore to make singapore's economy more sustainable! If you have so much time to talk cock during office hours, obviously you are not spending all the time during office hours to do your work when you should be doing so! So, retrench you or your colleague and make you 1 person do 2 persons' job! Sure will increase producitivity! Ha ha ha! Almost all consultants will advise that given such situation! ha ha ha! :p
Dude, are you starting think like you are some minister or something? :doh:
Anyway, I believe i have already said what i need to say and there is no need to tell us what you are going to do for US. :D
Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy.
BTW, ARE YOU CHILDLESS?
" EVERYONE LIES " ~ House :D
some other things you can say it's lie, but inflation is a reality. there are consequences for liberal monetary policies. we are already seeing the effects first hand.
MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate.
This is total nonsense.
"Wealth destruction...... Very high inflation..." ~ Marc Faber.
interesting..:o
i think it is a bullsh*t excuse that fighting inflation by increasing CPF interest rate.....
some other things you can say it's lie, but inflation is a reality. there are consequences for liberal monetary policies. we are already seeing the effects first hand.
Precisely....maybe I should rephrase ALL MIWs LIES :D
Precisely....maybe I should rephrase ALL MIWs LIES :D
Actually, our inflation is largely because of the liberal monetary policies of the US, Eurozone and Japn central banks. The irony is if we raise interest rates, we would have even higher inflation because of the inflow of hot money.
interesting..:o
i think it is a bullsh*t excuse that fighting inflation by increasing CPF interest rate.....
Who suggested fighting inflation with raising cpf rates? I have better ways of hedging against inflation. Just let me use all my CPF money to buy Singpost shares. So Singpost gets cheap funding from me. Ha.
Actually, our inflation is largely because of the liberal monetary policies of the US, Eurozone and Japn central banks. The irony is if we raise interest rates, we would have even higher inflation because of the inflow of hot money.
May i know what does Liberal monetary polices means to you?
This is total nonsense.
Why am i not surprise that you will eventually come to defend Teddy in this forum?
If inflation continue at this rate of 5%, all our saving in CPF OA will be devaluing at a rate of 2.5% per year and how is this government possibly going to remain in power or continue with CPF scheme if we citizens are made poorer by CPF?
Maybe you could explain to us why its total nonsense to say that MAS is trying to contain inflation in order not to adjust CPF interest upwards
Please dont be confused yourself by reading what I said as adjusting CPF rate upward in order to contain inflation.
Why am i not surprise that you will eventually come to defend Teddy in this forum?
If inflation continue at this rate of 5%, all our saving in CPF OA will be devaluing at a rate of 2.5% per year and how is this government possibly going to remain in power or continue with CPF scheme if we citizens are made poorer by CPF?
Maybe you could explain to us why its total nonsense to say that MAS is trying to contain inflation in order not to adjust CPF interest upwards
Please dont be confused yourself by reading what I said as adjusting CPF rate upward in order to contain inflation.
Don't have to adjust CPF interest upwards just need to remove COV than let market decided the value of HDB, sure chong. Huat Ah:cheers4: :cheers4: .......
"Don't Sell your HDB" by LKY
Example:
Blk 194 Kim Keat Ave 3 room HDB selling for 300K, Loan 80% you pay 781.90 per month. If you rent you pay $2000 per month. Is the 3 Rm HDB under value or over value.
http://4.bp.blogspot.com/-bDkD6IaeWDA/T5zx-9dlJeI/AAAAAAAAHUU/0Z6nWR_JvTw/s1600/300.JPG
If the right valuation then it should be selling at $700,000. and you pay $1824.48 per month.
http://2.bp.blogspot.com/-XVL0DNhkhOQ/T5zzaR_R_OI/AAAAAAAAHUc/0x11KNlQvHs/s1600/560000.JPG
blackapple
29-04-12, 15:59
Actually, our inflation is largely because of the liberal monetary policies of the US, Eurozone and Japn central banks. The irony is if we raise interest rates, we would have even higher inflation because of the inflow of hot money.
I agreed.
Why Australia property price is so high even if they have vast amount of land ?
How many of you have deposit in A$ ?
How many have vest interest in property in Australia ?
Why ?? Because of high interest rate. High interest rate causes the A$ to be strong and attract large inflow. Too much inflow lead to high property price and cost of living. So salary increased. To control the above, interest rate increase further and the cycle repeat...
MAS see the problem and I think that is why the government introduce 4% interest for first 60K and 4% for SA and medisave fund.
If you want to beat 5% inflation, you can always dump your cash into CPF SA. Besides 2-3 year years of 5% inflation does not mean that 10 years of 5% inflation. Let hope when we average out the inflation in the next 10 years, it will be less than 4%.
From a macro economic standpoint, high inflation must be supported by high growth and income growth for the economy to be sustainable. High inflation with low growth and income growth will put the economy under pressure.The results are that business cost increases and people become poorer.
We need to understand macro economic in order to understand the effect of inflation. Whatever that is being discuss here at micro economic level will not withstand the impact of a hyper inflationary slow growth economy.
phantom_opera
29-04-12, 17:18
Ringo I think what amk meant was Garmen will not adjust Cpf OA simply due to current inflation which won't last forever
Ringo I think what amk meant was Garmen will not adjust Cpf OA simply due to current inflation which won't last forever
I did mention it is in mas interest to contain inflation in order to avoid adjusting cpf rate. Is that total nonsense?
Do you think that currenet inflation will naturally disappear without government intervention?
I agreed.
Why Australia property price is so high even if they have vast amount of land ?
How many of you have deposit in A$ ?
How many have vest interest in property in Australia ?
Why ?? Because of high interest rate. High interest rate causes the A$ to be strong and attract large inflow. Too much inflow lead to high property price and cost of living. So salary increased. To control the above, interest rate increase further and the cycle repeat...
MAS see the problem and I think that is why the government introduce 4% interest for first 60K and 4% for SA and medisave fund.
If you want to beat 5% inflation, you can always dump your cash into CPF SA. Besides 2-3 year years of 5% inflation does not mean that 10 years of 5% inflation. Let hope when we average out the inflation in the next 10 years, it will be less than 4%.
The strong oz dollar has got something to do with their natural resource export not just interest rate. Malaysia interest rate also high. Did you see their riggit appreciate against sing?
May i know what does Liberal monetary polices means to you?
Keeping interest rates low, raising more debt and providing liquidity to the banks. It is liberal but unfortunately a necessary evil given the stupidity of a few that has driven the financial system to its current system.
May i know what does Liberal monetary polices means to you?
Keeping interest rates low, raising more debt and providing liquidity to the banks. It is liberal but unfortunately a necessary evil given the stupidity of a few that has driven the financial system to its current system.
The strong oz dollar has got something to do with their natural resource export not just interest rate. Malaysia interest rate also high. Did you see their riggit appreciate against sing?
Strong AUD is driven by strong fundamentals and their relatively higher interest rates. Because their fundamentals are strong, people pour more money into their currency as they can enjoy higher interest rates in the mean time.
blackapple
29-04-12, 18:25
The strong oz dollar has got something to do with their natural resource export not just interest rate. Malaysia interest rate also high. Did you see their riggit appreciate against sing?
Malaysia interest rate is high, but no one has faith in them. Look at the recent street rallies, it spells instability. Btw, every new malaysia leader come in with promising ideas, but there is no follow through. MRT and LRT not interconnected. Some line go to no where.
Even with the high interest rate that you suggest, will you want to stay in malaysia or singaporea ? It is a tradeoff.
No doubt Australia natural resource export also fuel inflation. But people get more wealthy. This is health for economy and part of the cycle. But the inflow of large capital, create bigger inflation. This is especially damaging for those in Australia that did not benefit from the resource export economy.
Actually without low interest rate, singapore is experiencing high inflation. There are so many singaporeans that did not benefit from the GDP growth. There is more 400,000 singaporeans earning less than 1500 (No taking into consideration of their spouse). Look at the workfare and you can see the wage gap.
To increase the interest rate and so speed up the flow of capital will help to fight inflation ? Will the inflow of capital help the 400,000 low wage singaporeans ?
when I said "90% Singaporeans own their properties they are living in", obvious I mean the households residing in their property owns that property, not every individual. You have common sense or you trying to twist and turn again? You don't have common sense to judge that we can't possibly be talking about young kids, toddlers, babies owning properties in their own names? :rolleyes:
And by the way, stop beating around the bush. You disagreed with what I said that "90% Singaporeans own their properties they are living in". Can you state clearly that whoever said so is a lie, and a big liar? If so, I put my thumb up for you, but I will find somebody who said so to prove you wrong. I will ask him to "clarify" with you whether he lied or you lied.... Wakekekeeeeee! If you don't dare, you are just a pile of cow-dung, a pile of shit, some brainless idiot and a super coward who doesn't dare to own up and stand behind what you said!!! Doubt any forumers here will ever listen to your rubbish again! Wakekekeeeee...........Go eat shit!.. :tongue3:
Teddy, this is what you wrote.
