Thaksin Offers Easy Credit, Credit Cards For Taxi Drivers

[Buchholz]

Having Taxi Drivers onside is a plus in any election campaign. They have an opportunity to talk to so many people and if a person is undecided, then they might influence them to vote a certain way.

How many undecided voters could be swayed by what a taxi driver told them? 2?

Smart move Thaksin.

If you say so.

[Billmont]

Forget the poor and under priviledged at ones peril. The present situation in the Middle East and North Africa is an example. Remember Taksin introduced the 30 Baht Medical scheme, loans to farmers who otherwise had to use loan sharks, a lot of taxi drivers are in the same position and this offer is therefore appealing. Why is Taksin so popular with the poorer members of society? He gives them hope for a better life.He was voted in twice with his popular politics and the only way he could be removed was by the military.Is he any worse than a lot of other politicians and not only in Thailand? If you are able to please the majority you win, so here is no different. All politicians promise the earth prior to elections, the skill is getting enough to believe to obtain their vote. There is a level playing field with pre-election promises, the less chance you have of winning the more you can promise but you have to get the balance right just incase you actually win

[473geo]

So what's so terribly wrong with offering credit to generally poorer sections of society, such as those that most taxi drivers are from?

Nothing good or helpful in giving credit to the poor. All it does is bury them deeper in their troubles whilst lining the pockets of those better off. Far better to teach the poor methods in which to live within their means and in which to stay as far away from borrowing as is possible. Good advice for anyone actually, rich or poor.

I agree..... educate....apparently one of the benefits mentioned regarding the use of the PC tablets distributed previously, was the ability to educate regarding household budgets........

Shame there are so many who believe there is no future for the PC tablet in schools........

If you believe in the project you are more than welcome to put up your own money for a pilot project in some village. Report back the result after 2 years.

I've already started if you recall..........................but you are welcome to a report after a couple of years.......remember my aim was to have the pupil pass a basic computer understanding test by the age of 7........

[anon467367354]

credit breeds dependent poor people. sure Taksin will give out credit cards, I'm sure it's financed by his company, he's going to make more money off the poor Thai working class and hang them out to dry. They need to wake up, spread the word!

I know a few rice farmers, who once the rice is in the barn a drying, go and borrow from the bank on the rice. I know many others who in desperation go to loan sharks who charge a little above credit card rates.........

Lesser of two evils perhaps........open credit.....as opposed to underground unregulated credit?

That is a very good point, but at interests rates of 28% and the easy to use availability of the credit card, it's going to throw people into serious debt. Let the banks be the ones to offer the appropriate loans to the appropriate people at an appropriate interest rate. You have credit if you earn it, not because it's like satang from heaven. But, you do have a very good point.

Edited May 7, 2011 by gr8fldanielle

[hawthorne]

So what exactly is preventing Mr THaksin from establishing his own bank and issuing credit cards to whoever he wishes?

Oh he doesn't want to risk his own money. The wealthy always find ways to spend the taxpayers money for their own gains.

And the beat goes on, history only repeats itself.

[gregb]

Same old crap...promise and give things to buy votes when in reality the people are too stupid to know that he's just digging a hole for them that they can't climb out of.

And the alternative is just to stay in the hole they are already in?

The alternative is to have respect for themselves and their country, and learn to follow the philosophies of the sufficiency economy. Unfortunately, as long as we have Thaksin pandering to people's vices, and all the alternative parties falling all over themselves to outdo him in terms of inflicting even more harm on society, we will never get there. Easy credit is a vice. Much more hideous than gambling or drugs because the credit vice is completely legal. It will destroy your life just as thoroughly though.

No, the alternative is to be responsible and mature, listen to the king and love your children. Not something I would expect in this political climate. They are going to believe deceptions of the square faced demagogue.

[Buchholz]

Vote buying disguised as credit.

Things Thaksin failed to mention:

1) high interest of course

2) late payment fees

3) higher cash advance fees

4) annual fee

5) direct bill pay from bank account, so there is no escape.

6) His company is the credit credit issuer

Capital OK, a joint venture of Shin Corporation of Thailand and DBS

.

Achievable then.......but in your post above you declared he had not thought this through...............

That was decided by him within the 5 minutes he spent thinking of it.

