Jed Yoong

Despite what we say, feel about LKS’s statement

Posted in democracy, economics, pas, politics, religion by jedyoong on March 13th, 2008

We are probably not the core or hardcore supporters. Or the grassroots, to whom the party probably promised to defend from Islamisation and used lots of examples of rights of non-Muslims being trampled on in civil and syariah courts. So for LKS and DAP to turn around and work with PAS, which “berjuang untuk menegakkan Islam”, will probably be the ultimate betrayal to them grassroots. If I voted DAP ‘cos I bought their secular state rhetoric and then DAP forms govt with PAS. That’s bad.

Right now, I think DAP remembers who voted them in BY FAR. ;) And they are trying to stay true to their promises unlike MCA — the voice of UMNO. It’s not so much that they don’t want to be truly Malaysian but probably due to the reality of their own devise. If they hadn’t played the secular card so much, then perhaps it’s easier to work with PAS.

Penang, after the madness

Posted in anwar ibrahim, democracy, economics, politics by jedyoong on March 12th, 2008

Yes. Have arrived in Chinatown. And compared to Kelantan, Penang (mainland and island) is really developed materially. Lots of buildings, factories, malls, cars, and people per square feet. The dynamics are definitely different here.

Georgetown is littered with election posters. The grinning faces of Chia Kwang Chye and Koh Tsu Koon are probably relics of the past not too long ago.

But the air is strange. Almost tense. Yet, there is an underlying happiness that they’ve done it with the uncertainty of what next. I believe, it was very important for ethnic Chinese — of the passionate about Chinese culture, heritage, language and education sort — to have defended the island from UMNO. After the fall of Malacca, this former strait settlement may be seen as the last refuge of Chinese identity.

Maybe I am imagining things but there is something different when interacting with Malays here. Maybe ‘cos I’m from out of town. Maybe ‘cos I look so scruffy. Maybe ‘cos of the general mistrust among races here.

My good cyber fren, wits0, sent me an email about an article on a blog that the new Chief Minister Lim Guan Eng, who is DAP secretary-general, has abandoned the pro-Malay affirmative action policy, the NEP which is “endearingly” known to non-Malays as the Never Ending Policy.

I think this is too drastic a move. Although promised by Anwar Ibrahim, the self-proclaimed leader of the “government in waiting”, I’m not sure if the people are ready for such a severe change without something in return. I’ve a feeling that Malays here still feel marginalised compared to the more affluent Chinese. But then that’s fallacious ‘cos the UMNOputeras are also very rich. But it’s the emotions that motivate…..

To digress, I note with interest that it was reported (can’t remember where) that Anwar is back to his “bangsa, agama, negara” ways by saying he will protect Malay rights, yadda, yadda. Can you blame the BN for saying that he says different things to different people? Anyway, we can just vote him out the next time.

It’s the fourth day of a new dawn. Yet in the coffee shops, people are still watching RTM1 or TV3. And one particular UMNO politician described the suasana yang berbeza (a different atmosphere).

Actually, I was quite scared. The Malays looked at me funny in Perak and Penang. It’s a creepy feeling. I don’t want to be alarmist. Maybe I am paranoid.

I hope DAP learns to work with PAS, who is the REAL alternative to UMNO. To me, PKR is just UMNO 2 although PAS also broke off from UMNO before. But PAS people are more into religion. PKR to me is just like UMNO. But on the wrong team. So it’s just another big UMNO squabble that somehow Anwar has gotten us non-Malays into.

I pray that the peace will remain. Also, I wait for Anwar to deliver his promises and be the multi-racial leader he claims to be. I don’t think he will ever be able to shake off “bangsa, agama, negara“.

I thank all the PAS supporters who voted DAP.

I just can’t shake off the creepy feeling that something bad might happen. Let’s pray nothing does. And maybe it’s just the years of MSM drilling that only BN can keep the peace. But don’t listen to me as I’m not clairvoyant ;) . Check with the oracles in the MSM. ;)

I miss Kelantan. It’s so peaceful there. And got nice beach with deep-fried squid and coconut water.

More later. ;)

That of a Malay MB in Perak

Posted in democracy, economics, politics, racism by jedyoong on March 9th, 2008

***UPDATE 9.45PM***

Actually I don’t care if it’s a Malay or Chinese but I do feel that it’s irrelevant that the MB must be of a certain race. :) In any case, I see no harm as the DAP will be a majority in the State Legislative Council anyway. ;) We must be happy familly too ;) Let’s hope things will be resolved peacefully. :)

***UPDATE 9.19PM***

Someone emailed me to let me know that it’s by law that the MB must be Malay. Non-Malays can only be Chief Ministers in states without the Malay sultanate. To reply his question as to why a PAS wakil was chosen (unconfirmed), I understand it’s because the PKR wakils are newbies or too junior. Tks!

Also, looks like the rumours about 69 etc to suggest that DAP should choose a Malay are irrelevant ‘cos it’s required by law to be a Malay. More institutionalized discrimination?

ORIGINAL POST

Some minor problem in choosing a Mentri Besar for Perak. Apparently, a Chinese MB may be dangerous. Anyway, I think it’s just more of the fear tactics of Barisan Nasional. Already some pro-BN blogs are warning of a possible 69 should the Perak MB be a Chinese. I am disgusted by commentaries by “you-know-who” in a certain English-language tabloid and blogosphere’s biggest anti-Anwarista who mentioned the situation in that year when Selangor too fell to the Opposition and compared it to Perak.

Basically, I can’t believe we are having this discussion. It’s not as if it has to be a racial issue but in Malaysia, it has become that. If a Chinese becomes MB in Perak, that would make two in the country, including Penang. Is that too much to ask? Why don’t Malaysians learn to share-share and play fair?

