Enough Help?

Close to $91 billion loss for the combined investments of Temasek/ GIC is frightening. Is that about almost 4 times of what the total Budget proffered to Singapore to help lift us up from the dire economic situation.
Are they sunk and not recoverable? Those assets, including shares in UBS are deeply under-water to be meaningful. Our investment in ABC Learning from Australia went belly-up. Most assets classes, of all types from property to shares to all derivative instruments are steeply discounted. Whether actualized losses or paper losses, they are still huge losses, by any measures and no matter who is counting, it is still painful.
Grappling with today's economic woes is quite slippery. I read the Wall Street Journals and together with the broad mix of periodicals, I get the feel that even major governments from Aso, Brown to Obama are experimenting different prescriptions to see if they can lift the monumental weight of today's crisis. I do not get any sense of confidence or relief because the more I read, the more fearful I become. Our government, notwithstanding, is trying to figure a way out of it. In the same vein, I believe the senior executives of Temasek and GIC are planning different scenarios to recalibrate those loss investments and to park them in defensive investments and at appropriate time to grow them again. It may be painful but it has not run aground like in Iceland where the entire country economy bankrupted. Look around - Malaysia, Thailand, Korea, Japan or Indonesia.
Are we doing better than the rest? I think we are. Most of those Asian countries are looking at us to see how we are coping and emulating certain policies.
The Great Depression of 2009 is really beyond you and me. As far as we are concerned, we have to live each day seeing how the marco-level events pan out and to see how it will affect us and our competitiveness.
For those needing help at MPS, help will be rendered to make sure that Singaporeans are not left without food, without opportunity for a job, without access to medical care. I have seen old parents being abandoned by children who turned up at MPS for help. These are the pockets of Singaporeans where outreach must be swift and quick. I saw tears in resident who was worried sick because he could not pay up the medical bills with chase letters. We seeked for deferment and at the same time to apply for social assistance. I saw residents who skipped their mortgage payment because they have lost jobs. We asked for deferment of the mortgage. We saw some parents, children in toll come to MPS for help because their father were imprisoned, sicked or jobless and there were little food left. These are local issues we deal with every week to ensure that residents like these received help. They are not forgotten.
For those who do not come to MPS, we go to them through house visits.
Those of us who can commit time, notwithstanding the political platform, can do the same. I have deep admiration for Chiam See Tong who win unwavering support from his constituents despite the many allures from PAP and this just shows proof that his single minded dedication pays off. It is not about upgrading, it is not about resources, it is really about the care he gives and attention given to his constituents. His MPS at the void deck is sparse but work still get done. Quietly and it works. Chiam See Tong is not verbose, full of high ideals on democracy or what is democracy but he worked the ground, grinding away faithfully solving local concerns.
I think this should be the way for opposition to win the hearts and minds of the electorate - genuine care for local issues. They may be small - neighbour quarrels, dirty corridors or an application for a bursary. It is gruelling work as it means going doors after doors, knowing the people and getting help to them.
以民同行。