“It’s the economy, stupid” – Part VI

In not so many words, former DPM, Tun Musa Hitam is asking UMNO candidates to focus on the economy and lessen the politicking. According to him, “too much emphasis is being given to party politics, resulting in the people not realizing that the nation is facing a real economic crisis”.
Tengku Razaleigh Hamzah is also calling  on the government to act more decisively and respond faster to the ongoing global financial meltdown.

Finally, a retiring PM says Malaysia is NOT going into recession. Can we believe him???

 1. Musa Hitam tells Umno candidates to focus on the economy

Former deputy prime minister Tun Musa Hitam wants Umno leaders to focus on economic issues. — Picture by Adib Zalkapli
By Adib Zalkapli
KUALA LUMPUR, Oct 13 – Former deputy prime minister Tun Musa Hitam urged Umno leaders vying for top posts in the upcoming party polls to debate on economic issues.
“It would be ideal for vice presidential and deputy presidential candidates to debate on the current scenario and what steps should be taken,” said Musa.
He added that too much emphasis is being given to party politics, resulting in the people not realizing that the nation is facing a real economic crisis.
“What needs to be done now is the political issues that are too dominating must be reduced, I hope the politicians take this seriously and draft a pre-emptive contingency plan,” he told reporters.
When asked what measures should be taken, Musa said: “Luckily and happily I am not in the position to be responsible for that, but I am just urging the government, come on, let put aside your politics, people are excited but they are tired, they don’t know it but they are going to feel it.”
“There needs to be a demonstration of seriousness and leadership on issues related to the economy. The sooner politicians pay attention to this issue the better,” said Musa.
He said that the media has given too much attention to the Umno election.
“We need to focus on bigger problems related to the economic issues,” he added.
Monday October 13, 2008 MYT 7:06:35 PM
2. Act now on world financial crisis: Razaleigh
KOTA BARU: Act more decisively and respond faster to the ongoing global financial meltdown, said former Finance Minister Tengku Razaleigh Hamzah.
Words alone are inadequate to calm the market place jitters. Corrective action and a hastened effort to reduce political uncertainty must be put in place now, Tengku Razaleigh said in a statement.
“The meltdown will change the global financial landscape forever,” he predicted.
Emergency action by governments of the major economies appear only to be slowing down the breakdown of the global financial system, he said.
“This is a financial emergency of the highest order. The global economy faces catastrophe,” the Kelantan prince said.
As a former Finance Minister, he urged the Federal Government to take this crisis most seriously as trillions in savings and investments have been wiped out around the world.
Yet the Government is only issuing statements that the country is able to weather the ill effects without announcing in a transparent fashion what action plans are in store, he said.
“Foreign direct investments and portfolio investments into Malaysia could dry up as global capital adjusts its priorities.”
Among the measures, Tengku Razaleigh is proposing to stabilise the local bourse, including temporarily suspending trade in the Kuala Lumpur Stock Exchange while exploring joint action with authorities around the world to bring about stability to the marketplace.
Earlier stories:
Malaysia not slipping into recession: PM
Parliament: US using Malaysian-style economic remedies
Parliament: Review Budget, urges Anwar
3. PM: Malaysia not going into a recession
KUALA LUMPUR, Oct 13 — Datuk Seri Abdullah Ahmad Badawi today said Malaysia can withstand the impact of the current global economic situation and he believes that it will not go into a recession.
The Prime Minister said Malaysia would be able to withstand the US credit crisis as it still had strong economic fundamentals as well as political stability.
“We have very strong reserves, our surplus is still strong, our domestic savings are also very high and our currency is also stable and not subject to fluctuation,” he said.
“There is also no intention to re-introduce capping on our currency.
“We have the strength and the resilience of Malaysians as we have faced it before and our banking system is still strong, there’s stability in the country and predictability in terms of what’s going to develop politically,” he told reporters.
Abdullah was responding to a question on Malaysia’s current economic situation after delivering a keynote address at the US-Islamic World Regional Forum here.
“I’m not saying it’s going to be easy, it’s going to be tough but if we stand together, the rakyat supports the government, then we can continue to work well with the private sector as a unit, all must face this problem, I think we should be able to go through the storm.”
“A little bit of damage but we’ll be okay,” he said.
Lets see to what extend, Pak Lah said is true. After all the flip-flops and lame-duck moves, one gets a little bit tired listening to him.

“It’s the economy, stupid” was a phrase used by Bill Clinton’s in his successful 1992 presidential campaign against George H.W. Bush and would be quite appropriate for all those politicians indulging in the current party elections and drama, oblivious to the negative impact the financial meltdown will bring upon Malaysians. This will be the title of a series of compilations, comments and dire warning on the current economic and financial meltdown that’s going to hit Malaysia like a falling asteroid.


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