[philw]

credit breeds dependent poor people. sure Taksin will give out credit cards, I'm sure it's financed by his company, he's going to make more money off the poor Thai working class and hang them out to dry. They need to wake up, spread the word!

I know a few rice farmers, who once the rice is in the barn a drying, go and borrow from the bank on the rice. I know many others who in desperation go to loan sharks who charge a little above credit card rates.........

Lesser of two evils perhaps........open credit.....as opposed to underground unregulated credit?

That is a very good point, but at interests rates of 28% and the easy to use availability of the credit card, it's going to throw people into serious debt. Let the banks be the ones to offer the appropriate loans to the appropriate people at an appropriate interest rate. You have credit if you earn it, not because it's like satang from heaven. But, you do have a very good point.

There are probably hundreds of thousands of poor Thai people who are into the loan sharks.

Rates vary from 3%to 10% per month.

Credit cards could be a sensible way to help them and TEO ( the evil one ) has not defined the scheme yet so we have 3 pages of speculation and hatred.

[Buchholz]

6) His company is the credit credit issuer

Capital OK, a joint venture of Shin Corporation of Thailand and DBS

Singaporean owned now, no?

100% owned by:

ACAP ADVISORY PUBLIC COMPANY LIMITED

195, Empire Tower 2-3, 22nd Floor, South Sathorn Rd., YanNawa, Sathorn, Bangkok 10120

Board of Directors

1 Dr. Vivat Vithoontien Chairman and CEO

2 Mr. Saringkarn Sutaschuto Executive Director, Deputy Managing Director of Asset Management

3 Mr. Anake Pinvanichkul Executive Director, Deputy Managing Director of Investment Banking

4 Mr. Parankoon Waiyahong Executive Director, Deputy Managing Director of Operations

5 Ms. Suvimol Pumpaisanchai Executive Director

6 Mr. Issarachai Decharit Executive Director, Deputy Managing Director of Legal Corporate Counsel

7 Mr. Chalermchai Sirinopawong Executive Director, Deputy Managing Director of Accounting and Finance

8 Mr. Suraphol Sindhuvanich Independent Director and Chairman of the Audit Committee, Nominating and Compensation Committee

9 Ms. Narumol Wangsatorntanakul Independent Director and Audit Committee, Chairman of the Nominating and Compensation Committee

10 Mr. Chatchawan Triamvicharnkul Independent Director and Audit Committee, Nominating and Compensation Committee

11 Mr. Hideaki Shimizu Director, Independent Director

12 Mr. Mihir Bhansali Director, Independent Director

[473geo]

credit breeds dependent poor people. sure Taksin will give out credit cards, I'm sure it's financed by his company, he's going to make more money off the poor Thai working class and hang them out to dry. They need to wake up, spread the word!

I know a few rice farmers, who once the rice is in the barn a drying, go and borrow from the bank on the rice. I know many others who in desperation go to loan sharks who charge a little above credit card rates.........

Lesser of two evils perhaps........open credit.....as opposed to underground unregulated credit?

That is a very good point, but at interests rates of 28% and the easy to use availability of the credit card, it's going to throw people into serious debt. Let the banks be the ones to offer the appropriate loans to the appropriate people at an appropriate interest rate. You have credit if you earn it, not because it's like satang from heaven. But, you do have a very good point.

I agree with you, an unregulated random distribution of low limit credit cards, which allowed cash withdrawl, or buy any product, would see all but those with a strict cash control, reaching the upper limit in a very short period of time. Then face the monthly interest payments, and probably ending up in hoc to the loan sharks or defaulting on payment.

So let us look at this another way, many governments support the prices in the agricultural areana to allow the sector to function. In the EU for instance my understanding is 39 billion euros were given out in direct subsidies 2010. So if the card was a direct like for like for example the farmer recieve say 5000 baht on the card as a subsidy and say a credit facility for 25% of the annual amount you would receive, well it could work I guess.

Apologies - I digress....for taxi drivers not sure what methodology would be applied perhaps a fuel card with a credit value against the vehicle value.....can't at the moment see a real benefit so certainly looks like an election sweetener in that arena

Edited May 7, 2011 by 473geo

[Buchholz]

Normally if one is banished from a country (self imposed or not) one fades away

Thaksin is employing the use of modern technology to ensure this doesn't happen

Ably assisted by the Thaksin haters on Tvisa who ensure he is constantly to the forefront in the headlines of the news and posts.......

