Singapreans gotta wake up!

What Singapore needs right now.... a serious hit in the economy...

I know it's bad to say this one day after national day.. Singapore gov has done such a great job maintaining the economy such that we Singaporeans have taken this for granted.

Ever since the last 'big hit', the Financial Crisis, Singaporeans have not been very much affected by the state of economy.

Look at the COE, rising to ridiculous high, fueled by in flow of funds from everywhere in Asia and ignorant Singaporeans buying the high.. Look at the property prices... everyone is buying the high and neglecting the basic principles of buying the low, selling the high.

The greater fool's theory is now applicable in Singapore. Everyone hoping price will just keep going higher.

I'm sure with a hit in the economy, there will be more people being left in financial dire straits. Too many people are over-leveraged. Overly leveraged. Look at the prices of an average car. It takes at least  a $2k-$3k(roughly the median of a Singaporean's monthly income) to afford that transport.

Here's the calculation.

COE($70k)+Car price($80k): $150k(for simplicity, let's leave out interest rate) /10 years = $1250/month
Petrol: $500/month
Parking: $200/month
Insurance: $150/month
Maintenance: $50/month

Total: $2150(excluding interest)


Singaporeans need to be given a tight slap on the face to wake them up from their complacency and be told that life is not a bed of roses. This will otherwise leave our descendants unable to afford public housing and even their own transport.