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Khaw warns of housing bubble bursting

by Terry Xu
08/05/2013
in Letters
Reading Time: 2 mins read
0

 

By Philip Ang

I refer to CNA’s article “Property prices yet to reach acceptable level: Tharman” dated 1 March.

http://www.channelnewsasia.com/news/singapore/property-buyers-should-consider-future-i/663538.html

DPM Tharman was quoted as saying “we can prevent a real bubble from being formed which then eventually crashes, and that’s our objective”.

Fast forward into 64 days when MND’s Khaw suddenly says on 4 May that “because of low interest rates, this bubble is being pushed up and sustained longer than it should have. So, it will collapse in a matter of time..”.

http://www.channelnewsasia.com/news/singapore/property-buyers-should-consider-future-i/663538.html

From the above, one can conclude that either Singapore has failed in its objective to prevent a real bubble from being formed or Minister Khaw’s bubble is not really a bubble.

Not too long ago, I recall a zero-portfolio minister rejecting the minimum wage system only to claim that we actually have “more than a minimum wage model”.

Taking his nonsense a little further, he has also said our “more than a minimum wage model” can “maximise the upside” and simultaneously “minimise the downside”.

Subsequently, the same portfolio-negative minister (don’t want to mention name) contradicted himself by saying “You cannot have high upside, and at the same time a low downside”.

http://www.straitstimes.com/st/print/887102

It can be pretty confusing when leaders have different definitions and opinions of the situation we are in.

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