Tan Chuan Jin mentioned that 80% of Singaporeans live in HDB flats. 90% of them own their own flats. And it definitely doesnt said anything about "Overheated property market should be good for 90% of Singaporeans as they own their properties"
From my understanding of what he said is that 90% of the 80% of Singaporeans living in HDB (which doesnt give you 90% of Singaporeans) are living in the flat that is bought, not rented. So for a family of 5 living together, they only own property, not 5 properties.
I hope this is clear enough for you.
BTW, ARE YOU CHILDLESS?
Oh my! Taxi is a necessity?! :doh:
Let's see your argument: If you are in a hurry. Who ask you not to plan in advance so that there is no hurry?
"Most convenient"? - How to justify"most convenient" as necessity? Car is the most convenient, so it becomes a necessity to you? :tongue3:
Children, handicap, newborn etc? Too bad, if you have no money, you can travel during off-peak hours right? Otherwise these people might as well ask govt to give them a car because of "necessity"? :rolleyes:
"After hours when there are no more train and buses"? - What the heck is a poor guy doing after hours and not going home and resulted in no public transport home? Only oneself to blame right?
What other shit reasons for "necessity" can you justify a taxi to be cheap cheap for your need? Wakekekeeeeee!
Taxi as public transport is both a luxury and necessity and it is the quickest mode of transport if you are in a hurry, and the most convenient if you are traveling in group, especially with children, handicap, newborn, etc or when you have stuffs to carry, e.g grocery, luggage, pram, etc or after hours when there are no more train and buses.
BTW, ARE YOU CHILDLESS?
Oh dear Ringo, think nobody here agree with your statement that:
"MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate"! :tongue3:
Nobody here, including me, see any relationship between CPF interest rate and inflation! In fact, CPF interest rate at 2.5% are just too high and not inline with market rate! See, why is HDB/CPF charging 2.6% for HDB loans? Because CPF interest rate is 2.5%! CPF should just lower CPF interest rate for the benefits of the 80% HDB flat owners! :beats-me-man:
Malaysia interest rate is high, but no one has faith in them. Look at the recent street rallies, it spells instability. Btw, every new malaysia leader come in with promising ideas, but there is no follow through. MRT and LRT not interconnected. Some line go to no where.
Even with the high interest rate that you suggest, will you want to stay in malaysia or singaporea ? It is a tradeoff.
No doubt Australia natural resource export also fuel inflation. But people get more wealthy. This is health for economy and part of the cycle. But the inflow of large capital, create bigger inflation. This is especially damaging for those in Australia that did not benefit from the resource export economy.
Actually without low interest rate, singapore is experiencing high inflation. There are so many singaporeans that did not benefit from the GDP growth. There is more 400,000 singaporeans earning less than 1500 (No taking into consideration of their spouse). Look at the workfare and you can see the wage gap.
To increase the interest rate and so speed up the flow of capital will help to fight inflation ? Will the inflow of capital help the 400,000 low wage singaporeans ?
Actually, our inflation is largely because of the liberal monetary policies of the US, Eurozone and Japn central banks. The irony is if we raise interest rates, we would have even higher inflation because of the inflow of hot money.
interesting..
i think it is a bullsh*t excuse that fighting inflation by increasing CPF interest rate.....
This is total nonsense.
MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate. Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy. There are many countries and cities that has gone through it before and they all suffer the same fate at the end. So please dont try to reinvent the wheel by saying that Singapore case is sustainable.
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
You can say what you like, but I believe that what I said is the right way for Singapore's growth forward. Like it or not, the plan will be pursued (and a continuation of the current economic policy, not something new I pluck from the sky). With the asset appreciation model combined with foreign talents intake, >90% of singaporeans have benefited and will continue to benefit. Govt has tried their best to sooth the youngsters with cheap new HDB flats that after 5 years they can sell for a big profit and I doubt they will complain much after that. The reverse is for them to buy a 5RM HDB flat at $350k and 5 years later sell for $150k. Is this what they want? Don't think so. This is what those who "shorted properties" like you want, not them! What they want is 5RM HDB at Pinnacle at $350k, not at Punggol! Still, not much to complain about compared to selling at $150k 5 years later if foreign talents are barred from coming into Singpore! :p
Dude, are you starting think like you are some minister or something? :doh:
Anyway, I believe i have already said what i need to say and there is no need to tell us what you are going to do for US. :D
Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy.
BTW, ARE YOU CHILDLESS?
Originally Posted by teddybear
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
Quote:
Originally Posted by Ringo33
MAS is trying to contain the inflation pressure so that they dont have to raise your CPF interest rate. Only dumb people will think that the continuous rising of property prices without a rise in productivity and wages is good for the economy. There are many countries and cities that has gone through it before and they all suffer the same fate at the end. So please dont try to reinvent the wheel by saying that Singapore case is sustainable.
Quote:
Originally Posted by teddybear
I already said that we can help you people to increase productivity and efficiency without requiring to increase the population of Singapore to make singapore's economy more sustainable! If you have so much time to talk cock during office hours, obviously you are not spending all the time during office hours to do your work when you should be doing so! So, retrench you or your colleague and make you 1 person do 2 persons' job! Sure will increase producitivity! Ha ha ha! Almost all consultants will advise that given such situation! ha ha ha! :p
High inflation usually also means economy growing very well, as is now. You want low inflation? Can, wait for next recession! Think not only recession, what you want is DEPRESSION, and there will be no inflation but deflation! Those "property shortists" like you will be too happy to see that! Ops! Too bad you missed your property boat! Still not too late to get onto the boat, with more QEs to come in Europe, US, Japan, and soon from China who has massive foreign reserves to instill a BIG BIG QEs without even a single drop in Credit ratings! Ops! BAD BAD NEWS to you! :scared-1:
I did mention it is in mas interest to contain inflation in order to avoid adjusting cpf rate. Is that total nonsense?
Do you think that currenet inflation will naturally disappear without government intervention?
teddybear transformed into ANGRYbear :scared-5:
teddybear transformed into ANGRYbear :scared-5:
He look more like a messed-up confused bear...:doh:
Not sure if he has seek permission to use other forummers quote for his insanity.
TEDDY, I AM STILL WAITING FOR YOUR ANSWER.
ARE YOU CHILDLESS?
He look more like a messed-up confused bear...:doh:
More like a self-taught economist constructing his own economic theory and so proud of it. Quite amuse with some of his thinking, even if they were not backed by basic economic theory.
Before you comment this, please get a clear and nice mirror to look at your 'pig' face. Who is a messed-up confused one. Still can't differentiate between basis necessity and good to have item. Wahahaha...
All the comments here are open for comment. You don't wish others to comment your point, then don't post.
You tripped in your owned points. :D
He look more like a messed-up confused bear...:doh:
Not sure if he has seek permission to use other forummers quote for his insanity.
Are you looking for sugar daddy? Too bad, you are not adorable at all!!!
Don't be so shameless to keep asking people! Don't tell, you will be 脑 羞成怒
Grown up. Kid！ wahaha
TEDDY, I AM STILL WAITING FOR YOUR ANSWER.
ARE YOU CHILDLESS?
Can't you see? Ringo posted so many posts for me to address first! I must do so one by one, so not disappoint him! :D
teddybear transformed into ANGRYbear :scared-5:
Which parts were not supported by basic economic theory and which part are amusing?
I've to draft it in such a way that normal laymen can understand it and relate to their day to day activities. If use all the economic terms and jargons like prof stalingrade, you think people can comprehen and relate them to his day to day activities.:rolleyes:
There are poor anties and uncles who pay higher interest rate than market rate for their HDB without knowing it.
More like a self-taught economist constructing his own economic theory and so proud of it. Quite amuse with some of his thinking, even if they were not backed by basic economic theory.
To those who have participated in the economic growth, they will see growth-linked inflation. To those who haven't, they could perceive it to be stagflation.
TEDDY, I AM STILL WAITING FOR YOUR ANSWER.
ARE YOU CHILDLESS?
I think it is too personal lah.. i am sure teddy has annoy you, but this manner of argument is not really gentlemen.
Are you looking for sugar daddy? Too bad, you are not adorable at all!!!
Don't be so shameless to keep asking people! Don't tell, you will be 脑 羞成怒
Grown up. Kid！ wahaha
Teddy, you sure have a lot of knowledge and passion, but there is no point in proving your points by poking at others. Your reasoning and knowldege is really respectful, but think we should just move on. ok?
phantom_opera
30-04-12, 09:10
To those who have participated in the economic growth, they will see growth-linked inflation. To those who haven't, they could perceive it to be stagflation.
very well said :) Garmen will only be serious about controlling inflation if it hurts the MIW :simmering: 5% inflation with corresponding GDP growth is good for MIWs so why bother ... just increase bus driver pay loh :doh:
I think it is too personal lah.. i am sure teddy has annoy you, but this manner of argument is not really gentlemen.
there is no need to pretend that you have read our discussion and there is nothing personal to ask if someone is childless.
