Najib knows best
With the announcement of a huge stimulus package, Malaysia’s next leader shows that he’s no economic reformer..
Asian Wall Street Journal
11.3.09
The man slated to take over Malaysia’s government later this month hasn’t said much about his economic philosophy. But with the announcement of a 60 ringgit ($16 billion) stimulus package yesterday, one thing is clear: Najib Razak is no free-market reformer.
Mr. Najib, who is currently deputy prime minister, called yesterday’s package “unprecedented in the nation’s history.” For an expenditure of roughly 9% of 2008’s GDP over two years, that’s no exaggeration. Malaysia will raise debt to fund this largesse. The fiscal deficit is now projected to reach a whopping 7.6% of GDP, up from 4.8%.
Malaysia is following in the fiscal footsteps of the U.S., Australia and Japan, but that doesn’t make it smart. The “stimulus” from all this spending will likely be limited. Most of the money will be spent on loan guarantees, infrastructure and public-sector expansion, rather than on tax cuts that could stimulate productive growth. State-owned investment company Khazanah, for instance, will be handed 10 billion ringgit. Pet projects such as “green investments” and the state-run auto maker will also see cash handouts. The government itself will hire 63,000 workers.
This is effectively a restatement of Malaysia’s old, government-knows-best policies. It’s the opposite of what Malaysia really needs, which is to ditch this thinking and shift to a business climate that encourages private investment and entrepreneurship. The government predicts GDP could shrink 1% this year.
Yesterday’s fiscal expansion is also a political risk for Mr. Najib and his ruling coalition. Malaysian voters, fed up with the government’s racial politics and lackluster economic growth, handed opposition parties roughly one-third of the national parliament last year and victories in two subsequent parliamentary by-elections. If Mr. Najib’s package doesn’t work, the voters may protest again at the polls.
#1 by Loh on Wednesday, 11 March 2009 - 2:03 pm
163,000 will gain direct benefits. They together with their siblings, parents and relatives will have 1,000,000 votes of UMNO. This is a save UMNO package, and it is UMNO economic programmes using public funds to woo voters.
#2 by waterfrontcoolie on Wednesday, 11 March 2009 - 2:46 pm
when statistics are collected for the purpose of distortion to fulfill a twisted policy, there is noway they can rely on those statistics when they really need them to tackle any problem facing the nation. In the current scenario, those stats would certainly not needed if the aim is just to fill the pockets of exclusive group of people.
Both export and import are already showing signs of down-hill roll, business is still usual to the incoming PM! We have lost much of our competitive edge to our neighbours and you have jokers like the Fishery Department carrying out privately own vested interests to add burden to the population! Just stop it? The Head should be rolled over!
This Boleh Land will continue to see such naive decision made and withdrew as if nothing had happened!
#3 by Toyol on Wednesday, 11 March 2009 - 2:53 pm
I thought somebody said the economy was stable with strong fundamentals? Now they come up with a RM60 b budget?!!! It took them a month to realise we are in deep shit? God, how are we ever to get out of this one, I wonder with sleepy heads at the helm.
#4 by DAP man on Wednesday, 11 March 2009 - 3:02 pm
I DON’t trust Najib and I don’t trust UMNO. I don’t trust BN. I don’t trust the Judiciary, PDRM and ALL the public institutions. I think the entire system is corrupt and there is no Rule of Law. How do I trust a leader who is carrying a load of ‘sinful baggage’?
If a few hundred thousand Malaysians, foreign investors and fund managers, think like me (I am sure they do), how on earth is the economy going to make a turn around.
I dread to imagine how many of this billions will go into UMNO cronies’ pockets.
#5 by ekans on Wednesday, 11 March 2009 - 3:18 pm
The man is trying to look like the nation’s saviour in the face of the global economic gloom with this mini-budget, which is actually some sort of a welfare fund for his political party, allies, supporters & cronies in disguise.
Let’s see how much of this RM60 billion fix actually goes to the PR-ruled states.
#6 by bigheadjer on Wednesday, 11 March 2009 - 3:22 pm
Is this being posted because the free-market approach is what the DAP espouses or merely because it is a criticism of Najib Razak’s policy and therefore any criticism will do? I find that this article goes completely against the grain of the last two posted articles (by M. Bakri Musa and Tengku Razaleigh) about the economy.
#7 by kentutoyol on Wednesday, 11 March 2009 - 3:28 pm
This is a huge joke stimulus package.
Does Najib really has the RM60 billions?
He must be a magician!
