Do you need to quote the whole post????
Think you should consider disabling the quote button. People wishing to quote can quote manually and selectively, instead of just clicking a button and dump it all in.
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Sharp Eyed TeeKee Points to Worthlessness of PAPee's "100% Guarantee". WORRYING!
- Thread starter makapaaa
- Start date
Think you should consider disabling the quote button. People wishing to quote can quote manually and selectively, instead of just clicking a button and dump it all in.
sensible request..disable the quote button...too much massive spams
precisely that why ah neh bo sia bo sek...right after he made the announcement in the morning, the very same evening they release another announcement to say otherwise...so shiok to see a ministar fall flat on his face...
Can you repost what Tharman said. Yup, there was lots of talk that MAS flipped flopped & badly handled the situation!
This cannot be further than the truth. But the increase, though it would be using the 100% bank guarantee as an exuse, would really be used to bail out Ho Jinx's and Daddy-in-Law's MASSIVE LOSSES in the US and elsewhere.
precisely that why ah neh bo sia bo sek...right after he made the announcement in the morning, the very same evening they release another announcement to say otherwise...so shiok to see a ministar fall flat on his face...
http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_291092.html
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Oct 16, 2008
</TR><!-- headline one : start --><TR>Financial system stable <!--10 min-->
</TR><!-- headline one : end --><TR>Minister says MAS response has been measured but effective </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Fiona Chan
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
While Singapore cannot avoid economic weakness, the problems are coming from abroad rather than within Singapore and there is still plenty of confidence in the system, said Mr Tharman. -- BT PHOTO
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"-->FINANCE Minister Tharman Shanmugaratnam said yesterday that the Government has been 'alert and vigilant', since the financial crisis started, in making sure that Singapore's financial system continues to work well.
As long as it continues to function in an orderly manner, he added, the economy as a whole can go through the crisis 'without too much damage'.
To this end, the response of the Monetary Authority of Singapore (MAS) has been measured but effective so far, he told reporters at the unveiling of the Lee Kong Chian statue at Hwa Chong Institution yesterday afternoon.
As the global crisis gathered steam in recent weeks, the MAS has injected funds into the tight money markets, offered more liquidity to banks here and eased its exchange rate policy to encourage economic growth by shifting to a zero-appreciation stance on the Singapore dollar.
But the Government has not had to take 'major actions' domestically because the banking system is not in trouble and Singapore's banks are sound, said Mr Tharman.
While Singapore cannot avoid economic weakness, the problems are coming from abroad rather than within Singapore and there is still plenty of confidence in the system, said Mr Tharman.
Banks here are sound because they have not faced the two big problems hitting others worldwide: a lack of capital and a lack of liquidity stemming from frozen wholesale funding markets, said Mr Tharman.
'Our banks have enough capital and they're not dependent on the wholesale funding market, unlike banks in some other countries,' he said.
Banks in Singapore tend to lend money from the deposits they collect instead of relying on borrowings from other institutions, or wholesale funds, which could dry up and leave the banks in a liquidity crisis.
This confidence means that guaranteeing bank deposits - a move that Hong Kong took on Monday - may not be required in Singapore.
'That is something which we are studying very carefully and I'm not making a statement on that at this point,' he said.
'But from the point of our system, it is not necessary because there is no lack of confidence in our systems and that is something which the market acknowledges.'
Still, Singapore will have to study the implications of Hong Kong and a few other economies having guaranteed bank deposits, Mr Tharman added.
Experts have said that one concern is that money from wealthy investors could flow out of Singapore and into banks based in countries where deposits are government-guaranteed.
Turning to the economy, Mr Tharman said Singapore will have to expect a weakening of its economy along with the rest of the world.
'But I think we have the great advantage of a financial system in which the confidence is still high and the problems we are facing are external and not domestic,' he added.
Slumping export demand has already sent Singapore into a technical recession. It also resulted in the Trade and Industry Ministry lowering its full-year growth forecast last week to 'around 3 per cent', from 4 to 5 per cent previously.
Mr Tharman said the latest growth prediction 'is a fair position for now'.
'To be absolutely frank, forecasting is more inexact than it has ever been because the situation is changing by the week, indeed by the day in the United States and elsewhere,' he said.
'What is less important is the exact number you are putting out as much as the direction that is being conveyed. We do expect a weakening of the economy and we're preparing everyone for that.'
Asked about investors who had bought products linked to the now-bankrupt Lehman Brothers investment bank, Mr Tharman said the MAS has set out its approach clearly to provide avenues for recourse.
'Each of the banks has set up a panel headed by an independent person, respected individuals, so as to make sure this is a fair and serious process,' he said. 'This is not white-washing, it is a serious process of mediation.'
[email protected] More Reports: Prime, Money
Singapore is now forced to guarantee all bank deposits.....until 2010.
The government of EU and Hong Kong earlier had decided to guarantee
all individual deposits. Sources reported that funds from rich
Indonesians have started to flow to Switzerland and Hong Kong. To
stop the bleeding, Singapore is forced to change its earlier decision
to refuse to guarantee bank deposits. (Previously, deposits were
insured up to SIN$20,000 only)
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_...
The government of EU and Hong Kong earlier had decided to guarantee
all individual deposits. Sources reported that funds from rich
Indonesians have started to flow to Switzerland and Hong Kong. To
stop the bleeding, Singapore is forced to change its earlier decision
to refuse to guarantee bank deposits. (Previously, deposits were
insured up to SIN$20,000 only)
http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_...
This is another "slap" in the face for another ah neh amid an "invisible" one...
as usual our bro makapaaa to the rescue with all the clippings...interesting to note how come that ah neh have yet to come out and clarify over yet another "rethink" in policy...after all this is a major decision that was taken that rightly so as finance minister he should be commenting on..
precisely that why ah neh bo sia bo sek...right after he made the announcement in the morning, the very same evening they release another announcement to say otherwise...so shiok to see a ministar fall flat on his face...
it is good bro makapaa posted the clips of this what this tharman guy said... it shows that the pap "talents" are just medicore talents after all...
wonder where is that dutiful dog of theirs Division1 and Clinton666, what their take on this...
Not sure about Clintxxxx, but you can be sure that Div1 is lurking around. He has switched to invisible mode again because bro vamjok recently exposed his bullshit in another thread.
Anyway, back to the subject matter. They will explain off the U-turn as making a "pragmatic" decision because of considerable capital outflow, aka $$$, to countries which took the lead to offer 100% guarantee.
So much for the PAP's world class leadership but never saw the consequences before the announcement of their original $20k guarantee decision. This is another example of HK government teaching these self proclaimed world class people how to think.
Agree with posts here which pointed out how lucky we are to have makapaa digging up very useful information for us.
No one can dispute the pragmatism of it all but what is highly questionable is the timing of both announcements, it really reflect badly him as a finance minister where in the morning he made a announcement on one matter only to be contradicted that very same evening by another development. It goes to show that as a finance minister he was not briefed and deemed insignificant enough not to be consulted or informed by whoever is higher up then him. Tsk tsk tsk tsk...
That's the whole problem with all of them, and not only this guy. They have been telling themselves that they are world class, division 1, underpaid for their talent, and so forth for so long they have been living in a world of their own.
What is happening are just symptoms of their over inflated ego and they only understand money talk. One announcement in the morning and another in the evening is an indication that something bad has happened in between (which they will not disclose) as a result of the initial announcement.
Well, he's the finance minister, but he's certainly not in charge of the finances, by the looks of it. Maybe its someone else 40 years older than him...
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