Are you looking for sugar daddy? Too bad, you are not adorable at all!!!
Don't be so shameless to keep asking people! Don't tell, you will be 脑 羞成怒
Grown up. Kid！ wahaha
Reason for asking is because you come across as a person who doesnt have a family.
Sugar Daddy? Hey, I am RINGO? You GAY?
phantom_opera
30-04-12, 09:31
The Government is keeping a close watch on rising inflation in Singapore and will pay special attention to the property market, said Deputy Prime Minister Tharman Shanmugaratnam on Sunday.
'Although property prices are not themselves part of the consumer price index, when you have an overheated property market, many other prices can also go up,' he said
TCSS?
Teddy, you sure have a lot of knowledge and passion, but there is no point in proving your points by poking at others. Your reasoning and knowldege is really respectful, but think we should just move on. ok?
You must have read this before you post right?
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
1. Insane COE prices:
Yes insane, but it shouldn't affect most people >70% since they take public transport, not drive a car. By right COE price should not be in the general CPI! It should be in the Rich's CPI, if they ever bother to create another one that distinguishes between luxury items and real basic necessities!
2. Overheated property market
Again, this is a myth rather than fact. Overheated property market should be good for 90% of Singaporeans as they own their properties. These property owners should be over-joyed that their assets have increased in value! It is only bad for those who "shorted" their properties and are now renting hoping to buy back cheap cheap (like Mr B) and the small number of youngsters waiting to buy their properties! But then, these youngsters can buy the cheap cheap HDB BTO flats! No reason to complain the overheated OCR private properties and resale HDB flats! And by the way, isn't high rental good for the 90% singaporean property owners? They can rent to foreigners at a good price! Unless the govt want to lose more GRCs, they better don't crash the property market.
The real reason for high inflation are the overheated commercial properties' rentals! That is the one that govt needs to fix because it is causing the super high inflation that are hard-hitting all Singaporeans!
3. Higher transport costs
Did public transport fare gone up this year or last year? The answer is obvious. The transport costs not that bad, except that frequent breakdown is a bigger problem!
4. Rising food costs
Yes, rising cooked & serviced food costs, because govt didn't build any new hawker centres and those REITs are causing escalating rentals of commercial properties which have been passed down to consumers! The govt better fix these REITs!
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
there is no need to pretend that you have read our discussion and there is nothing personal to ask if someone is childless.
why should i pretend? but there is really no need to be so hostile
Which parts were not supported by basic economic theory and which part are amusing?
I've to draft it in such a way that normal laymen can understand it and relate to their day to day activities. If use all the economic terms and jargons like prof stalingrade, you think people can comprehen and relate them to his day to day activities.:rolleyes:
There are poor anties and uncles who pay higher interest rate than market rate for their HDB without knowing it.
The Government is keeping a close watch on rising inflation in Singapore and will pay special attention to the property market, said Deputy Prime Minister Tharman Shanmugaratnam on Sunday.
'Although property prices are not themselves part of the consumer price index, when you have an overheated property market, many other prices can also go up,' he said
TCSS?
This is what economics to a layman is all about. Hope you could see the differences; or still blinded by your self elected barrier.
phantom_opera
30-04-12, 10:53
Mickey Mouse Ayam Penyet
http://static.stomp.com.sg/site/servlet/linkableblob/stomp/1083868/thumbnail/price_remains_the_same_but_ayam_penyet_dish_now_looks_nothing-thumbnail.jpg
Singapore's interest rate balancing act
More direct measures may have to be used to rein in price pressures
[SINGAPORE] Singapore may be fighting inflation by tightening monetary policy, but the outcome of this isn't so straightforward. What this means is that policy makers may have to resort to more direct measures to rein in price pressures if these continue unabated.
In its latest review earlier this month, the Monetary Authority of Singapore (MAS) announced that it would let the Singapore dollar appreciate at a faster pace - to make imports cheaper and keep inflation in check. The central bank increased the slope of the exchange rate policy band slightly while narrowing the band.
But a strong Singapore dollar, together with ultra-low interest rates in the United States, could draw more funds here in search of better returns. The excess liquidity could depress domestic interest rates further - at least in theory. And lower borrowing costs may sustain strong domestic demand and push prices of big ticket items from property to cars further up.
April's tightening "is likely to impute downward pressure on domestic short-term interest rates", said Citigroup economist Kit Wei Zheng in a recent report. "With the bulk of mortgages pegged to Sibor (Singapore Interbank Offered Rate) and/or SOR (Swap Offer Rate) fixings, the stimulatory effect on property demand could be met with further cooling measures, especially if home sales continue at the breakneck pace of Q1."
As the MAS manages the exchange rate in an open capital regime, it has to cede control of interest rates, allowing the latter to track rates globally. US rates have a considerable influence - the three month Singapore-dollar Sibor has historically moved closely with the three month US-dollar Libor.
The US Federal Open Market Committee decided last week to keep interest rates near zero. "US interest rates including the federal funds rate are expected to be quite low till late 2014," said Aurobindo Ghosh, programme director at Singapore Management University's Sim Kee Boon Institute for Financial Economics. "Following that, interest rates like Sibor or SOR are expected to be low as well due to capital mobility."
This, coupled with the expected strength of the Singapore dollar, could keep interest rates here low as well. "Faster currency appreciation makes Singapore even more attractive to foreign investors than it is already. Other things being equal, inflows go up and interest rates go down," said DBS group research managing director David Carbon. "That raises demand for interest-rate sensitive goods like property and autos."
Certainly, there are other factors in the mix, and so far, the impact of the latest MAS move has not been pronounced. Since MAS announced its monetary policy decision, the three-month Singapore-dollar Sibor has dipped less than 0.01 per cent to 0.382 per cent last Friday, while the three-month Singapore-dollar SOR has risen slightly to 0.344 per cent.
The 3-month Sibor and SOR have traded mostly sideways since the announcement as markets remained unsettled over tail risks, including the fallout from the eurozone debt crisis, noted OCBC economist Selena Ling.
Also, the Singapore dollar appreciation story is less straightforward at this point with Singapore's GDP growth forecast at just 1-3 per cent this year, she said. "Fund inflows into Asia have pulled back sharply for both the equity and bond markets, which signals generally decreasing investor confidence, especially with the ongoing Chinese growth slowdown."
Several economists pointed out as well that narrowing the exchange rate policy band also prevents the Singapore dollar from rising too sharply.
Still, expectations are for MAS's tightening moves to contribute to low or lower domestic interest rates, with implications for domestic demand.
Prices in some property sectors are still climbing. In the first quarter, private home prices in the Outside Central Region - where mass-market condominiums are - rose 1.1 per cent from the previous quarter. Prices of industrial space jumped 7.3 per cent. In the car market, the tight supply of certificates of entitlement (COEs) and the resulting surge in COE premiums have led to soaring car prices. Yet, the appetite for wheels remain, partly sustained by low interest rates for car loans.
What monetary policy cannot target, other measures will have to kick in, economists say.
"In adopting the exchange rate mechanism, we have given up interest rate autonomy. That leaves us to conclude that macroprudential and sector-specific measures are perhaps best suited for tackling risks associated with property prices," said Mizuho economist Vishnu Varathan.
Barclays Capital economist Leong Wai Ho noted that existing curbs on property speculation are already strong dampeners and have helped offset the effect of low borrowing costs.
If property prices and transaction volumes resume their uptrend, there could be additional curbs, he said. "These are likely to be extensions of current prudential measures, such as a further increase in the rate of the additional buyer's stamp duty (ABSD), or tougher measures to prevent developers from offering cash rebates to foreign buyers that offset the ABSD."
Rising car prices are feeding directly into headline inflation figures. But the supply of COEs is set to remain tight as the government seeks to rein in vehicle population growth. Some market watchers have suggested instead that car loan rules be tightened. Buyers can take up car loans of up to 100 per cent of the purchase price today, but they may think twice if a sizeable down payment is needed.
Heightened domestic inflation risks make it even more important to keep imported inflation at bay, say policy watchers.
"I believe there is scope for monetary policy to be tightened further on an incremental basis, if global energy prices remain elevated for longer, if external demand should re-accelerate, or if we see more generalised increases in services costs in the economy," Mr Leong said.
"When you are in the midst of a painful domestic cost adjustment (higher COEs and higher wages), it makes sense to keep your guard up to prevent additional imported price pressures from filtering through into the economy."
May be you didn't see the full story?
Higher COEs? - Does it affect >70% of Singaporeans?
Higher property rentals? - Does it affect >90% of Singapore households when they own their own properties? Isn't higher property rentals good since we take from foreigners into Singaporeans' pockets? (except those Singaporeans who "shorted properties"! They deserve it for not listening to MM Lee K.Y.!):p
SINGAPORE: Deputy Prime Minister and Minister for Finance and Manpower Tharman Shanmugaratnam has assured Singaporeans that the government is closely monitoring inflation including prices of everyday goods and services.