#8 by Saint on Wednesday, 11 March 2009 - 3:32 pm
A very risky move that will be difficult to sustain by the next political party that will rule Malaysia. BN with its “crony based business set up” need not worry, as they would have all the funds in their hands, while other Malaysians suffer.
#9 by monsterball on Wednesday, 11 March 2009 - 3:35 pm
Without any credential as an able leader….but an established reputations as an unreliable…unpredictable…cunning sly fox;….to me this is his first opportunity to show his power…to win confidence from Malaysians…..more than helping Malaysia.
The timing is also for the 3 by-elections….more than anything else.
If this fail…..UMNO and him always have dozens of reasons to blame others..or due to other reasons.
That have always been UMNO’s trademark….denying and run away from accepting failures due to their bad management and corrupted ways.
Corruptions in UMNO… right to the core is well established.
There is no way…UMNO can convince Malaysians will be benefiting from the RM60 billion. Do not be surprised…….more and more needed…covering up …one failure after another …..and making sure…UMNO plans to win elections grow from strength to strength..at all cost.
That’s how sincere they are. This is my suspicions.
I sincerely hope to be proven wrong.
All we need…is to wait for not more than a year……to see the true picture.
#10 by HJ Angus on Wednesday, 11 March 2009 - 3:35 pm
All the negative remarks show one thing – many people do not trust the government anymore.
Asking the Opposition to work with him is somewhat cynical when they sabotaged the Perak state government and are doing their utmost to stop funds being spent in opposition states.
The only silver lining in the dark economic clouds is that more voters now realise we need major changes and that includes a change of government at federal level.
http://malaysiawatch4.blogspot.com/2009/03/malaysiakini-and-doubts-about-rm60.html
#11 by bennylohstocks on Wednesday, 11 March 2009 - 3:41 pm
OH, WHAT A STIMULATING TIME!
#12 by puteri pinang on Wednesday, 11 March 2009 - 4:10 pm
Sure, the gomen always have money for someone – RM6 million annual rental and maintenance for Seri Perdana and RM3.4 million for Seri Satria, the official VIP residences in porlahjaya and the gomen is bound by contract of 25 yrs! And the millionaire is…..
Truly sickening!
#13 by oct on Wednesday, 11 March 2009 - 4:25 pm
Last year our PM went all over the country to promote corridors. Looks like these corridors will become longkangs. There should be a decision that at times like this, it is best to forgo these longkangs. The Middle East is in trouble. Do we think that they will come and invest when there are so many infrastructure projects being abandoned in their own country?
Another thing we could do without are our submarines.We need to spend millions to maintain them. We are going to award a multi million contract to a company to provide recovery service for our submarine crews. In the long run, it will bleed us to death but then BN crony is laughing to the bank. We are neither at war or in danger to be invaded by surface vessels. We should sell them off so that we can divert the money to the needy. What can three subs do in the event of war? Do we think that in the event of war, the deciding factor is based on subs? We spend needless money on things we don’t need except to milk the country and benefit the BN crony.
Most of white elephant project money can help alot of poor rakyat. Yet it only benefits UMNO cronies. All the rakyat can see where our hard owned money goes to. No wonder a lot of the rakyat are still poor.
In good or bad times, Bolehland keeps on spending. Bolehland don’t think of saving for a rainy day. Petronas and EPF are our fairy queens who can dish out money whenever BN wants. Very soon they will run out of money also if Bolehland continues its spending like nobody business.
#14 by dawsheng on Wednesday, 11 March 2009 - 4:40 pm
Few months back, Najib and UMNO said Malaysia is not facing any crisis or recession but now, after months of denial we need RM60 billion stimulus package. Yes, this man will be Malaysia’s next Prime Minister, you should be very worry.
#15 by ktsk88 on Wednesday, 11 March 2009 - 4:48 pm
I bet that the stimulus of RM60billion is not effective in stimulating the economy since bulk of them is non revenue generator. Most of it is considered as a bailout of certain companies/corporation or merely a lips services figure.
They should have cut all personal taxes/contribution funds for individuals so that they have more monies in hand to spend on necessary items which in turns generated productivity for manufacturers/producers. These will provide employments opportunity for the people or to keep they jobs going. this is the main thrust of the economy.
As for the RM5000 incentive for old vehicle trade-in, how could u expects the people to spend to upgrade their current drive without worrying about their jobs security.
As for loan interest waiver for those affected from job retrenchment, why only limited to these category of affected citizens, why don’t apply to all loan borrowers but lower the threshold interest bracket to maybe RM5000/homeowner. Then everyone will benefited.
