PM Lee: No safety net for S'pore- made no mistake understand

[makapaaa]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Fri Apr 16, 2010 8:00 am Post subject: PM Lee: No safety net for S'pore- made no mistake understand</TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>PM Lee: No safety net for S'pore, unlike Greece
By Chua Chin Hon, US Bureau Chief

WASHINGTON: Singapore cannot afford to ever land in the kind of debt crisis that Iceland and Greece found themselves in, as no white knight will come to its rescue, Prime Minister Lee Hsien Loong has said. He said: 'We can't afford to have a disastrous bump in the night, whether it is a financial crisis, government misbehaviour, or a security problem.

'We have only one chance to make a go of it. You can succeed in many battles, but if you fail once, it is finished.'

Mr Lee was speaking during an hour- long interview in Washington with veteran television journalist Charlie Rose which was broadcast in the United States on Wednesday night and in Singapore on Bloomberg Television last night.

Mr Lee said that while he is happy that Singapore is often held up as an example of good governance, he and his colleagues remind themselves constantly that the country has no safety net, and that the consequences of a wrong decision can be severe.

No time for complacency, says PM He said: 'Supposing we were in the situation of Iceland or Greece, where would we be? 'Iceland is a friend of the European Union. Greece is in the EU. So the Germans come riding to the rescue. But Singapore... how would you ever come back?'

Iceland was among the countries worst hit by the 2008 global financial crisis. Its three major banks collapsed as a result of excessive risk-taking, sparking an economic and political meltdown in the small island nation.

Debt-stricken Greece has been struggling with the same problems in recent months, sparking fears that it would 'infect' other economically vulnerable countries in the euro zone.

Mr Lee, who is on a six-day visit to the US, said Singapore simply could not afford mistakes on the scale of those made by Iceland and Greece. Despite the Republic's many successes, it could still lose it all if it failed badly just once.

But the Prime Minister also noted that Singapore has in its favour one of the most valuable and sustainable competitive advantages - a 'reservoir of trust' between the people and the Government. This trust was one reason why it weathered the recent economic crisis relatively well, and rebounded strongly when global conditions improved.

Figures released this week showed the Singapore economy growing by a stellar 13.1 per cent in the first quarter, prompting the Government to raise its full-year growth forecast as well.

'We did the right thing in the downturn last year by focusing on saving jobs and keeping companies viable,' said Mr Lee. 'We kept social cohesion, and when the moment came to pick up, (the companies) were ready to pick up, increase production and go again.'

He also credited Singapore's economic rebound to the decisive response by the US to the financial crisis, as well as the fortuitous timing of projects such as the integrated resorts, which are being completed just as the recovery is picking up pace.

Asked if Singapore's prospects were brighter now than five years ago, Mr Lee agreed they were, but said that this was no time for complacency.

'We are on a good platform not to cruise ahead, but to build for the future,' he added. 'This is the platform from which we can say, 'We got the growth, let's get the transformation moving'.'

Mr Lee was asked to comment on US engagement in Asia and developments in China. He was also asked about the recent libel case in which the International Herald Tribune apologised and paid damages for insinuating in an article that he got his job on account of his father, Minister Mentor Lee Kuan Yew.

'The signal we want to send is that if you want to make an allegation, make sure it is true, and be prepared to prove it,' he said.

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[makapaaa]

 

[makapaaa]

NO REGRET Losing Hundreds of Billions Cos LOSS Can Always be Charged to White Carrot Head?!​

 

[halsey02]

'The signal we want to send is that if you want to make an allegation, make sure it is true, and be prepared to prove it,' he said.

Even it can be proven, can the courts here, dare to hear the case????

 

[makapaaa]

But the Prime Minister also noted that Singapore has in its favour one of the most valuable and sustainable competitive advantages - a 'reservoir of trust' between the people and the Government. This trust was one reason why it weathered the recent economic crisis relatively well, and rebounded strongly when global conditions improved.