Speaking at the May Day dinner, he noted that inflation remains an important challenge and one that union leaders are most concerned about.
This year's May Day dinner comes at a time of continuing uncertainty in the global economy, caused especially by the problems in Europe, said Mr Tharman.
In Singapore however, he said the economy is not in a bad shape.
"Our unemployment rate remains lower than in most other countries. This is due to the very large number of jobs created last year. With the economic slowdown, we have seen a pick-up in redundancies since the last quarter of 2011, and can expect a slight increase in unemployment in the short term as displaced workers take some time to find new jobs," said Mr Tharman.
Singapore's Consumer Price Index (CPI) rose by about 5.2 per cent in March 2012 compared to a year ago and he said this is a high figure.
However, he also explained that this does not mean that the average Singaporean will feel this high inflation.
That is because more than half of the headline inflation rate of 5.2 per cent came from higher COEs for cars and the effect of higher market rent on houses.
"The vast majority of Singaporeans, who already own their homes and are not buying a new car, will not feel the effects of these sharp increases. The increase in prices of daily necessities and essential services, such as food, clothing & footwear and education, has actually been much more moderate, at three per cent or lower. The inflation in actual household expenditures for most Singaporeans is hence lower than five per cent," said Mr Tharman.
- CNA/fa
This is what economics to a layman is all about. Hope you could see the differences; or still blinded by your self elected barrier.
Originally Posted by teddybear
Which parts were not supported by basic economic theory and which part are amusing?
I've to draft it in such a way that normal laymen can understand it and relate to their day to day activities. If use all the economic terms and jargons like prof stalingrade, you think people can comprehen and relate them to his day to day activities.:rolleyes:
There are poor anties and uncles who pay higher interest rate than market rate for their HDB without knowing it.
Quote:
Originally Posted by phantom_opera
The Government is keeping a close watch on rising inflation in Singapore and will pay special attention to the property market, said Deputy Prime Minister Tharman Shanmugaratnam on Sunday.
'Although property prices are not themselves part of the consumer price index, when you have an overheated property market, many other prices can also go up,' he said
TCSS?
It is inflation at the macro economic level that is in question and thus my earlier quote that activities at the micro economic level (which this forum is discussing) would not withstand a hyper inflationary economy. That is what the government is really concern about despite rising prices of housing and cars not affecting most of the people. So, you see the differences between macro and micro economics? If economics is that simple as you see it, we would have been in much better shape now.
May be you didn't see the full story?
Higher COEs? - Does it affect >70% of Singaporeans?
Higher property rentals? - Does it affect >90% of Singapore households when they own their own properties? Isn't higher property rentals good since we take from foreigners into Singaporeans' pockets? (except those Singaporeans who "shorted properties"! They deserve it for not listening to MM Lee K.Y.!):p
SINGAPORE: Deputy Prime Minister and Minister for Finance and Manpower Tharman Shanmugaratnam has assured Singaporeans that the government is closely monitoring inflation including prices of everyday goods and services.
Speaking at the May Day dinner, he noted that inflation remains an important challenge and one that union leaders are most concerned about.
This year's May Day dinner comes at a time of continuing uncertainty in the global economy, caused especially by the problems in Europe, said Mr Tharman.
In Singapore however, he said the economy is not in a bad shape.
"Our unemployment rate remains lower than in most other countries. This is due to the very large number of jobs created last year. With the economic slowdown, we have seen a pick-up in redundancies since the last quarter of 2011, and can expect a slight increase in unemployment in the short term as displaced workers take some time to find new jobs," said Mr Tharman.
Singapore's Consumer Price Index (CPI) rose by about 5.2 per cent in March 2012 compared to a year ago and he said this is a high figure.
However, he also explained that this does not mean that the average Singaporean will feel this high inflation.
That is because more than half of the headline inflation rate of 5.2 per cent came from higher COEs for cars and the effect of higher market rent on houses.
"The vast majority of Singaporeans, who already own their homes and are not buying a new car, will not feel the effects of these sharp increases. The increase in prices of daily necessities and essential services, such as food, clothing & footwear and education, has actually been much more moderate, at three per cent or lower. The inflation in actual household expenditures for most Singaporeans is hence lower than five per cent," said Mr Tharman.
- CNA/fa
Originally Posted by teddybear
Which parts were not supported by basic economic theory and which part are amusing?
I've to draft it in such a way that normal laymen can understand it and relate to their day to day activities. If use all the economic terms and jargons like prof stalingrade, you think people can comprehen and relate them to his day to day activities.:rolleyes:
There are poor anties and uncles who pay higher interest rate than market rate for their HDB without knowing it.
Quote:
Originally Posted by phantom_opera
The Government is keeping a close watch on rising inflation in Singapore and will pay special attention to the property market, said Deputy Prime Minister Tharman Shanmugaratnam on Sunday.
'Although property prices are not themselves part of the consumer price index, when you have an overheated property market, many other prices can also go up,' he said
TCSS?
From a macro economic standpoint, high inflation must be supported by high growth and income growth for the economy to be sustainable. High inflation with low growth and income growth will put the economy under pressure.The results are that business cost increases and people become poorer.
Hard to disagree with this...
Although what was being disputed here is none of the above. A few members insist COE and imputed rental should be part of the "core inflation" , whereas other members' and the official gov's stand is that they are not. And since the official stand is they are not, at least as of now MAS believes there is no dire need to take drastic measures (for example, no one time re-centering of S$).
I think only a very small minority think COE should be part of the core inflation. I'm not going to have a debate with anyone on this. It's just a fact.
Sometime, I wonder if someone is reading and getting ideas/tips from here.
I posted my following views about the impacts of COE/overheated property market on the inflation last Saturday (2 days ago):
Most of what is in Ryan Ong's article are just rubbish! I will point them out below:
1. Insane COE prices:
Yes insane, but it shouldn't affect most people >70% since they take public transport, not drive a car. By right COE price should not be in the general CPI! It should be in the Rich's CPI, if they ever bother to create another one that distinguishes between luxury items and real basic necessities!
2. Overheated property market
Again, this is a myth rather than fact. Overheated property market should be good for 90% of Singaporeans as they own their properties. These property owners should be over-joyed that their assets have increased in value! It is only bad for those who "shorted" their properties and are now renting hoping to buy back cheap cheap (like Mr B) and the small number of youngsters waiting to buy their properties! But then, these youngsters can buy the cheap cheap HDB BTO flats! No reason to complain the overheated OCR private properties and resale HDB flats! And by the way, isn't high rental good for the 90% singaporean property owners? They can rent to foreigners at a good price! Unless the govt want to lose more GRCs, they better don't crash the property market.
The real reason for high inflation are the overheated commercial properties' rentals! That is the one that govt needs to fix because it is causing the super high inflation that are hard-hitting all Singaporeans!
3. Higher transport costs
Did public transport fare gone up this year or last year? The answer is obvious. The transport costs not that bad, except that frequent breakdown is a bigger problem!
4. Rising food costs
Yes, rising cooked & serviced food costs, because govt didn't build any new hawker centres and those REITs are causing escalating rentals of commercial properties which have been passed down to consumers! The govt better fix these REITs!
And, "MAS’ method of measuring core inflation: It excludes housing and private transport" is correct, as I pointed out above! Why include housing when it is an asset? We want asset to increase in value! Private transport is for the rich, if you want to include, create another Rich's CPI, but not in basic CPI!
And, MAS is right to use exchange rate to fight inflation as Singapore import almost everything we use! Common sense right? If our money is big, all things imported become "cheaper" after converting to S$!
Yesteday, incidentally, Deputy PM had also shared the same view about the impact of COE/overheated property market on the inflation:
SINGAPORE: Deputy Prime Minister and Minister for Finance and Manpower Tharman Shanmugaratnam has assured Singaporeans that the government is closely monitoring inflation including prices of everyday goods and services.
Speaking at the May Day dinner, he noted that inflation remains an important challenge and one that union leaders are most concerned about.
This year's May Day dinner comes at a time of continuing uncertainty in the global economy, caused especially by the problems in Europe, said Mr Tharman.
In Singapore however, he said the economy is not in a bad shape.
"Our unemployment rate remains lower than in most other countries. This is due to the very large number of jobs created last year. With the economic slowdown, we have seen a pick-up in redundancies since the last quarter of 2011, and can expect a slight increase in unemployment in the short term as displaced workers take some time to find new jobs," said Mr Tharman.
Singapore's Consumer Price Index (CPI) rose by about 5.2 per cent in March 2012 compared to a year ago and he said this is a high figure.
However, he also explained that this does not mean that the average Singaporean will feel this high inflation.
That is because more than half of the headline inflation rate of 5.2 per cent came from higher COEs for cars and the effect of higher market rent on houses.