As for education for PHD/Master, i guess it offers no benefits but just merely to helps certain groups of people. How you expected them to be in employment after getting their PHD/master in such a pathetic economy. This monies should be channeled to better use.
Overall, i don’t see any benefits to the ordinary folks on the street but just to show that the Government is doing something with a big heart that it cared for the citizens.
Allocations is one thing, implementation and transparency of all these actions is questionable which will definately leads to corruption/siphoning of the country wealth.
#16 by undergrad2 on Wednesday, 11 March 2009 - 4:56 pm
Najib Razak is no free-market reformer.” AWSJ
This AWSJ journalist knows nuts about Malaysia.
Malaysia has long abandoned its belief in the laissez-faire system and has opted for socialistic style system with a government aiming to re-distribute wealth among what it sees as the indigenous race and non-indigenous races.
It has always believed in big government and none of the free market bull that Republicans in the U.S. believe.
#17 by Godfather on Wednesday, 11 March 2009 - 5:26 pm
Word on the street is that Najis is tapping the free market expertise of none other than diam diam Daim. For these guys, “free market” means being free to take and do whatever they want.
How many chickens will be left now that more foxes are being invited into the henhouse ?
#18 by boh-liao on Wednesday, 11 March 2009 - 5:40 pm
Paragraph 1: “with the announcement of a 60 ringgit ($16 billion) stimulus package yesterday” …… Our ringgit is so strong! Funny maths here!
#19 by boh-liao on Wednesday, 11 March 2009 - 5:48 pm
NR is confident he can turn the economy around.
He is surrounded by team members who can do no wrong.
Inspector-General of Police Tan Sri Musa Hassan and Attorney-General Tan Sri Gani Patail were cleared of fabricating evidence in the Datuk Seri Anwar Ibrahim “black eye” incident of a decade ago.
Judges, police, doctors, pathologists too.
Lots of money to be handed out. Furthermore the money will definitely not going to Selangor, Penang, Kedah, Kelantan, and KL. So, where will the bulk of the money go to? Putrajaya lebih jaya?
#20 by timmyskh on Wednesday, 11 March 2009 - 5:50 pm
Tengku Razaleigh explosive interview on:
sakmongkol.blogspot.com/
Tengku Razaleigh:
“The first thing I want to ask you- stimulus for whom? Or stimulate who?
Well you know, the other finance minister just announced that they had only spent close to RM600 million only…that would suggest what?
I believed there’s NO money. You have to finance your spending. We have borrowed money from EPF and Tabung Haji, or Khazanah. We can’t be borrowing from external sources. We most definitely can’t tax our way through.
No money. That can be the only plausible explanation why the government has been slow to spend. What are we waiting for? As you know, there’s always lag time from government expenditure to fruition of the effects. Implementation takes time so on and so forth.
Where do you find the money? Our income has been hard hit. Our economy is export driven. Look at the earnings from petroleum. It’s now USD 50. Look at our palm oil prices. That too has dropped.
We have a combination of two evils now- dropping revenue and income and stubborn consumer prices. It was a mistake to allow consumer prices to rise. You know prices are sticky downwards. Even as the cost of oil is dropping, prices of consumer products are not falling as fast as falling commodity prices.
Next, the government has to look at what type of industry they want to spend on. Look at specifics. Do a proper analysis. Prioritise them.
You know, we can still have open tenders and apply above board selection process. How do you think, this cronyism started? You must begin eliminating cronyism from yourself first. It must begin with the top decision maker. If you yourself have vested interest, then you condone and even support cronyism. What do you get then? You get a system where the top decision makers select those who can in turn feed them. I know this is a harsh term, but that’s how it is.
Unless you eliminate vested interests and hidden personal agenda in yourselves, you will have cronyism. FDR’s new deal gave rise to worries of corruption and abuses. But the new deal worked because there were oversight apparatuses.”
#21 by limkamput on Wednesday, 11 March 2009 - 6:09 pm
RM2.4 billion for broad band community centres, basic telephony services in 89 districts in rural areas? Now this is really puzzling. What the heck is this all about? Is this project going to be like the community colleges we built all over the country a few years back. What telephony services are still lacking in rural areas? Are we trying to spend RM2.4 billion to connect may be 2000 people in the remotest parts of the country. I tell you what, it is not that I am uncaring. RM2.4 billion is best spent to massively expand the urban LRT in the Klang Valley, Penang or JB. We talk so much about government spending to build capacity and create impact of the economy; I think the RM2.4 million earmarked for broad band community centres is the joke. You mark my words and watch closely who will be doing this project and what the impact will be like on the economy.