=> Sporns can trust the FAPee TRAITORS to suck them dry and then sell them out to FTrash?

 

[johnny333]

Some people want to know how the PAP can justify their million dollar salaries Where in the world can civil servants command such pay

Is an 80+ MM & his son who is a part-time PM worth how many millions

Not forgetting the unlimited medical expenses, directorships,... they & their families are costing the state, even though other Sporeans have no safety net.

 

[xebay11]

They have safety nets for themselves with their golden pensions, 4 legs good, 2 legs bad.

 

[Lord Imperious]

But the Prime Minister also noted that Singapore has in its favour one of the most valuable and sustainable competitive advantages - a 'reservoir of trust' between the people and the Government. This trust was one reason why it weathered the recent economic crisis relatively well, and rebounded strongly when global conditions improved.

=> Sporns can trust the FAPee TRAITORS to suck them dry and then sell them out to FTrash?

More like no choice. They used to enjoy a reservoir of trust at one time but that asset has since been squandered away. They are lucky that no real crisis has yet appeared.

The biggest joke is that they themselves have removed many of the check and balances to ensure clean and efficient governance.

 

[cooleo]

Can someone remind Pinky about Wong Cunt Seng's screw up with Mas Selamat? Seems like he got selective memory wor!

 

[halsey02]

Can someone remind Pinky about Wong Cunt Seng's screw up with Mas Selamat? Seems like he got selective memory wor!

He will ask you...WHO?..he is having selective dementia...Wrong Cant Sing wh????...cant even use a mosquito net properly...

Anyway...he is still around...only in YOUR SINGAPORE, you get this...

 

[halsey02]

They have safety nets for themselves with their golden pensions, 4 legs good, 2 legs bad.

In other words he is 'fixing' you, by telling you that, if you vote the oppositions, your $999,999 HDB flat will fall down in value with no SAFETY NET to $9,999...and please vote for him & pay more, please!!!

Your are his SAFETY NET.....

 

[KuanTi01]

Die die also must vote for PAP, is it?

 

[halsey02]

Die die also must vote for PAP, is it?

Yes!....the IM ( immortal Minister) is watching you, do you have a safety net???

 

[Received_by_Kings]

No time for complacency, says PM He said: 'Supposing we were in the situation of Iceland or Greece, where would we be? 'Iceland is a friend of the European Union. Greece is in the EU. So the Germans come riding to the rescue. But Singapore... how would you ever come back?'

Is he saying that ASEAN is not united and members don't really care about each other?

 

[Received_by_Kings]

Your are his SAFETY NET.....

See how important you really are?

 

[jw5]

There are no safety nets for the ordinary citizens, but for the elites, they are one another's safety nets.

 

[cooleo]

<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Fri Apr 16, 2010 8:00 am Post subject: PM Lee: No safety net for S'pore- made no mistake understand</TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>PM Lee: No safety net for S'pore, unlike Greece
By Chua Chin Hon, US Bureau Chief

WASHINGTON: Singapore cannot afford to ever land in the kind of debt crisis that Iceland and Greece found themselves in, as no white knight will come to its rescue, Prime Minister Lee Hsien Loong has said. He said: 'We can't afford to have a disastrous bump in the night, whether it is a financial crisis, government misbehaviour, or a security problem.

'We have only one chance to make a go of it. You can succeed in many battles, but if you fail once, it is finished.'

Mr Lee was speaking during an hour- long interview in Washington with veteran television journalist Charlie Rose which was broadcast in the United States on Wednesday night and in Singapore on Bloomberg Television last night.

Mr Lee said that while he is happy that Singapore is often held up as an example of good governance, he and his colleagues remind themselves constantly that the country has no safety net, and that the consequences of a wrong decision can be severe.

No time for complacency, says PM He said: 'Supposing we were in the situation of Iceland or Greece, where would we be? 'Iceland is a friend of the European Union. Greece is in the EU. So the Germans come riding to the rescue. But Singapore... how would you ever come back?'