" The vast majority of Singaporeans, who already own their homes and are not buying a new car, will not feel the effects of these sharp increases. The increase in prices of daily necessities and essential services, such as food, clothing & footwear and education, has actually been much more moderate, at three per cent or lower. The inflation in actual household expenditures for most Singaporeans is hence lower than five per cent," said Mr Tharman.
- CNA/fa
Think I need to buy lottery and see I can strike! :p
"Don't Sell your HDB" by LKY
Example:
Blk 194 Kim Keat Ave 3 room HDB selling for 300K, Loan 80% you pay 781.90 per month. If you rent you pay $2000 per month. Is the 3 Rm HDB under value or over value.
http://4.bp.blogspot.com/-bDkD6IaeWDA/T5zx-9dlJeI/AAAAAAAAHUU/0Z6nWR_JvTw/s1600/300.JPG
If the right valuation then it should be selling at $700,000. and you pay $1824.48 per month.
http://2.bp.blogspot.com/-XVL0DNhkhOQ/T5zzaR_R_OI/AAAAAAAAHUc/0x11KNlQvHs/s1600/560000.JPGTry using $240k loan over a tenure of 12 years. Also pretty near $2k/mth. :D
Sometime, I wonder if someone is reading and getting ideas/tips from here.
I posted my following views about the impacts of COE/overheated property market on the inflation last Saturday (2 days ago):
Yesteday, incidentally, Deputy PM had also shared the same view about the impact of COE/overheated property market on the inflation:
Think I need to buy lottery and see I can strike! :p
So you are trying to tell us you are DPM calibre?
:ashamed1: no la... could be his ka kia came here to get views ma and then drafted speech for him ma.. Don't say leh, I very pai Seh :o
Just a super coincident that make me think so....
无巧不成书！
So you are trying to tell us you are DPM calibre?
:ashamed1: no la... could be his ka kia came here to get views ma and then drafted speech for him ma.. Don't say leh, I very pai Seh :o
Just a super coincident that make me think so....
Just teasing you :p
Teddybear go join any opp, I die die vote for u :D
Condo Kaiser
30-04-12, 18:15
Honestly la guys... As parents I think we can all agree that having a car is definitely a big convenience when trying to raise a family. My kids never sat public transport until sec school when i forced them to be independent. Sometimes i regret giving them so much. i have to keep reminding them that they are driving around in HDBs.
So i can understand Ringo's frustration when teddy say owning a car is a luxury. And hence the non stop challenge that teddy has no kids.
But touch your heart and ask yourself, when we were growing up. How many of our parents got car? At least my parents didnt have car, and i dont think i ever ate a non-home-cooked meal for the better part of my first 10 years growing up. Singapore has not become much bigger in the last 50 years, and accessibility has greatly improved, so i really don't think no car and dont eat out mean you cannot raise a family.
Of course people can argue that it's easy for me to say this because i never had to go through the pain, but people must really learn to live within their means. If can afford car - good for you, if not try to work harder and save up for one if you really need it.
:cheers5:
Honestly la guys... As parents I think we can all agree that having a car is definitely a big convenience when trying to raise a family. My kids never sat public transport until sec school when i forced them to be independent. Sometimes i regret giving them so much. i have to keep reminding them that they are driving around in HDBs.
So i can understand Ringo's frustration when teddy say owning a car is a luxury. And hence the non stop challenge that teddy has no kids.
But touch your heart and ask yourself, when we were growing up. How many of our parents got car? At least my parents didnt have car, and i dont think i ever ate a non-home-cooked meal for the better part of my first 10 years growing up. Singapore has not become much bigger in the last 50 years, and accessibility has greatly improved, so i really don't think no car and dont eat out mean you cannot raise a family.
Of course people can argue that it's easy for me to say this because i never had to go through the pain, but people must really learn to live within their means. If can afford car - good for you, if not try to work harder and save up for one if you really need it.
:cheers5:
LIKE!!!!! I just think it extremely rude to judge people based on whether they have kids.
Hard to disagree with this...
Although what was being disputed here is none of the above. A few members insist COE and imputed rental should be part of the "core inflation" , whereas other members' and the official gov's stand is that they are not. And since the official stand is they are not, at least as of now MAS believes there is no dire need to take drastic measures (for example, no one time re-centering of S$).
I think only a very small minority think COE should be part of the core inflation. I'm not going to have a debate with anyone on this. It's just a fact.
This is a good article about what we are discussing.
http://furrybrowndog.wordpress.com/2010/08/09/housing-inflation-in-singapores-cpi/
phantom_opera
30-04-12, 18:33
How about taxi co bidding for Coe? How. About cat C Coe? Not inflationary?
LIKE!!!!! I just think it extremely rude to judge people based on whether they have kids.
Teddy talk like a pro when we were discussing about cost of bring up family, however after reading what he wrote about taking taxi etc, one would have to question him about his knowledge of bringing up children.
Judging?? No lah, just trying to expose his insanity.
Teddy talk like a pro when we were discussing about cost of bring up family, however after reading what he wrote about taking taxi etc, one would have to question him about his knowledge of bringing up children.
Judging?? No lah, just trying to expose his insanity.
aiya....everyone entitle to his own opinion mah. truth or lies doesnt really matter lah.
come to my clinic i give you free vitamin C jab ok ? :D
aiya....everyone entitle to his own opinion mah. truth or lies doesnt really matter lah.
come to my clinic i give you free vitamin C jab ok ? :D
C for chewren??? Wakakakaka
I AM STILL WAITING FOR YOUR ANSWER!
You disagreed with what I said that "90% Singaporeans own their properties they are living in".
Do you dare to declare clearly that whoever said so (since I believe 1 or more ministers said so) is a lie, and a big liar? :p
I bet you don't dare to because whatever you said cannot stand up to scrutiny, and what you said is lie, damn lie, you the biggest liar of all? :tsk-tsk:
TEDDY, I AM STILL WAITING FOR YOUR ANSWER.
ARE YOU CHILDLESS?
when I said "90% Singaporeans own their properties they are living in", obvious I mean the households residing in their property owns that property, not every individual. You have common sense or you trying to twist and turn again? You don't have common sense to judge that we can't possibly be talking about young kids, toddlers, babies owning properties in their own names? :rolleyes:
And by the way, stop beating around the bush. You disagreed with what I said that "90% Singaporeans own their properties they are living in". Can you state clearly that whoever said so is a lie, and a big liar? If so, I put my thumb up for you, but I will find somebody who said so to prove you wrong. I will ask him to "clarify" with you whether he lied or you lied.... Wakekekeeeeee! If you don't dare, you are just a pile of cow-dung, a pile of shit, some brainless idiot and a super coward who doesn't dare to own up and stand behind what you said!!! Doubt any forumers here will ever listen to your rubbish again! Wakekekeeeee...........Go eat shit!.. :tongue3:
Quote:
Originally Posted by Ringo33
Teddy, this is what you wrote.
Tan Chuan Jin mentioned that 80% of Singaporeans live in HDB flats. 90% of them own their own flats. And it definitely doesnt said anything about "Overheated property market should be good for 90% of Singaporeans as they own their properties"
From my understanding of what he said is that 90% of the 80% of Singaporeans living in HDB (which doesnt give you 90% of Singaporeans) are living in the flat that is bought, not rented. So for a family of 5 living together, they only own property, not 5 properties.
I hope this is clear enough for you.
BTW, ARE YOU CHILDLESS?
C for chewren??? Wakakakaka
wah...dont put me into the war zone leh........borrow wmf to kill enemy ah
Vit C is good for all ages....as long as it's a human being.:cheers1:
wah...dont put me into the war zone leh........borrow wmf to kill enemy ah
Vit C is good for all ages....as long as it's a human being.:cheers1:
wakakaka ok c for condo then
I AM STILL WAITING FOR YOUR ANSWER!
You disagreed with what I said that "90% Singaporeans own their properties they are living in".
Do you dare to declare clearly that whoever said so (since I believe 1 or more ministers said so) is a lie, and a big liar? :p
I bet you don't dare to because whatever you said cannot stand up to scrutiny, and what you said is lie, damn lie, you the biggest liar of all? :tsk-tsk:
when I said "90% Singaporeans own their properties they are living in", obvious I mean the households residing in their property owns that property, not every individual. You have common sense or you trying to twist and turn again? You don't have common sense to judge that we can't possibly be talking about young kids, toddlers, babies owning properties in their own names? :rolleyes:
And by the way, stop beating around the bush. You disagreed with what I said that "90% Singaporeans own their properties they are living in". Can you state clearly that whoever said so is a lie, and a big liar? If so, I put my thumb up for you, but I will find somebody who said so to prove you wrong. I will ask him to "clarify" with you whether he lied or you lied.... Wakekekeeeeee! If you don't dare, you are just a pile of cow-dung, a pile of shit, some brainless idiot and a super coward who doesn't dare to own up and stand behind what you said!!! Doubt any forumers here will ever listen to your rubbish again! Wakekekeeeee...........Go eat shit!.. :tongue3:
Quote:
Originally Posted by Ringo33
Teddy, this is what you wrote.