And amply reinforced by the Thaksin lovers on TVisa who ensure he is constantly in the forefront in the headlines of the news and posts.......

And appreciate no doubt the wonderful job you guys are doing helping them out....especially as some would have it they may even be gaining reward for each mention........

You guys are generous to a fault......undying enthusiam to support the Thaksin lovers.......... ......and keep his name right in the spotlight........

Point being is you lovers are in every thread, same as the haters.

Your initial post seemed to erroneously indicate it was only the haters that kept his threads bumped and active.

[gregb]

credit breeds dependent poor people. sure Taksin will give out credit cards, I'm sure it's financed by his company, he's going to make more money off the poor Thai working class and hang them out to dry. They need to wake up, spread the word!

I know a few rice farmers, who once the rice is in the barn a drying, go and borrow from the bank on the rice. I know many others who in desperation go to loan sharks who charge a little above credit card rates.........

Lesser of two evils perhaps........open credit.....as opposed to underground unregulated credit?

That is a very good point, but at interests rates of 28% and the easy to use availability of the credit card, it's going to throw people into serious debt. Let the banks be the ones to offer the appropriate loans to the appropriate people at an appropriate interest rate. You have credit if you earn it, not because it's like satang from heaven. But, you do have a very good point.

There are probably hundreds of thousands of poor Thai people who are into the loan sharks.

Rates vary from 3%to 10% per month.

Credit cards could be a sensible way to help them and TEO ( the evil one ) has not defined the scheme yet so we have 3 pages of speculation and hatred.

Please...have some sense. You don't stop arsonists by burning down the city. True, that will eliminate the problem, but the cure is worse than the disease. Easy credit is evil. It is a soul killing, destructive force that is the antithesis of everything the king has tried to work for. The last thing Thailand, or the poor need, is unrestrained, easy credit.

The damage from this easy credit will of course, eventually be picked up by the government. The debt will have to be forgiven, and there is no way Thaksin will pay for it personally. A quick check on the internet shows that it was Alexander Fraser Tytler, Lord Woodhouselee, who made the statement: A democracy cannot exist as a permanent form of government. It can only exist until the voters discover they can vote themselves largesse out of the public treasury.

People variously blame the military or Thaksin for destroying democracy, but I believe Professor Tytler. The Thai people are destroying democracy all by themselves.

[smedly]

General advise: Use the proper names for politicians or your post gets deleted

Not being funny here but you will of course point us all to the "general" rule that was broken so we can all understand and do we need to spellcheck every post now

thanks in advance

[Buchholz]

credit breeds dependent poor people. sure Taksin will give out credit cards, I'm sure it's financed by his company, he's going to make more money off the poor Thai working class and hang them out to dry. They need to wake up, spread the word!

I know a few rice farmers, who once the rice is in the barn a drying, go and borrow from the bank on the rice. I know many others who in desperation go to loan sharks who charge a little above credit card rates.........

Lesser of two evils perhaps........open credit.....as opposed to underground unregulated credit?

That is a very good point, but at interests rates of 28% and the easy to use availability of the credit card, it's going to throw people into serious debt. Let the banks be the ones to offer the appropriate loans to the appropriate people at an appropriate interest rate. You have credit if you earn it, not because it's like satang from heaven. But, you do have a very good point.

There are probably hundreds of thousands of poor Thai people who are into the loan sharks.

Rates vary from 3%to 10% per month.

Credit cards could be a sensible way to help them and TEO ( the evil one ) has not defined the scheme yet so we have 3 pages of speculation and hatred.

For the benefit of those that don't follow the news... that's being addressed...

A million seek govt help with loanshark debts

By The Nation

Published on January 19, 2010

Close to a million people owing just under Bt105 billion in total to local loansharks had registered for the government debt-relief scheme last month, a source at the Interior Ministry reported yesterday.

Bangkok had the most people registered with 67,362 debtors and Bt6.25 billion in total debt.

and

Anti-loan shark bank approved

By The Nation

Published on December 8, 2010

Thailand Post yesterday received the Cabinet's nod to set up "Post Bank", offering microfinance to those with difficulty accessing conventional loan sources.

The wholly owned subsidiary, which will be capitalised at Bt50 million, will provide loans of up to Bt10,000 to individuals at low interest rates, Information and Communications Technology Minister Chuti Krairiksh said.

