What happened roughly 10 years ago? Do you still remember the Lehman Brothers' (LB) collapse in September 2008? The US government commenced QE1, QE2 and QE3 after LB's collapse to revive its own economy, and kept its interest rates artificially low for a long time with the ensuing outcome of churning massive money supplies in the world. The consequences of the US monetary easing policies inflated the worldwide stock and property markets. Therefore, the main culprit is the US government.
Where's the proof? SG is also faced with the same property situation.
However, the HK CEs didn't dare to change the HK housing policy because of Tung Chee Hwa's downfall.
http://sg-stock.blogspot.com/2019/09/hk-carrie-lam-is-following-footstep-of.html
2 comments:
Why am I speaking up for HK?
Well, I just want HK to be treated fairly because HK saved many Singaporeans in 2008.
My philosophy in life is very simple: If you treat me good, I will treat you better. If you treat me bad, I will treat you worse.
How did HK save many Singaporeans in 2008?
Many Singaporeans bought the minibonds especially the elderly with their lifelong savings. When LB collapsed, our MAS left our Singaporean retail investors in the lurch because DBS didn't want to compensate the investors. However, HKMA ordered all the banks including DBS's subsidiary in HK to compensate all the HK investors.
Our MAS couldn't justify for not compensating SG investors anymore after HKMA's announcement and ordered DBS in SG to compensate our investors too. Thus, without HKMA, our SG investors would have suffered some severe hardship.
I am very grateful and thankful to the HKMA for making such a decision because it helped to save many Singaporeans indirectly.
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