Tan Chuan Jin mentioned that 80% of Singaporeans live in HDB flats. 90% of them own their own flats. And it definitely doesnt said anything about "Overheated property market should be good for 90% of Singaporeans as they own their properties"
From my understanding of what he said is that 90% of the 80% of Singaporeans living in HDB (which doesnt give you 90% of Singaporeans) are living in the flat that is bought, not rented. So for a family of 5 living together, they only own property, not 5 properties.
I hope this is clear enough for you.
BTW, ARE YOU CHILDLESS?
"Overheated property market should be good for 90% of Singaporeans as they own their properties"
The strong oz dollar has got something to do with their natural resource export not just interest rate. Malaysia interest rate also high. Did you see their riggit appreciate against sing?
Aussie fix deposit rate is 6% while Malaysia is 3.2%.However Malaysia has 11 years budget deficit,rampant corruption,even with abundance of resources also wont help in Ringgit strengthening.
MYR still have some capital controls.
Oh my! Taxi is a necessity?! :doh:
Let's see your argument: If you are in a hurry. Who ask you not to plan in advance so that there is no hurry?
"Most convenient"? - How to justify"most convenient" as necessity? Car is the most convenient, so it becomes a necessity to you? :tongue3:
Children, handicap, newborn etc? Too bad, if you have no money, you can travel during off-peak hours right? Otherwise these people might as well ask govt to give them a car because of "necessity"? :rolleyes:
"After hours when there are no more train and buses"? - What the heck is a poor guy doing after hours and not going home and resulted in no public transport home? Only oneself to blame right?
What other shit reasons for "necessity" can you justify a taxi to be cheap cheap for your need? Wakekekeeeeee!
teddy's quote of the week.
"Who ask you not to plan in advance so that there is no hurry?"
"Children, handicap, newborn etc? Too bad"
"if you have no money, you can travel during off-peak hours right?"
In the event of emergency, they can use ambulance!
Don't mix up with emergency and get your priority right.
In summary, car is not neccesity in any country.
teddy's quote of the week.
"Who ask you not to plan in advance so that there is no hurry?"
"Children, handicap, newborn etc? Too bad"
"if you have no money, you can travel during off-peak hours right?"
In the event of emergency, they can use ambulance!
Don't mix up with emergency and get your priority right.
In summary, car is not neccesity in any country.
I am from KL.Car is definitely a necessity as the connectivity is bad.:simmering:
blackapple
01-05-12, 08:51
teddy's quote of the week.
"Who ask you not to plan in advance so that there is no hurry?"
"Children, handicap, newborn etc? Too bad"
"if you have no money, you can travel during off-peak hours right?"
Everyone is entitled to their own view.
I say that the property will be stagnant(+/-10%) for the next few year. The government will not let the price rise as it will bring higher inflation. The government will not let the price drop too much because they are $money$ face.
In the event of emergency, they can use ambulance!
Don't mix up with emergency and get your priority right.
In summary, car is not neccesity in any country.
This is exactly the reason why I am asking if you are childless.
If you are indeed childless or worst single, then I think you should limit your discussion to things you are more familiar with instead of sprouting nonsense after nonsense and act behave like a petulant kid.
If assuming your wife (if you have or ever have one) water broke, are you going to ask her to take SBS bus and MRT to hospital. Or are you going to pay $180 for ambulance ride to hospital?
If you talk the talk, make sure you walk the walk.
Everyone is entitled to their own view.
I say that the property will be stagnant(+/-10%) for the next few year. The government will not let the price rise as it will bring higher inflation. The government will not let the price drop too much because they are $money$ face.
whats your view about what teddy wrote?
phantom_opera
02-05-12, 10:59
This is exactly the reason why I am asking if you are childless.
If you are indeed childless or worst single, then I think you should limit your discussion to things you are more familiar with instead of sprouting nonsense after nonsense and act behave like a petulant kid.
If assuming your wife (if you have or ever have one) water broke, are you going to ask her to take SBS bus and MRT to hospital. Or are you going to pay $180 for ambulance ride to hospital?
If you talk the talk, make sure you walk the walk.
To be fair, when my wife delivered long time ago ... we took taxi .. subsequently we visited KK a few times ... also by taxi
But I admit if having 2/3 kids then you REALLY need a car
This is exactly the reason why I am asking if you are childless.
If you are indeed childless or worst single, then I think you should limit your discussion to things you are more familiar with instead of sprouting nonsense after nonsense and act behave like a petulant kid.
If assuming your wife (if you have or ever have one) water broke, are you going to ask her to take SBS bus and MRT to hospital. Or are you going to pay $180 for ambulance ride to hospital?
If you talk the talk, make sure you walk the walk.
This is interesting....does your wife's water bag breaks everyday? If everyday, i agree, you need to take a cab everyday. If not, I also agree a car is not a necessity in Sg.
This is interesting....does your wife's water bag breaks everyday? If everyday, i agree, you need to take a cab everyday. If not, I also agree a car is not a necessity in Sg.
The discussion between me and teddybear is whether taxi is an luxury transport mode or necessity, especially in Singapore where majority cant afford to have a car.
How often do you take a taxi btw? once 1 year?
Oh my! Taxi is a necessity?! :doh:
Let's see your argument: If you are in a hurry. Who ask you not to plan in advance so that there is no hurry?
"Most convenient"? - How to justify"most convenient" as necessity? Car is the most convenient, so it becomes a necessity to you? :tongue3:
Children, handicap, newborn etc? Too bad, if you have no money, you can travel during off-peak hours right? Otherwise these people might as well ask govt to give them a car because of "necessity"? :rolleyes:
"After hours when there are no more train and buses"? - What the heck is a poor guy doing after hours and not going home and resulted in no public transport home? Only oneself to blame right?
What other shit reasons for "necessity" can you justify a taxi to be cheap cheap for your need? Wakekekeeeeee!
It is totally irrelevant whether I have children or not in this debate.
Why you always wanted to relate your own situation to the topics? Look at the issue and not look at your own situation.
You take thing very personally! That's why you can't have constructive debates here!
You think Taxi/Car are necessity is only it is based on your own standard and situation. To SG standard, they are not the necessity. period! There are purely luxury items. You can take the cheaper alternative public transport!
Obviously, you didn't study hard and read a lot when you were in School and even now. Thats why sprouting nonsense after nonsense and act behave like a petulant kid here for all can see here.
You just gave everyone here a very good example here, your wife water bag broke case which explains exactly the car/taxi provides conveniences to you. In the real case of emergency , you can call ambulance! Is water bag broke an emergency? You went to hospital, nurse/docs still asked you to wait! :D it is emergency based on your own standard. They may/may not consider it as emergency based on doctors/nurses' standard.
This is exactly the reason why I am asking if you are childless.
If you are indeed childless or worst single, then I think you should limit your discussion to things you are more familiar with instead of sprouting nonsense after nonsense and act behave like a petulant kid.
If assuming your wife (if you have or ever have one) water broke, are you going to ask her to take SBS bus and MRT to hospital. Or are you going to pay $180 for ambulance ride to hospital?
If you talk the talk, make sure you walk the walk.
This is exactly the reason why I am asking if you are childless.
If you are indeed childless or worst single, then I think you should limit your discussion to things you are more familiar with instead of sprouting nonsense after nonsense and act behave like a petulant kid.
If assuming your wife (if you have or ever have one) water broke, are you going to ask her to take SBS bus and MRT to hospital. Or are you going to pay $180 for ambulance ride to hospital?
If you talk the talk, make sure you walk the walk.
dont waste your time arguing with teddy about logics or facts. Just say yes you are right to him to make him shiok shiok can liao. he need that for his ego.
Taking 2/3 kids to public transports are very incontinent and nobody is disputing this point!
Yo can still take public transports to travel from point A to B. But you chose to have a car because you wanted to provide conveniences to your self and your family.
See, the point is having a car is it provides conveniences to you but it is not the necessity to you.
To be fair, when my wife delivered long time ago ... we took taxi .. subsequently we visited KK a few times ... also by taxi
But I admit if having 2/3 kids then you REALLY need a car
The discussion between me and teddybear is whether taxi is an luxury transport mode or necessity, especially in Singapore where majority cant afford to have a car.
How often do you take a taxi btw? once 1 year?
Nobody teach you NOT to answer a question with a question? Before i answer you how many times did I take a taxi, please answer my question how many times or how often did your wife's water bag break?
And while I do not agree with Teddy on many points before, but in this instance, I have to agree car and taxi are luxury mode of transport. BMW (bus, walk, MRT/ LRT) is the basic mode of transport.
Taking 2/3 kids to public transports are very incontinent and nobody is disputing this point!
Yo can still take public transports to travel from point A to B. But you chose to have a car because you wanted to provide conveniences to your self and your family.
See, the point is having a car is it provides conveniences to you but it is not the necessity to you.
