"Read this article in Temasek Review. I have posted a comment as follows:
Dear Editor of Temasek Review
You article does fairly report my view and the comments in my blog, but your headline is too strong and inappropriate. It is not in my character to condemn anyone, big or small. I only wish to express my own views. I hope that your readers will not be too distracted by this inappropriate headline.
Tan Kin Lian
Friday, December 25, 2009
Glass Stegall Act
Last week, lawmakers including Senator John McCain proposed reinstating Glass-Steagall, which was struck in 1999 by the Gramm-Leach-Bliley Act.
The repeal led to a rise in conglomerates including Citigroup that were allowed to branch into insurance and proprietary trading.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaqerszXOPMU
Paul Volcker, a legendary former chairman of the Federal Reserve Board, was blunt: We need to break up our biggest banks and return to the basic split of activities that existed under the Glass-Steagall Act of 1933
http://economix.blogs.nytimes.com/2009/12/17/paul-volcker-finds-a-hammer
The repeal led to a rise in conglomerates including Citigroup that were allowed to branch into insurance and proprietary trading.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aaqerszXOPMU
Paul Volcker, a legendary former chairman of the Federal Reserve Board, was blunt: We need to break up our biggest banks and return to the basic split of activities that existed under the Glass-Steagall Act of 1933
http://economix.blogs.nytimes.com/2009/12/17/paul-volcker-finds-a-hammer
High retail price
Some people are surprised that the retail price (e.g. of my books or torchlights) are so much higher than the wholesale price (e.g for sale to hotels) or for direct purchase from my office.
They are not aware about the high cost of distribution of these products. I have to pay to the distributor nearly 60% of the retail price. They have to give a large portion of this margin to the retail store. The goods are given on consignment. If they are not sold, they are returned to me. I have to bear the cost of production or purchase, delivery charge, GST and also take the risk of the obsolete, unsold products.
Many retailers also find it hard to survive. They have to pay high rental for their stores and wages for their sales employees. They do not get sufficient business and margin to cover their operating costs.
Many small businesses find it difficult to survive in this type of environment. In my case, I am not making any profit due to the high cost of doing business, but doing it partly for fun. (If you want a lower price for my torchlights, come to my office at get it for $5.50 if you buy more than 5 pieces).
My friend saw a rechargeable torchlight, with similar features, on sale at the airport store at $27.50.. So the price of $8 at the retail store is cheap, by comparision.
They are not aware about the high cost of distribution of these products. I have to pay to the distributor nearly 60% of the retail price. They have to give a large portion of this margin to the retail store. The goods are given on consignment. If they are not sold, they are returned to me. I have to bear the cost of production or purchase, delivery charge, GST and also take the risk of the obsolete, unsold products.
Many retailers also find it hard to survive. They have to pay high rental for their stores and wages for their sales employees. They do not get sufficient business and margin to cover their operating costs.
Many small businesses find it difficult to survive in this type of environment. In my case, I am not making any profit due to the high cost of doing business, but doing it partly for fun. (If you want a lower price for my torchlights, come to my office at get it for $5.50 if you buy more than 5 pieces).
My friend saw a rechargeable torchlight, with similar features, on sale at the airport store at $27.50.. So the price of $8 at the retail store is cheap, by comparision.
Advice on making insurance claims
Thee are three types of insurance claims that can cause you a big surprise and out-of-pocket payment. They are:
a) health care
b) personal accident or travel
c) motor repair
d) home repair or reinstatement
Here is a common example. You have been paying premiums for an expensive health insurance policy for many years. You went into hospital thinking that the entire bill is covered. When you submit your claim for reimbursement, you are told of the items that are not covered, the caps, exclusions, deductibles and other items. Your claim can be less than half of the amount that you spent.
Your claim for personal accident or travel is also subject to exclusions, limits and deductibles. A similar situation can occur with a motor repair bill. You are told about the Excess, exclusion or other limits.
The hospital and motor repair bills can occur every few years, so many people have been taken aback by their poor claim experience.
A similar situation, but less frequently, can occur if you have to make a claim for damage to your property caused by some of the perils,such as fire, flood, theft and other disasters. When you submit your claim, you will be told about the items that cannot be claimed.
Here is my advice. Before you go for medical treatment, before you repair your car or home, before you spend money thinking that they can be claimed - check with the insurance company. Let them tell you about what is covered, and what is not covered. You can then decide on what to do about the treatment or repair.
Do not be shy to ask for an estimate of the treatment or repair bill, and send it to your insurance company for them to check against the insurance cover. The insurance company may be able to assist you to find a doctor or repairer that can do the work within the amount covered by the insurance policy.
Tan Kin Lian
a) health care
b) personal accident or travel
c) motor repair
d) home repair or reinstatement
Your claim for personal accident or travel is also subject to exclusions, limits and deductibles. A similar situation can occur with a motor repair bill. You are told about the Excess, exclusion or other limits.
The hospital and motor repair bills can occur every few years, so many people have been taken aback by their poor claim experience.
A similar situation, but less frequently, can occur if you have to make a claim for damage to your property caused by some of the perils,such as fire, flood, theft and other disasters. When you submit your claim, you will be told about the items that cannot be claimed.
Here is my advice. Before you go for medical treatment, before you repair your car or home, before you spend money thinking that they can be claimed - check with the insurance company. Let them tell you about what is covered, and what is not covered. You can then decide on what to do about the treatment or repair.
Do not be shy to ask for an estimate of the treatment or repair bill, and send it to your insurance company for them to check against the insurance cover. The insurance company may be able to assist you to find a doctor or repairer that can do the work within the amount covered by the insurance policy.