Iceland was among the countries worst hit by the 2008 global financial crisis. Its three major banks collapsed as a result of excessive risk-taking, sparking an economic and political meltdown in the small island nation.

Debt-stricken Greece has been struggling with the same problems in recent months, sparking fears that it would 'infect' other economically vulnerable countries in the euro zone.

Mr Lee, who is on a six-day visit to the US, said Singapore simply could not afford mistakes on the scale of those made by Iceland and Greece. Despite the Republic's many successes, it could still lose it all if it failed badly just once.

But the Prime Minister also noted that Singapore has in its favour one of the most valuable and sustainable competitive advantages - a 'reservoir of trust' between the people and the Government. This trust was one reason why it weathered the recent economic crisis relatively well, and rebounded strongly when global conditions improved.

Figures released this week showed the Singapore economy growing by a stellar 13.1 per cent in the first quarter, prompting the Government to raise its full-year growth forecast as well.

'We did the right thing in the downturn last year by focusing on saving jobs and keeping companies viable,' said Mr Lee. 'We kept social cohesion, and when the moment came to pick up, (the companies) were ready to pick up, increase production and go again.'

He also credited Singapore's economic rebound to the decisive response by the US to the financial crisis, as well as the fortuitous timing of projects such as the integrated resorts, which are being completed just as the recovery is picking up pace.

Asked if Singapore's prospects were brighter now than five years ago, Mr Lee agreed they were, but said that this was no time for complacency.

'We are on a good platform not to cruise ahead, but to build for the future,' he added. 'This is the platform from which we can say, 'We got the growth, let's get the transformation moving'.'

Mr Lee was asked to comment on US engagement in Asia and developments in China. He was also asked about the recent libel case in which the International Herald Tribune apologised and paid damages for insinuating in an article that he got his job on account of his father, Minister Mentor Lee Kuan Yew.

'The signal we want to send is that if you want to make an allegation, make sure it is true, and be prepared to prove it,' he said.

[email protected]</TD></TR></TBODY></TABLE>

Don't over-react, go overboard over one bad incident: PM Lee

SINGAPORE should not encourage a culture where officials and ministers resign whenever something goes wrong on their watch, regardless of whether or not they are actually to blame, said Prime Minister Lee Hsien Loong in Parliament on Tuesday.

'That would be the easy way out. It may temporarily appease an angry public, but it will not fundamentally solve the problem,' he said in his statement, which addressed the Government's overall approach, its responsibility and accountability over fugitive terrorist Mas Selamat Kastari's escape from the Whitley Road Detention Centre on Feb 27.

In the aftermath of the escape, some Singaporeans have criticised the Government, the minister and senior officials in charge for the major lapses that enabled the Jemaah Islamiah militant to flee and some have called on them to take responsibility for the incident or resign.

Responding to these, PM Lee on Tuesday urged the people not to 'over-react to one bad incident.'

'If we go overboard in trying to solve one problem, the chances are we will inadvertently commit other mistakes which we will regret later,' he said.

'For example, encumbering an organisation with unwieldy rules and processes may look good on paper, but in practice will simply generate a false sense of security, while hindering the organisation from functioning efficiently and achieve its goals.'

PM Lee said when something goes wrong, the first priority is to respond to the immediate crisis and then identify shortcomings and put them right.

Besides corrective measures to ensure that the problem does not recur, he said the Government will give as full a public accounting as possible, especially if it is a major lapse.

'Singaporeans need to know what went wrong, and what the Government will do to fix things,' he said.

While the minister is ultimately accountable for the policies and operations of his ministry, PM Lee cautioned: 'But this does not mean that if a lapse occurs down the line, every level in the chain of command, up to and including the Minister should automatically be punished or removed.'

'Based on the facts, we have to decide who fell short in performing his duties, and what is the appropriate disciplinary action for each officer involved. We also have to follow due process, giving officers the chance to defend themselves. Otherwise we will demoralise the organisation and discourage officers from taking initiatives or responsibility, for fear of being punished for making mistakes.'