#22 by yhsiew on Wednesday, 11 March 2009 - 6:15 pm
Najis is putting self interest above that of the country. By dishing out the 60 billion ringgit stimulus package he is going to make himself popular in UMNO – never mind the 7.6% GDP equivalent fiscal deficit (as the rakyat can always pay for it).
#23 by bigheadjer on Wednesday, 11 March 2009 - 6:16 pm
Undergrad2, the WSJ (whether Asian or whichever) editorial board has always pushed a laissez-faire agenda. I’m not sure if whether this writer knows nuts or whether he’s saying that all heads of government should always adhere to only his chosen point of view.
I like reading Mr. Lim’s blog, but not this article.
#24 by yhsiew on Wednesday, 11 March 2009 - 6:19 pm
With the announcement of a huge stimulus package, Malaysia’s next leader shows that he’s no economic reformer..
====================================================
The above should be amended as
With the announcement of a huge stimulus package, Malaysia’s next leader shows that he’s UMNO king!
#25 by KennyGan on Wednesday, 11 March 2009 - 6:30 pm
YB Kit,
Call a vote of no-confidence in Najib after he is appointed PM. With Badawi’s help and all the factionalism in Umno, it may succeed. Badawi as PM is anytime better than the tainted Najib.
Was Anwar’s lunch with Badawi a hint of something going to happen?
#26 by One4All4One on Wednesday, 11 March 2009 - 9:43 pm
The mark of a true statesman is the inclusiveness of his approach and unconditional magnanimity and natural humility in dealing with one and all.
There is no hue, no colour, no bias, no smell of any sort of prejudice or suspicion, no hint of discrimination, no closed doors, no hook or crook, no self aggrandisement, no hidden agenda, no patronage, no pretension, no ill will, no self serving interest nor that of others, no fear nor favour, no religious favouritism, no partiality and no exclusivity.
If the just passed mini budget is all inclusive, it should have input from all quarters irrespective of ideology and political divide.
Else it would only serve certain quarters at the expense of others.
What can we say about the budget then?
#27 by hiro on Wednesday, 11 March 2009 - 9:54 pm
There’s no personal tax relief.
There’s no clear indication if the relief on interest for housing loan is for existing or new loans.
Rebate for buying cars – that’s laughable – what happened to integrated national transport plan or integrated KL transport plan? What happen to the money saved will be pumped into public transportation?
BN and UMNO is used to talk cheap, including the DPM/PM to be.
I hope people at two Bukits and Batang Ai give him a big bad bloody nose.
#28 by raven77 on Wednesday, 11 March 2009 - 10:04 pm
How is it Malaysians cannot stop a crook such as Najib…..
#29 by Onlooker Politics on Wednesday, 11 March 2009 - 10:20 pm
The expansionary fiscal budget of RM60 Billion certainly sounds like Najib’s trying to show his grandeur to the Malaysian people, albeit it may look too snobbish for some conservative people.
Najib’s deficit budget may render a fiscal deficit of an amount which is equivalent to about 7.6% of our National Gross Products (GNP). This cautionable budget deficit makes me recall the popular motto of a former prominent Business Tycoon, the late Tan Sri Lee Loy Sang. Tan Sri Lee said, “A man who is well qualified as a wealth-to-do man is a man who does not owe debt to any bank.”
And now Najib is getting the Malaysian Federal Government to spend with the funds raised through debt financing. Like many credit card spenders who are required to pay high rate of interest expense to their banker because they cannot afford to pay off their credit card debt, the future generations of Malaysia will also be required to pay a much higher income tax rate in the future because Najib has mortgaged the future of Malaysia with an unprudent spending with the deficit budget. The immediate adverse consequence of this fiscal budget with high deficit balance has already been reflected by the weakening of the Ringgit currency value vis-a-vis the US Dollar.
Who dare to say again that Najib will be a much better Prime Minister than Abdullah Ahmad Badawi?
#30 by Onlooker Politics on Wednesday, 11 March 2009 - 10:23 pm
Sorry, a slight of pen. The words “wealth-to-do man” shall be replaced with the words “well-to-do man”.
#31 by yhsiew on Wednesday, 11 March 2009 - 10:35 pm
Stimulus is big but sceptics still doubtful
http://www.themalaysianinsider.com/index.php/business/20095-stimulus-is-big-but-sceptics-still-doubtful
#32 by Loh on Wednesday, 11 March 2009 - 10:41 pm
The stimulus package is a calculated risk. Najib has calculated how to stimulate votes for UMNO and the citizens take the risks.