Tan Kin Lian
About the father of modern day Singapore
Comment posted in this blog
Well, certainly that old man is not the father of anyone other than LHL and his siblings in that privileged family tree.
The point of my anaolgy, was that that old man can be still considered to be father of modern day singapore in metaphorical sense, therefore he ought to have some feelings for the welfare of its people, just as a father naturally wants to take care of his creation.
To be fair, fifty years ago, in creating the Singapore model, I think he was truly a good man fully consumed in trying to make singapore better, how to form a cohesive society, how to forge a common destiny. I dont think he was as vicious as Alexandra the Great... in his younger days his policy and vision, and government style was targetting at improving the lot of the locals, and worked pretty well ...even if he anihiliated political opponents.
Fifty years on, he has lost his mind totally this Christmas day 2009.
Many sufferings of singaporeans today are due to his bad judgement and self contradictory policies, in these latter days, but the most vicious and deplorable thing is that he turns around and makes a big sweeping statement that the laziness of Singaporeans is one of the root sources of the problem he and his team created unwittingly!!! With unaffordable HDB prices, with no minumum wage guarantees, no welfare, moving-time lines for old age cpf funds withdrawls, no protection for the ordinary citizens (remember Lehman).. where is the incentive to work hard any more? To make a lazy person work hard, you must provide an environment that makes Life meaningful, and an achievable, worthwhile challenge.
Alas, There is none in 2009.
Twenty years ago it was more meaningful to work hard. But now, you work till you die and cannot even claim your CPF, your own money - yet the government has billions of dollars in its coffers to "invest" with and play big and lose big. Not forgetting MM and his cronies get paid four five times of president Barrack Obama and then turns around and blames you for his bad judgements and policies.
How can he compare with China workers! There are pockets of comfort in many smaller cities in china where life is simple and sustainable. So the chinese workers are prepared to work hard in singapore, they have something to look forward to back home when they bring the money earned in Singapre to their loved ones. They have motivation to work.
We the citizens of Singapore, have none, today 2009.
My heart still bleeds as i reread his response to National Geographic, effectively blaming Singaporeans to be lazy, in front of American media. American has no idea what the heck is happening here, so they would believe his "Christmas day message" not understanding the deeper local issues enumerated above.
Maybe Dr Lee Wei Leng should say something. I enjoy reading her Sunday articles in the papers. She is the only person who makes sense in the family. She is the only one who rock that old man out of his madness and senility.
REX
Well, certainly that old man is not the father of anyone other than LHL and his siblings in that privileged family tree.
The point of my anaolgy, was that that old man can be still considered to be father of modern day singapore in metaphorical sense, therefore he ought to have some feelings for the welfare of its people, just as a father naturally wants to take care of his creation.
To be fair, fifty years ago, in creating the Singapore model, I think he was truly a good man fully consumed in trying to make singapore better, how to form a cohesive society, how to forge a common destiny. I dont think he was as vicious as Alexandra the Great... in his younger days his policy and vision, and government style was targetting at improving the lot of the locals, and worked pretty well ...even if he anihiliated political opponents.
Fifty years on, he has lost his mind totally this Christmas day 2009.
Many sufferings of singaporeans today are due to his bad judgement and self contradictory policies, in these latter days, but the most vicious and deplorable thing is that he turns around and makes a big sweeping statement that the laziness of Singaporeans is one of the root sources of the problem he and his team created unwittingly!!! With unaffordable HDB prices, with no minumum wage guarantees, no welfare, moving-time lines for old age cpf funds withdrawls, no protection for the ordinary citizens (remember Lehman).. where is the incentive to work hard any more? To make a lazy person work hard, you must provide an environment that makes Life meaningful, and an achievable, worthwhile challenge.
Alas, There is none in 2009.
Twenty years ago it was more meaningful to work hard. But now, you work till you die and cannot even claim your CPF, your own money - yet the government has billions of dollars in its coffers to "invest" with and play big and lose big. Not forgetting MM and his cronies get paid four five times of president Barrack Obama and then turns around and blames you for his bad judgements and policies.
How can he compare with China workers! There are pockets of comfort in many smaller cities in china where life is simple and sustainable. So the chinese workers are prepared to work hard in singapore, they have something to look forward to back home when they bring the money earned in Singapre to their loved ones. They have motivation to work.
We the citizens of Singapore, have none, today 2009.
My heart still bleeds as i reread his response to National Geographic, effectively blaming Singaporeans to be lazy, in front of American media. American has no idea what the heck is happening here, so they would believe his "Christmas day message" not understanding the deeper local issues enumerated above.
Maybe Dr Lee Wei Leng should say something. I enjoy reading her Sunday articles in the papers. She is the only person who makes sense in the family. She is the only one who rock that old man out of his madness and senility.
REX
Good and bad regulation
Dear Mr. Tan
How Much Would Better Disclosure Help?
How Much Would Better Disclosure Help?
...the difference is
between good regulation and bad regulation.
...good regulation is
that which enhances knowledge and competition,
both of which make markets function better. ..
...bad regulation is
that which restrains competition and stifles innovation. ..
...firms must be able to fail
in order for the competition to work..
...less government interference
also helps to prevent single firm or industry dominance. ..
One of the central causes of the financial crisis
was a lack of information...
There are those who complain about the cost of additional disclosure.
To that, I respond: good.
Complex financial products should be more costly to sell...
Of course, information and understanding aren't the same thing...
Today in Singapore
Read this blog. It is well written and contains interesting observations about current affairs in Singapore.
Bad snow storms
There is bad snow storms in America, Europe and China. I suspect that this is contributed by climate change.
Subscribe to:
Posts (Atom)