Instead of pretending like you know about raising family etc, why not just focus on supporting your argument that rising COE does not affect 70% of the population?
Nobody teach you NOT to answer a question with a question? Before i answer you how many times did I take a taxi, please answer my question how many times or how often did your wife's water bag break?
And while I do not agree with Teddy on many points before, but in this instance, I have to agree car and taxi are luxury mode of transport. BMW (bus, walk, MRT/ LRT) is the basic mode of transport.
I am sure you wont need to ask dumb question like "how often did your wife's water bag break" if you really bother to read what was discussed before you interjected. If you act stupid and ask stupid question, please dont expect to get a proper reply.
Whatever the BMW you talking about are ways to counter inflation, that does not support Teddy's argument that rising COE doesnt affect 70% of the population, no it is the preferred transportation mode if you are given a choice.
Taking 2/3 kids to public transports are very incontinent and nobody is disputing this point!
Yo can still take public transports to travel from point A to B. But you chose to have a car because you wanted to provide conveniences to your self and your family.
See, the point is having a car is it provides conveniences to you but it is not the necessity to you.
btw, what exactly are you trying to say here?
in·con·ti·nent [in-kon-tn-uhnt] Show IPA (http://forums.condosingapore.com/)
adjective 1. unable to restrain natural discharges or evacuations of urine or feces.
2. unable to contain or retain (usually followed by of ): incontinent of temper.
3. lacking in moderation or self-control, especially of sexual desire.
4. unceasing or unrestrained: an incontinent flow of talk.
phantom_opera
02-05-12, 15:04
btw, what exactly are you trying to say here?
in·con·ti·nent [in-kon-tn-uhnt] Show IPA (http://forums.condosingapore.com/)
adjective 1. unable to restrain natural discharges or evacuations of urine or feces.
2. unable to contain or retain (usually followed by of ): incontinent of temper.
3. lacking in moderation or self-control, especially of sexual desire.
4. unceasing or unrestrained: an incontinent flow of talk.
lol ... very funny ... I think it means "unable to control temper if bring so many kids to take public transport" ... surely nothing to do with sex right ... dun tell me nowadays got this kind of taxi service :p
IMHO the rising COE price affect everybody either directly or indirectly.
Not to forget that public transport like Taxis and Buses also require COE; this rising cost will pass to the commuter eventually.
This is similar to the case if fuel price increase; we cannot say that it will not affect us because we don't drive.
:doh::tongue3::sleep:
Instead of pretending like you know about raising family etc, why not just focus on supporting your argument that rising COE does not affect 70% of the population?
As someone ever pointed out in this forum, there are people who for the sake of proving his/her points, would section up other writings by picking up just one or two sentences or part of a complete sentence and hammer the writer without trying to understand the intents of what the writer was trying to convey. Overtime, such tactics become too apparent to a point where his/her creditability is called into question.
My understanding of the issues discussed here was whether high COE and property prices affect the people and the economy. The answers offered by the Finance Minister was that while high COE and property prices did not affect the majority of the people, they however, affect costs in other related industries and hence the inflation we now experienced.
Therefore, the government is watching closely the property market and cost of transportation.
If we just take the first part of the Finance Minister's statement and ignoring the second part of his statement to prove one's point is totally incorrect..
felicia_sg
02-05-12, 17:38
Does everyone in KL has a car or >90%? How about young kids?
Are you mixing up "necessity" that without you will die or suffer badly vs "good to have"?
I am from KL.Car is definitely a necessity as the connectivity is bad.:simmering:
felicia_sg
02-05-12, 17:53
Public Buses require COEs? Under which category is it? I saw somewhere they depreciate buses value over 15 years & not 10 years, then how to account for COE?
IMHO the rising COE price affect everybody either directly or indirectly.
Not to forget that public transport like Taxis and Buses also require COE; this rising cost will pass to the commuter eventually.
This is similar to the case if fuel price increase; we cannot say that it will not affect us because we don't drive.
Public Buses require COEs? Under which category is it? I saw somewhere they depreciate buses value over 15 years & not 10 years, then how to account for COE?
Buses are under Catergory C (GOODS VEHICLE & BUS).
Buses are under Catergory C (GOODS VEHICLE & BUS).
That 'bus' in Cat C is mini-bus lah, like those Toyota Hiaces, Mercedes Vito, Viano 'PA, PB, PC' plates kind. Public buses no COE lah. These kind of Mini-buses provides limo services, eg ferry main land china from airport, to hotel, to ppty show room 1, to MBS, to sentosa, to ppty showroom 2, to DFS, to Ion, to show room 3, to hotel, to airport.
High COE prices - Bad for some people, good for some people (eg luxury car salesmen and dealers).
High property prices - Bad for 10% of people without properties and intending to buy one or renting, good for 90% of existing property owners.
So have good and bad, just which is the majority and which is the minority.
As an aspiring property owner looking to buy a property, I hate higher and higher property prices!
Once I become a property owner, I prefer higher and higher property prices! :D
As a potential car owner, I hated high COE prices!
Once I become a car owner, I like high COE prices since means less COE and hence less cars on the roads means less traffic jam!
What an irony life is isn't it? Which side you like depends on your existing position on you on. :beats-me-man:
This is life, and nobody is saint here. Saint would have gone to heaven.... Hee hee!
As someone ever pointed out in this forum, there are people who for the sake of proving his/her points, would section up other writings by picking up just one or two sentences or part of a complete sentence and hammer the writer without trying to understand the intents of what the writer was trying to convey. Overtime, such tactics become too apparent to a point where his/her creditability is called into question.
My understanding of the issues discussed here was whether high COE and property prices affect the people and the economy. The answers offered by the Finance Minister was that while high COE and property prices did not affect the majority of the people, they however, affect costs in other related industries and hence the inflation we now experienced.
Therefore, the government is watching closely the property market and cost of transportation.
If we just take the first part of the Finance Minister's statement and ignoring the second part of his statement to prove one's point is totally incorrect..
Aren't you the one saying car and taxi are a necessity because for example your wife's water bag break need to go hospital urgently? :beats-me-man:
By the way, water bag break is not emergency, still got plenty of time before actual delivery. You got no child is it? :confused:
I am sure you wont need to ask dumb question like "how often did your wife's water bag break" if you really bother to read what was discussed before you interjected. If you act stupid and ask stupid question, please dont expect to get a proper reply.
Whatever the BMW you talking about are ways to counter inflation, that does not support Teddy's argument that rising COE doesnt affect 70% of the population, no it is the preferred transportation mode if you are given a choice.
Water bag break can be emergency or not also. If contraction comes very quickly, delivery can be 30mins away! Speaking from personal experience.
Aren't you the one saying car and taxi are a necessity because for example your wife's water bag break need to go hospital urgently? :beats-me-man:
By the way, water bag break is not emergency, still got plenty of time before actual delivery. You got no child is it? :confused:
Good morning, teddy.
So you decided to use a new account to pretend to be someone else huh? what happen to Teddybear? I thought seniority and credibility is so important to you. Wont a newly signed up "newbie" be of disadvantage in this forum?
Btw, what exactly is very incontinent?
Taking 2/3 kids to public transports are very incontinent
btw teddy, the reason why I say pay $180 for ambulance ride is because that is the fee SCDF will charge you for attending to non emergency cases.
If assuming your wife (if you have or ever have one) water broke, are you going to ask her to take SBS bus and MRT to hospital. Or are you going to pay $180 for ambulance ride to hospital?
Hahahaha.........
Someone can't get their priority right! They are willing to pay a bomb for a car but not willing to S$180 about twice a lifetime. In your doctor thinks that it is an emergency, you pay nothing! Only people like to misuse it and think that whatever shit they "need" is "emergency"/necessity, then have to pay lo.....
:tongue3:
http://www.scdf.gov.sg/content/scdf_internet/en/general/information/scdf-and-1777-ambulance-services.html:
SCDF Ambulance Charges The SCDF does not charge for any emergency case it conveys to hospitals. However, $180 will be charged for each non-emergency case that SCDF ferries to hospital.
Note: The final outcome of the emergency / non-emergency status of a patient will be based on the assessment of the doctor at the Emergency Department of the receiving hospital.
btw teddy, the reason why I say pay $180 for ambulance ride is because that is the fee SCDF will charge you for attending to non emergency cases.
Ha ha ha! I am everywhere! I have more forum users names for you to guess! Have you ever HP65 = teddybear? blackapple = teddybear? Phantom Opera = teddybear? :p
Good morning, teddy.
So you decided to use a new account to pretend to be someone else huh? what happen to Teddybear? I thought seniority and credibility is so important to you. Wont a newly signed up "newbie" be of disadvantage in this forum?
Btw, what exactly is very incontinent?
Hahahaha.........
Someone can't get their priority right! They are willing to pay a bomb for a car but not willing to S$180 about twice a lifetime. In your doctor thinks that it is an emergency, you pay nothing! Only people like to misuse it and think that whatever shit they "need" is "emergency"/necessity, then have to pay lo.....