#33 by One4All4One on Wednesday, 11 March 2009 - 11:00 pm
One of the most viable options now available to Malaysians of all colour and creed is to give the opposition the chance to prove its worth.
BN-UMNO had been given too many a chance to rule (and divide); now is the time for the PEOPLE”S CHOICE to reverse such misrule and move the nation rightfully ahead.
We have had enough of the same old thing. Too many opportunities had been lost, over-ridden, hijacked, abused, over-ruled and robbed.
Too many cases of corruption ( mostly painted and glossed over as necessary equity-sharing for the benefit of ALL our dear Malay and native friends; but benefited only a small SELECT FEW) and the perpetration of unfair designer policies serving the greed and interest of a political bully had been allowed to happen before our very eyes and noses.
The time is ripe for the rakyat to decide on what should be done to regain the lost justice and opportunities. One for all and all for one. It is by the people, of the people, for the people. Anything not done in this direction is not an option. Enough is enough.
#34 by Onlooker Politics on Thursday, 12 March 2009 - 12:04 am
RM60 Billion Fiscal Budget? Can Najib persuasively tell us that how he is going to raise the needed funds in order to cover the fiscal deficit? Is Najib going to sell the Sovereign Bonds of Malaysia again by way of getting the foreign institutional investors to underwrite such bonds like what Abdullah Ahmad Badawi did before?
What happen if no one foreign institutional investor is interested to underwrite the Sovereign Bonds of Malaysia due to poor rating of the Bonds’ financial position? Will the bad news create a further backlash to the Malaysian economy and cause much more serious unemployment problem? Shall we always think too optimistically about Najib’s capabilities to rule the country?
#35 by Onlooker Politics on Thursday, 12 March 2009 - 12:24 am
Spurring the economic activities does not mean that it takes the Finance Minister to TALK BIG and BULLSHIT to the public by formulating a grandeur Deficit Budget of RM60 billion and then find that it is almost impossible to raise adequate funds to finance the budget. Back to the core basic, Najib will still have to explain to us that how he is going to raise all these RM60 billion funds in order to cover the fiscal deficit?
I can also talk big and bullshit that I am able to find a buyer for my KK buffalo for RM6 million a head. However, I know deep in my heart that my hallow sham folly is not going to make me feel much better if there is no one true buyer out there who is willing to pay me just RM1,000 deposit in order to take up such a bullshitful sale offer of mine.
Once again, I want to ask Najib: How are you going to raise funds in order to cover the huge fiscal budget?
#36 by frankyapp on Thursday, 12 March 2009 - 2:01 am
UMNO/Bn leaders flip/flog actions/policies are not doing any good for us and country.Now suddenly we have RM 60 billion in the form of stimulus package for the rakyat and country. Wow,pretty lot of money.Where this money is coming from ?Who is getting it and why it is getting it ? How is this money going to be distributed ? Is it for me and you ,ha ha ha or only for their good old buddies.Unles the PM in waiting can answer these questions convincingly,We then can relax and see the economy grows.Remember what the US congress did when company came for bailout cash ? First the CEO’s salary is restricted to 500,000 annually and no bonus or dividen ,also being bar from using executive jet to travel to the state capital.In our country, bailout company CEO and directors still use luxurious and very expensive cars and travel super class going and doing shopping spree with their wivies and family members. Are these people not ashamed of themselves. Yet the Umno/BN leaders just could not be bothered.How amazing,people do not question this extravaganza.Hopefully NR this time round will deslodge the bolehland dream and head on to land of reality.
#37 by undergrad2 on Thursday, 12 March 2009 - 2:17 am
Godfather Says:
Yesterday at 17: 26.10
How many chickens will be left now that more foxes are being invited into the henhouse ?”
Didn’t know you go to hen parties! I thought men go to stag parties and not hen!
#38 by flyer168 on Thursday, 12 March 2009 - 6:58 am
Dear LKS,
Thank you for the update on DPM/Finance Minister RM60 Billion Stimulus Package…..
– I say Yes, the way our Leaders are handling this very “Complex Global Financial Meltdown” issue….
– So what is new in this Bolehland & our Blur, Blur DPM/Finance Minister….
– If He can just “Swallow his False Pride, be Honest & Sincere” to acknowledge & admit….
– the “Whole Nation and the World” will be with us to HELP out!
– PRESENTLY our UMNO/BN Leaders “DO NOT EVEN Cross Talk” amongst themselves….
