Lee Hsien Loong Quotes
We are open to the world; the world is at our doorstep. It washes in, not just through the windows, but we are immersed in it completely - through the Internet, through the media, through people traveling, coming here, as well as Singaporeans going abroad.
Lee, Hsien Loong. "Singapore's Lee Hsien Loong on His Father's Legacy and His Nation's Future." Interview by Zoher Abdoolcarim. Time, 23 July 2015.
An economic bubble occurs when the investing public with little logic and facts to support it actions exhibits great enthusiasm and overvalues some kind of asset with the logic that the price is going up and someone later will pay more than I just did—sometimes called the “greater fool theory”. Historically Fama claims that there were no bubbles until there were media to whip up the irrational enthusiasm necessary for a bubble to take place. Capitalist history is full of bubbles ranging from real estate, to tulips; from silver to dot com shares. The damage is always great to the people at the end who are stuck with the object of the bubble which few people want any more. In the period before the bubble, lots of people make money contributing to the demand for the object of the bubble.
Lee Hsien Loong is a Singaporean politician and former army general who has served as Prime Minister of Singapore and secretary-general of the People's Action Party (PAP) since 2004. He was deputy prime minister to Goh Chok Tong from 1990 to 2004 and finance minister from 2001 to 2007. His wife is Ho Ching, the CEO of Temasek Holdings.