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Wednesday, October 8, 2008

Impending Global Economic Slowdown/Recession: What Will Malaysia Do?

I was shocked to learn that the credit crisis in America coupled with the delay in the solution from Congress has spilled over it’s effects to almost the entire developed and developing countries.

We learn that almost all European countries are announcing packages and “rescue plans” for their various banks, which includes small countries like Iceland. Britain has announced a comprehensive rescue package to save their ailing banks and financial institutions.

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Meanwhile, bourses around the world are recording steep decline in their various indicators. We even find bourses in oil rich countries like Bahrain, Saudi Arabia, Qatar etc suffers too the effect of the credit crisis in America despite their assurances that their banks are liquid and independent from the “liquid crisis” of American banks.

After 8 years of Bush and Republican economy, which emphasize on deregulation, less oversight and “small government”, the Republican has to eat their words and introduce “more government” to save their ailing economy.

Although, the right approach for true Republicans is to let the market sort out the mess and let the strongest among the various dying banking institution survive. But Republicans is a party that is true to their masters, the big business owners of America.

If they left it to market forces, not only will the people suffer but the people responsible for the financial meltdown will be punished as well. Now, Congress has passed a 700billion rescue package to rescue various bank Executives and CEO who are responsible to the mess in the first place.

The same Executives whom are responsible for creating the bubble are now being rescued by US Congress, Secretary Polson, Chairman Bernake and not to mention the lame duck President George Bush.

We have learnt one thing about the American Credit Bubble Burst: less regulation means more corruption. More corruption is a recipe for doom. The American economy is expected to enter a slowdown and some economists are saying that technically they are already in a recession.

This will have ripple throughout the entire world and will surely be translated in at least a global economic slowdown.

The question now is, how will Malaysia weather this storm?

Do we want a BN government that is corrupt, insensitive to people, decadent, incompetent, bent on making the few richer and the rest poorer to lead u during this trouble times?

Or do we want a government that is more transparent, more competent, more caring to the mass, more committed to the solving the plight of the people in the shape of Pakatan Rakyat government to lead us during these perilous period?

Malaysia has not fully recovered from out 1997 crisis to date. Having the same government responsible for our fallout back in 1997 in facing the impending problematic time is a sure disaster.

Tulang Besi

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8 comments:

Anonymous said...

What will Malaysia do?

Well, if all goes well, it will be business as usual....

For starters, buy more Sukhois and submarines....

raise petrol price, keep Trengganu's wang ehsan for satu lagi projek kerajaan persekutuan....

and keep PAS in its place, as a perennial opposition party. Always a bridesmaid never, a bride.

CWI MALAYSIA said...

CASINO CAPITALISM'S CRISIS CONTINUES--->
http://asocialistmalaysia.blogspot.com/2008/10/economy-casino-capitalisms-crisis.html

Anonymous said...

How can you compare Malaysia with the rest of the world? We are (in)different...

We have world-class politicians who care even the smallest details like short skirt length,so many MPs eagerly went so far away to learn and equip themselves about agriculture in a country famous for electronics OEM, so how can we be so worry.

Now with so many world-class leaders, I m very confident our country will overcome.Did someone ask about the economy?What's that?

Anonymous said...

Malaysia is blessed with so many natural resources and free from great natural disaster. Should Malaysia then worry about the economy meltdown around us? Yes we should, because we have a political establishment which does not rule with a sense of thrift and reasons. We have a large workforce in the government which breed corruption and inefficiency that is a huge cost to the tax payer. Instead of supporting the tax payer and the private sector to be more cost effective and be able to respond quickly to the changes and challenges faced by them in the global market place, the civil service prefers to rule over the tax payer and the private sector by placing a lot of bureaucratic and ketuanan hurdles for them to cross thereby wasting a lot of precious time and money. The communal agenda within the civil service will only bring more suffering to the tax payer and lower the economic viability of Malaysia. The irrational pursue of the billion ringgit mega projects which only benefit a small segment of the people will do little to address the income disparity among the population. In fact most of these projects engage a lot of foreign workers and will be a drain to our country’s economy when billions of ringgit is repatriated overseas by them. Due to the treatment of certain government policies, productive citizens find little support from the government to build a strong base of SME and SMI similar to countries like Taiwan. Yes Malaysia should worry because the government is wasteful, non productive, uncompetitive, irrational, unwise and littered with corruption.

arkib.com.my said...

this is normal speculation every 10 years, if one company loss the money, so off course the money will go to another hand, it not just disappear..without trace..

the speculator will start to spread disaster rumours about economy.. maye US also the main player for this..when the market going down off course same thing happen to unit price..

speculator will force the situation until reach their preferable price then they inject back the volume and buy unit with lower price , and wait to sell in higher price before start another cycle..

who will lost? panic investor off course.. wish our leader can handle this.. nazir is good in this.. najib have advantage for economic view..

Anonymous said...

Those Fcuking idiots have not reduce the price of petrol. They are not only corrupted, they are cheating the rakyats money. Where is the transparency. Today the price of crude oil is about US90. That should work out to be at least a 35 sen decrease in petrol price. What the fcuk are the cabinets waiting for??
Ooi!! Sharir, you tidur ke....?????

Amira

Anonymous said...

I don't speak economics so i need all of you 'bijak-pandai' to tell me (or suggestions) what should we do as a 'rakyat marhain' in order to protect our asses or at least cushion this economics blow a little bit. Because so far no one really speaking of any solution rather stated the obvious...that our government is fucked up to the bone.
You know what? We already know that!!! So somebody please...HELP!!

faith said...

YES ANONYMOUS I AGREE WITH U. CALLING ALL THOSE GOOD IN ECONOMICS PLEASE HELP US THE LAYMEN HOW TO CUSHION THE SLOWDOWN. ENOUGH OF MSIAN POLITICS GLOBAL RECESSION IS HERE. WHAT DO WE DO??? GOD PLEASE HELP MALAYSIA. THE POWERS THAT BE DON'T CARE. PRAY PRAY HELP.

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