– Just HOW can they change their PARADIGM to ASK, LISTEN, ACKNOWLEDGE, REPENT, LEARN from the best Brains & Best Practices & Best TIME Proven SUCCESSFUL SOLUTION models….
– With the HUGE Resources OUTSIDE of their “Solution” Bankrupt Jaguh Kampung within UMNO/BN….
– We only have to “Look, Acknowledge, Ask and Learn” from our neighbour down South
– their TESTED, TRIED and PROVEN solutions which have “ENDURED THE TEST OF TIME”
– DYNAMIC and RESILIENT SUCCESSFUL POLICIES, ECONOMY, ETC.
– Even their SEVERAL Decade old Successful Cost Effective 2 – 3 year National Service Model for the FUTURE NEEDS of the nation, with no “Surplus to Needs”
– After graduation from their Military, Police, etc Bootcamps
– They are Ready for the nation’s “Battlefront” duty ANYTIME, ANYWHERE!
– Our Southern neighbour adopts the best criteria Brains, Politicians, Implementers, etc with Academic, Professional,
– With Long and Proven Track performance of “Excellence”, who are “Accredited and Remunerated” very well (from a few hundred thousand to more than a Million Singapore Dollars per annum) with “Structured Job Specs” in this 21st century context…
-….and they DELIVER!
– Sometimes Foreigners (Asian first, then others) are taken for a short contract period to “Groom” the Local “Best” personnel.
– Every National/State Project – DELIBERATION/Decision/ Implementation for the Nation, State and its People are “COST EFFECTIVE” and “NOT SURPLUS TO ACTUAL NEEDS”!
– As such no squabbles & disputes…
– Right person for the job at hand!
– Integrity and Accountability
– Either “deliver or else you are out”.
– With such a Policy in place…
– Their Senior Political Leaders, Politicians, Generals, CEOs, etc do not even have to be seen….
– but everything runs the way it should for the nation and its rakyat’s “Guaranteed Basic Needs”.
– In this Bolehland it is the reverse!
– They are the “True Leaders” involved in the “Bigger Vision” for the Nation’s International Political, Security, Economic, R & D, Manufacturing, etc Policy and Standing…
– The DBS, MAS and Termasek together have financial “Reserves” of more than 600 Billion Singapore Dollars.
– For a small nation, they HAD acknowledged, deliberated, identified and mobilized an “INTELLIGENT, STRUCTURED and DYNAMIC” contingency financial plan IN EARLY 2009, to mitigate this financial meltdown
– Ensuring a “MEANINGFUL Package” is ADDRESSED for its CITIZENS to CREATE a POSITIVE “CASH FLOW” & not for Corporate & Institutional “RESCUE & BAILOUTS”….
– to ONLY WET their “Huge Gaping APPETITE” with no Capital & Cash flow at the Userend “CITIZEN’S” strata.
– They have an initial package of 20.5 Billion Singapore Dollars and they are “Rock Solid” with their cash reserves of 600 Million Sing!
– Versus our Bolehland’s 1st Stimulus package of RM7.0 Billion & now RM60 Billion Stimulus Package …..
– I say this – TOO LITTLE TOO LATE Mr DPM/Finance Minister…
– Kindergarten Jaguh Kampong Economics & Finance Planning
– RM 67 Billion for a country our size with its Deficits, Bail outs, etc with ??? Reserves???
– Vs Singapore with its initial package of 20.5 Billion Singapore Dollars and they are “Rock Solid” with their cash reserves of 600 Million Sing!
– Almost 30 times Reserve Stimulus packages available! )
– Anyone in Singapore involved in “Graft, Corruption, etc” would rather “Self-Destruct” than have to face the Senior PM and their peers.
– With the Global Financial Meltdown, NO Country or Government can understand & appreciate the “Actual Impact” to the “Nation” & its “People” until they get hit “Hard” like “Iceland.”
– and Malaysia could join the many, many more to come!
– The then Icelandic Government “ACCEPTED THEIR FAILURE NOT THROUGH CORRUPTION THOUGH”….
– thereafter HONOURABLY & “GRACIOUSLY STEPPING DOWN ENBLOC”
– A “New Government is now in place” to “Salvage” the nation!
-Whilst the G20 Presidents, PMs, FMs, Governments are strategising & synergising their positions on the GLOBAL FINANCIAL “Chess Board”….
– there is still no “Intelligent, Structured Contingency” plan nor Quantums” in place in this Bolehland…
– The UMNO/BN Leaders are still in “Denial” even at this 11th hour of our nation’s “Double Whammy, Political & Financial Tsunami” at our doorsteps….