:tongue3:
http://www.scdf.gov.sg/content/scdf_internet/en/general/information/scdf-and-1777-ambulance-services.html:
SCDF Ambulance Charges The SCDF does not charge for any emergency case it conveys to hospitals. However, $180 will be charged for each non-emergency case that SCDF ferries to hospital.
Note: The final outcome of the emergency / non-emergency status of a patient will be based on the assessment of the doctor at the Emergency Department of the receiving hospital.
The discussion here is whether taxi is a necessity for people without a car. Based on your reasoning (see below), if it is an emergency, we can always use ambulance instead of taxi like it is some sort of free transportation paid for by taxpayer.
So my question to you is that if your wife water bag broke, are you going to pay $180 and call the ambulance or take public bus and MRT since taxi is not an option because it is an luxury transport mode.
In the event of emergency, they can use ambulance!
Don't mix up with emergency and get your priority right.
In summary, car is not neccesity in any country.
Ha ha ha! I am everywhere! I have more forum users names for you to guess! Have you ever HP65 = teddybear? blackapple = teddybear? Phantom Opera = teddybear? :p
The only way you could go undetectable with a new account is to keep very very quiet because the moment you start posting you will reveal your identity.
Why you say so? :confused:
Just because I disagree with your view that car and taxi is necessity and not luxury and I am a newbie?
Your view doesn't make any logical sense, I believe many will agree with me. Otherwise that 75% of Singaporeans without a car will have to xxxxx :banghead:.
Never mind, up to you think whatever you want.
Good morning, teddy.
So you decided to use a new account to pretend to be someone else huh? what happen to Teddybear? I thought seniority and credibility is so important to you. Wont a newly signed up "newbie" be of disadvantage in this forum?
Btw, what exactly is very incontinent?
Allthepies
03-05-12, 20:59
Why you say so? :confused:
Just because I disagree with your view that car and taxi is necessity and not luxury and I am a newbie?
Your view doesn't make any logical sense, I believe many will agree with me. Otherwise that 75% of Singaporeans without a car will have to xxxxx :banghead:.
Never mind, up to you think whatever you want.
dont worry u have lots of supporters, no one will believe taxi has become a necessity :P
Why you say so? :confused:
Just because I disagree with your view that car and taxi is necessity and not luxury and I am a newbie?
Your view doesn't make any logical sense, I believe many will agree with me. Otherwise that 75% of Singaporeans without a car will have to xxxxx :banghead:.
Never mind, up to you think whatever you want.
if you wish to discuss this further, please sign up as teddybear.
Ok ok you like Teddybear so much, here comes teddybear! :p
if you wish to discuss this further, please sign up as teddybear.
dont worry u have lots of supporters, no one will believe taxi has become a necessity :P
this teddy clone dude posted less than 10 times and he already got supporters?
thats a good one.
[SINGAPORE] Soaring certificate of entitlement (COE) premiums are bearing down on businesses and forcing them to put the brakes on growth.
Since the start of the year, the workhorses of the road - lorries, vans and motorcycles - have become more expensive at a staggering rate, derailing the expansion plans of vehicle-reliant firms.
Category C premiums - which are for goods vehicles and buses - are now pushing $58,000, up 49 per cent from the start of this year. A year ago, the premium was just below $24,000.
Supply chain firm Sin-Freight International had planned to scrap two of its existing lorries to buy two new lorries with more tonnage, but the stratospheric COE premiums have put paid to its plans.
"After looking at the COE (premium), everything has to be put on (hold)," its spokesman told BT.
Logistics firm Kenzone Singapore is in the same pickle. "We cannot buy new vehicles because of the very high COE prices right now," its spokesman told BT.
As it is, the firm has the COEs of four lorries coming due for renewal. Compounding matters, it is firmly wedged between the hard place that is the higher premiums and the immovable rock that is the prevailing arrangement with long-term customers.
With Kenzone's customers, only variables such as fuel prices and ERP surcharges have historically been passed on, but not upward swings in COE premiums. "They can always say, 'It's not our problem'. Actually, it's not," the spokesman said.
Elsewhere, however, higher COE premiums will trickle down to consumers. Afiko Food Delivery will be raising its delivery charge within the next two months for the first time since it opened three years ago.
Some of its vans are coming up for COE renewal and Afiko's founder Peter Lim said that the higher premiums, along with rising fuel prices, will soon compel it to add $5-10 to its $20 delivery fee. "We will definitely have to think twice about getting another van, compared to previously," he said.
For now, firms that depend on motorcycles remain relatively unscathed, even as the COE premium for them grazes $2,000 - a 30 per cent increase from the start of last year.
"Although the percentage change in the COE is quite high, because the value is small, it's not as bad as (if) we were running a car business where the COE used to $20,000-$30,000 and is now $90,000," said Tan Soon Cheong, managing director of Ban Hock Hin, a motorcycle leasing and servicing firm with clients such as Domino's Pizza and Delifrance.
Even the car rental business, once a beneficiary of higher car prices, is seeing the higher premiums put the squeeze on the return on investment.
"I can't exactly say how much it has impacted our costs and margins but . . . our return on investment per car has been delayed," said C&P Rent-A-Car's CEO Loi Win Yen.
"Our purchasing costs have gone up significantly. Instead of just purchasing new cars now, we are buying both used and new cars."
The firm, with a fleet of about 600 vehicles, will see fewer than 10 of them come due for COE renewal this year. It will renew some of the COEs in a market where smaller cars have a prevailing quota premium (PQP) of more than $50,000 for COE renewal in Category A and larger cars in Category B will cost more than $70,000 to keep on the road for another decade.
As unpalatable as the cost of renewing COEs might be, the latest premium of $91,000 for new Category B cars - a high not seen since December 1994 - swiftly puts COE renewal into perspective.
"At the rate that the (Cat B premium) is climbing, we are on track to hit a new high," said Irvin Seah, an economist at DBS.
Taxi firms, frequently accused of edging drivers out of Category A - for smaller cars and taxis - by bidding in large quantities to expand their fleet, might themselves have less wriggle room for now.
"Higher COE prices would translate to higher operating costs for both taxi hirers and operators. It would lead to potentially slower take-up rate of vehicles, resulting in smaller pool of taxi supply," said Tony Heng, a director of SMRT Taxis.
While the taxi fare hike last December might go some way towards offsetting the higher costs of fleet expansion, Mr Heng said that "the current fare does not reflect the full impact of COE increase".
Even if passengers are to ultimately bear the full brunt of more expensive COE premiums, it will take time.
"The taxi fare hike was quite recent - merely four months ago - and any further fare hike during this period is likely to generate negative feeling among (the) public," said Tan Khay Boon, a senior lecturer at SIM University's School of Business.
Even so, passengers face the prospect of either being upset now or upset later. "If COE continues to escalate upwards, (a) further taxi fare hike cannot be ruled out. For commuters who considered taxi services as necessity, the demand is inelastic and they would just have to absorb the higher fares," said Dr Tan.
Minister for Transport and Second Minister for Foreign Affairs Lui Tuck Yew has asked the Land Transport Authority (LTA) to look into whether the vehicle growth rate can be more flexibly slowed down from 1.5 per cent to 0.5 per cent. LTA will also study if the adjustments to the overprovision of COEs made in 2008/2009 can be deferred.
While motor distributors have welcomed the move, they said that the details will be important in determining how much they can curb rising premiums.
phantom_opera
07-05-12, 10:16
ha ha ha I know Ringo will copy and paste this article ...
Got supporter or not does not depend on how many he/she post, only substance matters. You can post 10,000 posts and may be nobody cares about you and your postings, like Mr B. :p
this teddy clone dude posted less than 10 times and he already got supporters?
thats a good one.
ha ha ha I know Ringo will copy and paste this article ...
common sense isnt it?
phantom_opera
08-05-12, 11:09
MAS said every year: inflation rate is expected to moderate towards end of the year
MOE just said: the difficulty of math questions never increase over time
PUB said: our capacity / design never change, it is weather that changed
LTA said: we miscalculated the COE supply, therefore, we must shrink them immediately to correct ...
HDB said: HDB size remains the same, we never shrunk it
;)
MAS said every year: inflation rate is expected to moderate towards end of the year
MOE just said: the difficulty of math questions never increase over time
PUB said: our capacity / design never change, it is weather that changed
LTA said: we miscalculated the COE supply, therefore, we must shrink them immediately to correct ...
HDB said: HDB size remains the same, we never shrunk it
;)
IRAS said: we never raise tax rates nor introduce more stamp duties, its just that people earn more and contribute more to nation building only....
MND said: we never raise the land price... Its just that developers keep on bidding high price so we set reserve to high benchmark....
MOE just said: the difficulty of math questions never increase over time
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-ash4/465635_3021090379234_1621943582_2034056_1326172116_o.jpg
Primary One Term 2 Maths.
For those who got time to solve the math question.
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