[rixalex]

Easy credit is a vice. Much more hideous than gambling or drugs because the credit vice is completely legal. It will destroy your life just as thoroughly though.

No, the alternative is to be responsible and mature, listen to the king and love your children. Not something I would expect in this political climate. They are going to believe deceptions of the square faced demagogue.

Well put.

[rotary]

Lets see ain't it a fact that several countries including but not limited to Greece, Iceland, the USA are in money troubles because of widespread credit given to people who cannot afford it and default on loans & credit cards? This idea of liberal credit sounds like Thailand could go down the same path to ruin. It is a fact of life you have to work for what you get and different people will reach different levels on the social scale of wealth. Trying to interfere only causes problems. Look at the USA debt to China caused by not being able to stop spending money they do not have.

[OzMick]

Normally if one is banished from a country (self imposed or not) one fades away

Thaksin is employing the use of modern technology to ensure this doesn't happen

Ably assisted by the Thaksin haters on Tvisa who ensure he is constantly to the forefront in the headlines of the news and posts.......

Thaksin haters, as you so call them, don't determine what threads are started in the news forum.

Funnily enough, they don't determine what's in the news papers either.

In denial.........popularity of hot discussion topics are obviously attractive to forums.....as you continue to post and keep Thaksin 'to the forefront'.........in the headlines of the news(Thaivisa) you keep the Thaksin threads at the top end of the lists, and in general (Thaivisa) you keep the Thaksin threads at the top of the lists...........do not belittle your input the continuing resurgence of Thaksin saga gentlemen...... .

Yahoo search

150,000 results for

Thaksin - Thaivisa

Isn't it just a little hypocritical to say that we shouldn't be posting on Thaksin threads, while posting multiple times yourself?

Edited May 7, 2011 by OzMick

[473geo]

Normally if one is banished from a country (self imposed or not) one fades away

Thaksin is employing the use of modern technology to ensure this doesn't happen

Ably assisted by the Thaksin haters on Tvisa who ensure he is constantly to the forefront in the headlines of the news and posts.......

And amply reinforced by the Thaksin lovers on TVisa who ensure he is constantly in the forefront in the headlines of the news and posts.......

And appreciate no doubt the wonderful job you guys are doing helping them out....especially as some would have it they may even be gaining reward for each mention........

You guys are generous to a fault......undying enthusiam to support the Thaksin lovers.......... ......and keep his name right in the spotlight........

Point being is you lovers are in every thread, same as the haters.

Your initial post seemed to erroneously indicate it was only the haters that kept his threads bumped and active.

I think not........ otherwise I would have written.....totally supported and assisted by....not ably.........looks like you are charging in to ably assist where there is no requirement.....

[Buchholz]

In denial.........popularity of hot discussion topics are obviously attractive to forums.....as you continue to post and keep Thaksin 'to the forefront'.........in the headlines of the news(Thaivisa) you keep the Thaksin threads at the top end of the lists, and in general (Thaivisa) you keep the Thaksin threads at the top of the lists...........do not belittle your input the continuing resurgence of Thaksin saga gentlemen...... .

Yahoo search

150,000 results for

Thaksin - Thaivisa

Isn't it just a little hypocritical to say that we shouldn't be posting on Thaksin threads, while posting multiple times yourself?

Who posted in: Thaksin Offers Easy Credit, Credit Cards For Taxi Drivers

Member name Posts

473geo 21

Buchholz 8

[smedly]

I was always taught, by both friends and family that if you ever get into debt and want to get out of it one of the first things you do is cut up your credit cards and never use them again. It seems very ironic that such a distinguished business man is encouraging debt amongst those he seeks to help. I think the idea of a taxi driver using his taxi (as capital assume) as a guarantee against another taxi drivers loan to buy a taxi is a good idea in principle, but I'm not sure the banks will go for it, which means in order to keep this promise, the government (or taxpayer) wold ultimately be underwriting this loan for the banks. How much tax does the average taxi driver contribute per month, anyone any ideas?