Our PM & Finance Minister/PM wannabe & their “Political Mecenaries” are still…
“Quarreling with PR & Anak Bangsa Malaysia with their Law of the Jungle & Gutter Politics Jaguh Kampong ala KINDERGARTEN style & still playing with MARBLES” when all the other nation’s Presidents, PMs & FMs are playing “CHESS.”
This Bolehland has a “Long” way to go with their “Blatant Denials” & “Childish Charades” even at this eleventh hour, to be able to catch up!
We the “Rayaat” have to be “Proactive” and it is a matter of “What can I do for myself & my family NOW” rather than…
– “Ayooo…will the gomen help me….
– How to live with no job, no money lor ?….
– Very SOON it is “Every Man for Himself” when it happens!
– So consider “Repositioning” yourself and family financially, professionally (career/job), etc, fasten your “Seatbelts” tight, to safely ride this Tsunami!
– May God bless and protect this nation and its rakyat.
#39 by flyer168 on Thursday, 12 March 2009 - 7:04 am
Dear YB LKS,
Malaysia badly needs “Role Model” established Leaders & Politicians of HONOUR with Calibre, Maturity & Tolerance without Fear or Favour & NOT Political OPPORTUNISTS – on BOTH sides of the Political Divide.
Further this nation Desperately needs Intelligent, Time Proven Pragmatic Successful modelled, Financial & Politiical “SOLUTIONS” NOW on BOTH sides of the Political Divide, to MITIGATE the IMPENDING Political & Financial fallout.
May I share this with you & your readers….
http://ampedstatus.com/economic-crisis-usa-riots
Economic Crisis = USA Riots
Posted on Tuesday, March 10th, 2009 at 10:37 am , Filed under Economy, News, Politics, Real News . Follow post comments through the RSS 2.0 feed. Click here to comment, or trackback.
“The riot be the rhyme of the unheard!”
Citizens of the US… Brace for IMPACT!
As the global economy continues its downward spiral, rioting due to this Wall Street led meltdown is spreading through the globe like wildfire.
The list of countries experiencing civil unrest is growing by the day, to name some recent hotspots: Bolivia, Bosnia, Brazil, Britain, Bulgaria, Cameroon, China, Egypt, France, Greece, Germany, Haiti, Iceland, India, Indonesia, Ireland, Ivory Coast, Latvia, Lithuania, Mexico, Montenegro, Morocco, Nigeria, Pakistan, Panama, Philippines, Russia, Senegal, Thailand, Turkey, Ukraine and Yemen.
In an article titled “A Planet at the Brink: Will Economic Brushfires Prove Too Virulent to Contain?”
Michael T. Klare explains:
“As people lose confidence in the ability of markets and governments to solve the global crisis, they are likely to erupt into violent protests or to assault others they deem responsible for their plight, including government officials, plant managers, landlords, immigrants, and ethnic minorities. (The list could, in the future, prove long and unnerving.)
If the present economic disaster turns into what President Obama has referred to as a ‘lost decade,’ the result could be a global landscape filled with economically-fueled upheavals.”
A UK Guardian news report ran with the headline:
“Governments Across Europe Tremble as Angry People Take to the Streets.”
Once stable countries have seen millions of their citizens revolt
– taking to the streets, disrupting public services, blocking roadways, participating in nationwide strikes, seizing shopping malls and engaging in many other forms of civil disobedience – as entire governments have fallen.
Government offices, public facilities, businesses, homes and cars have been vandalized, looted and burnt to the ground.
Death tolls and crime rates due to this crisis are reaching epidemic levels.
However, here in the US, we haven’t seen much unrest yet. With the election of Obama we have had a brief reprieve, as HOPE momentarily shined across the USA.
The US presidential election and the rise of Obama came just in time. (Could you imagine what might have happened under another year of Bush-Cheney rule?)
The hope-filled Obama is the perfect figurehead casting the perfect illusion. The Obama illusion is one of a new day, one of hope and better times ahead.
As positive an impact as Obama might have on governmental policy and national confidence, we can only escape reality for so long.
In the words of Chris Hedges:
“It is only a matter of time. And not much time.
When things start to go sour, when Barack Obama is exposed as a mortal waving a sword at a tidal wave, the United States could plunge into a long period of precarious social instability……”
#40 by Bigjoe on Thursday, 12 March 2009 - 8:28 am
Forget about economic reformer. I would settled for just economic realist. He was grinning from ear to ear, pleased being praised by his fellow corrupt BNers oblivious to the holes of what he presented. It fooled no one outside of his circle.
