Holding Lee Kuan Yew accountable – Part 1
Monday, 09 February 2009
Chee Soon Juan
In what has become a landmark speech Minister Mentor pointed out in July 2007 that, thanks to his party, the economy was headed skywards: Tourism, consumer confidence, job creation, inflow of wealth, etc were all at an all time high. Not only was the economy going great guns, social development was apparently also doing swimmingly.
In fact things were so rosy then that Mr Lee couldn't hide his excitement: "If there are no wars or oil crises, this golden period can stretch out over many years."
Barely one, let alone many, later Singapore's economy started to go into a tailspin – and, might it be pointed out, there were no wars or oil crises.
In other words, the MM's prediction was spectacularly wrong – not that there is anything surprising with that, Mr Lee had been wildly off the mark many times before:
In January 1998 Mr Lee predicted: "I don't think you're going to get a significant or dramatic political change in Indonesia." Four months later, Suharto was toppled.
In 1995, the then Senior Minister proclaimed: "Both the Suzhou and Singapore sides recognise that they need to work as a team for the Suzhou Industrial Park to compete successfully..." Three years later, the project collapsed.
In 1997 just prior to the general elections, Mr Lee told HDB residents that upgrading would lead to a "40 to 50 percent increase in the value of your HDB property." Before the year was over, property prices plunged with the advent of the Asian financial crises.
There's nothing wrong, of course, about making bad predictions. Let's be fair, everyone at some point has made calls that have turned out embarrassingly wrong. Mr Lee has made, and will make, his fair share.
http://www.yoursdp.org/index.php/pe.../1881-holding-lee-kuan-yew-accountable-part-1
Monday, 09 February 2009
Chee Soon Juan
In what has become a landmark speech Minister Mentor pointed out in July 2007 that, thanks to his party, the economy was headed skywards: Tourism, consumer confidence, job creation, inflow of wealth, etc were all at an all time high. Not only was the economy going great guns, social development was apparently also doing swimmingly.
In fact things were so rosy then that Mr Lee couldn't hide his excitement: "If there are no wars or oil crises, this golden period can stretch out over many years."
Barely one, let alone many, later Singapore's economy started to go into a tailspin – and, might it be pointed out, there were no wars or oil crises.
In other words, the MM's prediction was spectacularly wrong – not that there is anything surprising with that, Mr Lee had been wildly off the mark many times before:
In January 1998 Mr Lee predicted: "I don't think you're going to get a significant or dramatic political change in Indonesia." Four months later, Suharto was toppled.
In 1995, the then Senior Minister proclaimed: "Both the Suzhou and Singapore sides recognise that they need to work as a team for the Suzhou Industrial Park to compete successfully..." Three years later, the project collapsed.
In 1997 just prior to the general elections, Mr Lee told HDB residents that upgrading would lead to a "40 to 50 percent increase in the value of your HDB property." Before the year was over, property prices plunged with the advent of the Asian financial crises.
There's nothing wrong, of course, about making bad predictions. Let's be fair, everyone at some point has made calls that have turned out embarrassingly wrong. Mr Lee has made, and will make, his fair share.
http://www.yoursdp.org/index.php/pe.../1881-holding-lee-kuan-yew-accountable-part-1