'This same principle of responsibility and accountability also applies to Ministers.'

 

[ChaoPappyPoodle]

Without the ridiculous number of FTs coming in and boosting housing sales, we would still be in a recession. This PM is trying to hoodwink us. We were the first country in the world to fall into recession. Without housing sales, we would still be in it.

When recession hits he says it is a worlwide thing. When recession is just over and for the reasons stated, he declares himself the architect of the success! :oIo:

Vote such hoodwinking people out of office. It is pointless to have 10 or even 20 Alternative Party members in parliament. There will be no change in the hoodwinking. In fact< there will be even more hoodwinking.

The only way out is to kick them out of power. This is the only way to save our country.

 

[Papsmearer]

Notice that this running dog Chua Chin Hon did not quote any questions that Charlie Rose asked him. When Lee Con You was on earlier this year, Charlie Rose grilled him pretty good. Charlie Rose says "You know the Chinese mind.........". I was laughing. Yep, Gay Loong knows the chinese mind alright. He should by now after letting in so many of them. Gay Loong was also quoting Deng Hsiao Peng. I am surprised he did not quote his father. LOL. "My Daddy say ah,.................." Gay Loong said Falungong scared the "daylights" out of the chinese leadership inner sanctum. Like he was privy to the chinese inner sanctum thinking. LOL.

Gay Loong said that any dissent in China is not allowed and agreed with Charlie Rose that this is their one big insecurity. Rose should have asked him what about S'pore? Any dissent in S'pore is not tolerated either. At least Gay Loong admitted the govt. is corrupt in Burma. Of course, he did not admit that his govt. supports the junta there. Gay Loong says S'pore has to be "extraordinary". Says FTs are extended family. WTF? Says the casinos and IRs are creating 20,000 jobs and tremendous number of tourists. 20,000 jobs for FTs or for S'poreans? Saysthe PAP is someone the people trusts and is competent!. Who the hell trusts the PAP anymore? How can u lose $40 billion and still call yourself competent. Says we have no safety net. The funds in Temasek and GIC are supposed to be our safety net.

Than Gay Loong says that S'pore could be a "broken back" country if it was mismanaged like Iceland or Greece. I found the term "broken back" strange. I think it slipped out of his mouth. I think "Broke Back" was on his tongue instead. :-) Gay Loong denied that Temasek is a Sovereign Wealth Fund. He says its a linited company. He and Charlie Rose has a small argument over whether Temasek is SWF.

CR: "And you also have a sovereign wealth fund"
GL: "Yes,..."
CR:"Which is worth a hundred....." Gets interupted by GL
GL: "Temasek is not really a soverign wealth fund, they have companies.."
CR:"I don't really understand the model than"
GL: "Temasek owns a stable of companies"
CR: "Sovereign wealth funds own a stable of companies"
GL: "Sovereign wealth funds own a portfolio of financial assets"
CR: "But sometimes they go out and buy companies"
GL: "Sometimes"

Of course, SHit Times will not publish this exchange. Charlie Rose told Gay Loong that he has a responsibility to the people of S'pore to make sure Temasek does well. Gay Loong denies this. He says his responsibility is to have the right people in Temasek. But he does not have the right people in Temasek as evidence by their loses and poor investment. Does he say that he is not doing a good job. Claims that there is an incentive to have babies in S'pore. Than he says this incentive is a small gesture. WTF?

CR asked his about nepotism. He claims that there is none, instead there is meritocracy. He says that he did not put his wife in Temasek. He says if there is nepotism, than he has no moral right to govern. He claims that his father did not fix it so that he is PM. If some journalist writes about nepotism, he says he will sue them. They talk at lenght about the International Herald Tribune article that resulted in the lawsuit.

GL says that MM has made a system that can run without him. We shall see about that. All in I would saythat CR did ask some pointed questions but did let him off the hook. No other journalist in S'pore would dare to ask him about the nepotism question.

 

[maozedong]

He looked tired in the interview.