He does not get it how bad it is that when he announced it, the KL market fell ON a day the global market had a huge rally!! Its a condemnation of his brains no less.
#41 by bclee on Thursday, 12 March 2009 - 8:34 am
just few months ago out PM/DPM stongly said that we are immute from the current economy meltdown. we are better off , US problem would no affected us.
I just wondering do they know what actually happen with current crisis? what the impact to the country as the whole?
after the 2 stimulus package out, now i strongly believe in myseft they don’t know what going to happen and how long this will impact ordinally peoples in the street.
falling commodities price with surcing USD to all time high will very much drying out country income.
no hope for current government better change it by next 13 election.
#42 by sotong on Thursday, 12 March 2009 - 8:58 am
Decades of bad leadership, the current political situation in the country and probably the world’s worst recession….I don’t think our leaders are fully aware of the huge challenges ahead, immediate, short and long term.
As usual, they will be too busy with their survival – everyone is for himself/herself.
#43 by drngsc on Thursday, 12 March 2009 - 9:23 am
Stimulus package? Who is Najib trying to stimulate? Of course, we rakyat is the excuse, and maybe some will trickle down to us, but we wonder, who is MOF trying to stimulate? I think we all know.
Malaysia boleh. God bless Malaysia.
#44 by k1980 on Thursday, 12 March 2009 - 10:20 am
I just hope the Income Tax Dept would not come up with this new simplified tax form (in order to fund the RM 60 billion package)
http://www.emmitsburg.net/humor/pictures/2009/ATT00028.jpg
#45 by son of perpaduan on Thursday, 12 March 2009 - 10:24 am
Stimulus package to whom?? I’m just a ordinary rakyat whom lost of income since last year, please ask around the people on the street like me, who will really stimulated and ease of burden by this package?? Clearly and obviously rescue their own package, not the rakyat like me and you. I suggest the PR voice this to the rakyat because the money would’nt goes to rakyat, is a bail out package. Why not just release my money from my EPF saving to save my own live?? Moreover it is my own money instead of dying waiting for rescue from others??
#46 by passerby on Thursday, 12 March 2009 - 11:31 am
In good time, they spend big and pocket big too. Now this is a god-sent opportunity for them to spend even much bigger and pocket even much more.
That’s is why “Mr. Najib, who is currently deputy prime minister, called yesterday’s package “unprecedented in the nation’s history.” They must be busy calculating how to divide the money now, maybe something like this:
Semi Value, here 1 bil you keep and here mca, 2bil you keep. The balance we umno keep.
#47 by kmchew on Thursday, 12 March 2009 - 11:38 am
RM 60 Billion stimulus package? Where to get the money? The government has no more – all looted by the “guardians” of our money. But there is plenty elsewhere- ask Najib, ask Mahathir, ask Daim, and those who carry millions of cash in their briefcases. They know best. Many of the so call ministers may not understand basic economics or finance, but they certainly know how to spend big money.
Godfather says – free market means being free to take. How right. To Umno free market means take anything for free. They have the power to change ownership or take ownership of anything they wish- your wives included. Malaysia is to some very privileged few a real free market.
So one of the measures taken is for the government to create 63,000 jobs? Real jobs? The government is already overstaffed. Or is it 63,000 votes. When new graduates could not find jobs, the government created thousands of “jobs”. Is the government really creating so many jobs? Or just creating opportunities for a few to legally collect “free money”? That’s really free market. Is there a mechanism for the public or a neutral party to monitor such spending?
#48 by k1980 on Thursday, 12 March 2009 - 12:03 pm
Where to get the Rm60 billion? Just hit the ‘print’ button, and hey presto…That was what the Japs did in Malaya in the early 40s and Chiang Kaishek followed through in China from 1945-1949.
….http://www.thedigeratilife.com/images/printing_money.jpg
#49 by lasersharp on Thursday, 12 March 2009 - 6:13 pm
@oct, I like your comments!! Those are valid points. ME is not going to come here. In addition, the whole scam about Islamic financing is just that. Outside of Malaysia, in this region at least, no one gives a toss about Islamic financing. Financing is financing, if it complies with shariah requirement so be it. A religion cannot be a competitive advantage in something that has been around for ages. The selling point about bringing in ME investors because we are an Islamic financing hub just doesnt cut it in reality. If the ME is so strict in their investment requirement the prince from Saudi wouldnt be the ex-biggest shareholder in citigroup.