October 12, 2008
Seah Chiang Nee said:
When the US House of Representatives first rejected the $700b rescue package, I couldn’t help wondering what Singapore would have done under similar circumstances.
It took me a whole few seconds to conclude that the ruling People’s Action Party would have done pretty much what the Republicans did.
It would have rushed to save the major corporations – particularly the government-linked corporations (GLCs) - in order ‘to save the economy from collapsing’.
The Democratic Party had demanded a more equitable rescue, not just one that helped Wall Street firms hit by the credit meltdown.
It also wanted bail-out for American people who had lost their homes because of it and the ridiculously high salaries and bonuses for corporate CEOs to be capped.
Recommended by at82: "Over the years Singapore had been run like a large corporation, vigorously bent on accumulating profits and reserves. The city-state has, in fact, come to be called Singapore INC. At this stage of development, it needs more than just a one-party rule with only minimal opposition role. "