One other quick thought, how will the PTP grantee that the credit card will only be used for fuel cost and not clothes, food and alcohol? Will the Credit card only be valid at petrol stations?

actually you are always in debt, the very money you carry in your pocket is a "promise" to pay guaranteed buy the cental bank so is in fact a debt but anyway

thaksin shinawat (i hope i got the spelling correct) was and still is bad news for thailand, i was goobsmacked when i read the OP but unfortunately most thais are naive enough to believe this bull and it won't be his last attempt to buy votes

[rixalex]

I think not........ otherwise I would have written.....totally supported and assisted by....not ably.........looks like you are charging in to ably assist where there is no requirement.....

Perhaps it would have been clearer then for you to have said "ably assisted by the Thaksin haters and lovers alike". Just trying to assist...

[473geo]

In denial.........popularity of hot discussion topics are obviously attractive to forums.....as you continue to post and keep Thaksin 'to the forefront'.........in the headlines of the news(Thaivisa) you keep the Thaksin threads at the top end of the lists, and in general (Thaivisa) you keep the Thaksin threads at the top of the lists...........do not belittle your input the continuing resurgence of Thaksin saga gentlemen...... .

Yahoo search

150,000 results for

Thaksin - Thaivisa

Isn't it just a little hypocritical to say that we shouldn't be posting on Thaksin threads, while posting multiple threads yourself?

Why? have I attempted to deny my posting keeps threads up the listings........just pointing out a simple fact of forums......why the big deal........

Unless I have embarrassed people by highlighting this rather obvious fact....

I seem to recall one poster actually asking the question why there are not more comments on the political situation in the south when threads appear............

[MiG16]

I have deleted one post. Discussing Thai royal family is not only against thaivisa rules, but more importantly it is illegal in thailAnd.

Discussing the lese majeste law is a grey area and I suggest we refrain from doing so. (and my suggestion extends to what you say beyond an Internet forum too) better safe than sorry.

Cheers

[scorecard]

This would be very bad news for loan sharks whether they be from upcountry or the city dwelling type.

A lot of Thai's run small business to survive i.e. they are self employed.

Just like any other business they sometimes need credit to purchase stocks such as rice for planting, stocks for their shop, or as in this case may be a Taxi.

The ONLY chance they have at the moment is to borrow from Loan Sharks who charge 20% interest per month.

Even if Thaksin set up a credit scheme charging 16% interest p.a.

it would massively undercut what Loan Sharks charge.

Thaksin is targeting these people in the upcoming elections, where as Abhisit is targeting civil servants with salary hikes.

When does his 5 year ban end? anyone know? I think it must be this year sometime.

Also, when their thaksin credit card is full, back to the loansharks. Further, in small villages (and everywhere) the loan sharks are well known.

If politicians, PT and others, had some morals they would have taken whatever action is needed to stop loansharks from operating years ago, including severe legal punishment.

[OzMick]

LOL....ever been approached for a loan from low income earner ?....... generally fat chance of getting it back (from my experience) unless its linked solidly to some assets.

Interesting.

Grameen, Kiva et al might well argue with you about this. It definitely depends on the candidate - I have lent small amounts to 2 brothers -in-law; one has paid back every baht with interest and improved his families income 10-fold. The other claimed that he repaid the money to my wife (who in Thai law is indistinguishable from me, agreed), and he has blown any future chance.

[rixalex]

Why? have I attempted to deny my posting keeps threads up the listings........just pointing out a simple fact of forums......why the big deal........

Omitiing to mention your own important role in something, whilst making a point of highlighting someone else's, isn't such a great leap from denial. Intentionally misleading might more accurately describe it though.

[rubl]

When does his 5 year ban end? anyone know? I think it must be this year sometime.

I think the ban started around May 2007, that would mean end in May 2012. Mind you for a political career for k. Thaksin it doesn't really matter too much as with his criminal record and outstanding jail time he's not eligible to stand, maybe not even to participate.

[473geo]

Why? have I attempted to deny my posting keeps threads up the listings........just pointing out a simple fact of forums......why the big deal........

Omitiing to mention your own important role in something, whilst making a point of highlighting someone else's, isn't such a great leap from denial. Intentionally misleading might more accurately describe it though.

You had something important to say about credit cards and Taxi drivers.................or are you just continuing to keep this thread right up there.......

[473geo]

Got to go guys thanks for your input.......

enjoyed the debate

Bye........ .

Edited May 7, 2011 by 473geo

[malcolmswaine]

As a rule of thumb, anything taken from 'The Nation' is a twisted, misinterpreted version of the truth. Propaganda at it's worst.