#205 economic crunch

This is an average Singaporean trying to understand that said by our leaders.

Any average young in the workforce can tell there will be job losses without the finance minister making that pedantic remark on economic crunch.

What concerted effort and plan to lift us out of the economic crunch or job creation?

Commercial property rentals will continue to increase after each of 2-year contract regardless of the crunch. Can one continue with retail business?

Though salaries increase annually but the increases suck out that earned!

The recent increase of fares on public transport…though legitimate as oil price had gone up but the increase made earlier in the year was not considered and users of public transport were made to bear the hike?!

Mr Tharman said: “I can assure you that our Singapore banks are well regulated and there is no risk and no reason whatsoever to have a run on our banks. More importantly, the banks themselves have good risk management.

“So frankly, you need not worry about how solid our banks are, your money is safe. We are not in the same situation as the US, we need not panic.

“Our regulations are stricter compared to Ireland, the United States, in fact compared to many developed countries. We have always been old-fashioned in our regulatory approach.”

The minister added that Singaporeans can have the same confidence in insurance companies, which also have to abide by strict regulations.

What about those who lost their investments on mini-bond products sold by Lehman Brothers? Do these financial institutions not abide by the strict regulations of Singapore?

As a regulator of these financial institutions there is no guarantee to losses of funds invested in times of liquidation — only prosecution of those scoundrel bankers! In this case, scapegoats will be prosecuted!

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