Friday, April 13, 2018

TOTD: HDB-CPF axis Time Bomb, the glaring failure of PAP and WP LTK



Thought of the Day - HDB-CPF axis Time Bomb, the glaring failure of PAP and WP LTK

I have said, the Asset Enhancement Scheme is actually the biggest self serving scam of PAP to hoodwink Singaporeans into believing only PAP government could guarantee their HDB flats could increase in value forever, defying the basic logic and economic/financial principles. LKY even boasted about PAP ability to make your HDB rise in value of 10,15 or even 20 times.

The most problematic with HDB is that it is linked to your retirement fund CPF. IF HDB is going to depreciate towards ZERO value, then whatever CPF money you put into it, will be totally wiped off. Your retirement plan will be hurt!

One of my initial resolve in joining opposition politics is to fight PAP against its Asset Enhancement Scam, which is extremely difficult because like any scam, it feeds on people’s greed. Most people are short sighted and didn’t see the full picture while only focus on their short term gain. They didn’t realize that HDB Price inflation may let them gain in short term, but whatever gain they get, is at the expense of their children’s future, as well as many future generations to come.

This greed which Asset Enhancement scam built upon, burnt like fire in the 1990s and even into 2000s. It was a perfect scam that helped PAP to hold on to absolute monopoly of power for three decades.

When I joined WP, on a few occasions. I had raised this issue to LTK and said that this is the most important issue we need to raise. He brushed it off saying that what’s wrong with Asset Enhancement Scheme? It is good what!

Needless to say, I was completely disappointed that the leader of the opposition party which has one of the two seats in parliament, couldn’t see through such a scam.

I tried to explain why this AES is wrong but it just couldn’t get through him. Apparently, the lack of a good Economic training is the key weakness of LTK.

After I left WP with disappointment, NSP approached me to join them. This time round, I didn’t bother to try to explain why AES is bad. I just threw the issue out during the GE and challenged MBT on his Monetizing HDB for retirement concept.

I found out later, apparently this so call brilliant idea was created by a respected professor teaching sociology in NUS. Deep down, I guess it is totally bad idea to have a sociologist to meddle with Economic policies after all.

And I believe LTK didn’t believe AES is bad basically because it was backed by such academia.

Goh Meng Seng

18 comments:

Anonymous said...

When I joined WP, on a few occasions. I had raised this issue to LTK and said that this is the most important issue we need to raise. He brushed it off saying that what’s wrong with Asset Enhancement Scheme? It is good what!
Goh Meng Seng

Hahahaha.

The very fact that you raised this issue with LTK shows that you are politically naive. It also shows that you are poor in the evaluation and judgement of people and their situation.

Didn't it even occur to you that this (It is good what!) will be his most likely response? And if it did occur to you, why then did you want to raise it to LTK in the first place?

That LTK can survive for so long is mainly because he has the right approach (for PAP) when dealing with PAP. And expecting LTK to raise to PAP in Parliament (the issue that you had raised to LTK) is definitely not the right approach for LTK.


Anonymous said...

Thanks for sharing.

Anonymous said...

Time to immigrate. Not a safe country to build quality life here anymore. The stress level is unimaginable. Even in schools polys students are choking and calling each other ugly names. This is only one incident that was made known. Most humans are like walking time bombs.
Law minister only utter nonsense and good in praising his department. People are walking on eggshells for fear of being filmed and falsely accused by any public to be hanged on the cross. The country may look advance but the people are deliberately backwards in their actions. Eroding.

Anonymous said...

That's for sure. They are there for the tiny country's charade.

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Anonymous said...

Do we believe that they check every tree in BG? Its their words against the tree?

Anonymous said...

If we open our eyes and ears wide enough, we realise that their definite plan for achievements are the paper qualifications and good background. Though it may be perfectly practical and they may have all the necessary ability to carry it through successfully, they must have more than these. Such people " talk" a great deal, but they are short of "performance." "Deeds, not words" should be the motto.
"Inflationary theory" has been exploited by some "to cover" up the "wrongs" for obligations. Same over some in the world and this country's constructed mythology of following some of those country is becoming realism.

Anonymous said...

Many years one afternoon ago I was driving to meet an appointment. Along the way there was construction with cones on the left of the road. Driving past there was a crackling loud sound hitting my car. As I could not see any one near the construction I thought something had dropped on the car. I got out to the drizzle to inspect and found that there was an Indian man operating the tractor. I checked the road cones and neither had fallen over or being out of place. I than blamed him for driving his tractor's hand over the cone and hit my car. He than picked up my wing mirror and asked me to go away. Seeing the triangle P plate on the car he thought I would just go away. I refused and called the police. He than called up his bosses. They arrived just in minutes with the PUB staff. I soon realised that they went cover from the drizzle a short distance away. It was than I picked up that they were contractors for PUB. I was on my own and they had about more than ten men workers and bosses surrounding me. The bosses were a father and son team and I heard him telling his son in mandarin that they cannot admit it something to do with licenses.
The police came and told us since there no injury to report to the insurances. The men were getting a little violent and all the police did was calm them down. I took photos of the scene and drove away. Since the car belonged to my father he called PUB. We were told the person in charge was on leave. The person in charge only called back when my father told the person taking the call that there lots of yellow paints from the colour of the tractor stuck on our car. We got death threats, unfortunately those days there were no id number . The PUB eventually guy called us and said that he was bringing the contractor's son to come to our house to make an apology and pay for the damages to our vehicle. We refuse to accept the apology feeling that it was never genuine in the first place. They paid for the damage and three months later we received a letter form PUB stating that the case was close as they had paid the damaged . These people would lie cheat and steal. The yellow paint saved us.

Anonymous said...

In a land scarce island price going up steadily as population increases and as the level of prosperity increases?

Anonymous said...

I don't know what to say.

Fake News said...


Jason Chee is living proof that there were lack of wisdom, compassion, justice,rightousness and fairness. In addition the public recognised his and family's mental anguish to voice donations. All these talk about going to war ant terrorism when our own men are dying one by one.

Anonymous said...

In the late 80s under the leadership of Deng Xioa Ping in China the country began massive economic reforms. The character of Communism remained largely unchanged but China opened to the world.

Anonymous said...

Ya I think it wouldn't be a great idea to grow a beard when one is bald. Reason is like their face is on upside down.

Fake News said...

Not a lot enjoy theatre shows. Its like one long boring play. And we are talking about the actors casting their roles telling the people what they should do. Even so if the young wants to take the country forward, one might end up being in prison as they have to go against numerous red tapes and the policies.

Anonymous said...

InEquality is part and parcel in every country. Government to people all the time that they should do this and that. People to the government that it needed to do this and that to be an inclusive society. So who the hell is doing who?


Inclusive Society? If your salary is below a certain thousand banks are not interested to talk to you. Need to prove that you are able to support if you want to marry a foreign spouse for residency. Application for maids might be rejected. The ones with money can afford better tuition. The ones who can have a car are the ones who can come out with 30% deposit. Equality comes with money. One day we might even expect government and people to turn humans all to the same colour. Jeeeeeez.

Anonymous said...

Inclusive Society? Your salary above a certain thousand you are ban from buying HDB but can buy EC? So that's how the rich congregate together.

Anonymous said...

It appears that the defining of Koreans is which part of the country they reside. It seems that for many Koreans their identity is tied to the hometown they live. When Koreans meet the first question they ask is, "Where in Korea are you from?" rather than "What do you work as."

Anonymous said...

Same feathers stick together as it is not easy for diverse people to try and forge relationships. Therefore the RI, Cambridge and the Top Army are more so from similar environments. Diversity is not experience and they expect everyone to follow their way. Always getting things their way had sacredly put them into arrogance.