I think we have come a long way since the early days of independence and severe inequality. The voters have voted. Let the best man win and take the next step towards a modern society.

We mustn’t let the fear control us. We must not be threatened by racial violence.

Let us pray for peace and security. And believe that God is watching us. In God, we trust.

Husam has won Salor….

Posted in democracy, economics, politics by jedyoong on March 8th, 2008

!!!! PAS Poster Boy!!!!

PAS Poster Boy on keeping the peace, overcoming BN fear tactics

Posted in HOT, bn, democracy, economics, elections, fun, pas, politics by jedyoong on March 6th, 2008

Sigh. Husam Musa looks too handsome in this video. Simply had to post it. Sigh. Jed Yoong — Malaysia’s shallowest political commentator. But don’t you think he looks and talks like a prime minister? Ha ha ha ha. I mean if you have seen the politicians on the BN side, a nice face to look at makes their political propaganda easier to digest. Sitting through Ong Ka Ting’s talks are painful experiences.

Different experiences, different expectations

Posted in bn, economics, islam, life, macam2ada, malaysian, pas, politics, religion by jedyoong on February 23rd, 2008

Some locals that I spoke to sounded quite proud of their new glorified playground and the tiny Crystal Mosque. I guess they’ve not seen others. If they only knew how they’ve been shortchanged by all these decorations.

Like every other general election, BN throws development goodies to lure voters. I understand BN is spending about RM184mil on a new polytechnic in Hulu Terengganu. Along Batu Buruk beach, some steel structures are also being put up and some building is being built.

Actually I like Kuala Terengganu as it is now. Development is more than fancy buildings. Progress begins with ideas. Ideas will change mentality. And this starts with education and openness. Although we can bring the horse to the water, we can’t make it drink to quench its thirst or escape death from dehydration. The same with knowledge. People must think and be allowed to think.

Cynics will probably say that fooling villagers happens everywhere. I believe leaders have a greater responsibility to illuminate minds. And truly give the rakyat a place in the modern world.

As I sat on Batu Burok beach just before sunrise, I was overwhelmed by the beauty of this town. It’s so peaceful, safe and people are so friendly. I hope BN will keep it that way. Development without strong morals will usually lead to degeneration. Probably Kuala Terengganu will end up like Johor Bahru. Is that really desirable?

Maybe I am selfish as I am a tourist. I want this seaside town to be preserved forever so I can escape to it.

But then that’s only because I fear BN will turn it into another crime city. Maybe it will be a Melbourne or Sydney.

Off to Kota Bahru soon. :) Later.

PS. Most unfortunate that my laptop was infected with MALWARE and SPYWARE for the past day. SO I spent considerable time fixing it.

RM250mil Civilisation Park: Still under construction

Posted in bn, democracy, economics, elections, islam, macam2ada, mind control, pak lah, politics, religion, scam, siu sei yan, umno by jedyoong on February 21st, 2008

UPDATED @ FRI - Feb 22, 2008 12.32AM ****MORE PHOTOS ADDED!!!****Was too busy earlier. Enjoy!

Hmmm. So the hyped up Civilisation Park (Taman Tamadun Islam) is quite picturesque. Even under construction. Set on Pulau Wan Man by the river, it’s ideal for a leisurely morning walk.

Bernama reported: “The TTI, built on a 23-hectare site at Pulau Wan Man, here, has 21 replicas of famous Islamic monuments from all over the world including the Al-Hambra (Spain), Al Sakhra Dome Mosque (Jerusalem in Palestine), and the Kaylan Tower (Uzbekistan). Built at a cost of RM249.3 million, the TTI is expected to draw more tourists to the state.”

Big question. Has Islamic civilisation been reduced to an entertainment theme park? Amid the replicas of the “famous Islamic monuments” are funfair rides like a ferris wheel and carousel. But it’s no Disneyland which is an escapist’s paradise with its made-believe world and plethora of engaging rides. Here, it’s replicas of buildings, kinda like Legoland, except Legoland is cool to people who like Lego, like me. A security guard also complained about having entertainment concerts to launch an Islamic park. He said: “Macam salah nombor . Jika stadium, ok-lah. Tapi ni agama kan? (Wrong number. If it’s the stadium, then (a concert) is ok. But this is about religion, right?)”

(more…)

RM250mil Civilisational Park, What an anti-climax…

Posted in bn, classic, democracy, economics, elections, macam2ada, politics, scam, siu sei yan, stoopid by jedyoong on February 20th, 2008

Erm, photos deceive sometimes. More soon. Have to write some revenue-generating articles now. LOL

UPDATE 3: They should rename Crystal Mosque to Crystal Surau…. **fainted**…..

UPDATE 2: The size of this Crystal Mosque is indeed “replica size”. It’s about the size of three-and-a-half terrace houses in Bangsar or Taman Desa. At max, maybe four. It’s single-storey too. No doubt it’s beautiful, esp at night, but I was so shocked ‘cos it looked so big in the photos in the newspapers. I was expecting a building the size of the National Mosque or at least the Bangsar Mosque. Notice that the papers did not mention the dimensions. More later.

UPDATE: Najib’s house, if he still lives in Taman Duta, is bigger than Crystal Mosque! So are some of the houses in Damansara Heights. OK, work now.

Bread and butter, rice bowls and crumbs

Posted in economics, elections, mind control, politics by jedyoong on February 15th, 2008

Come almost every general election in my living memory The Star’s Group Editor-in-Chief Wong Chun Wai will write about “bread and butter” issues. He will tell us that “in the end” the things that matter are those that relate directly to our incomes and lives or “rice bowls”.

Just a few days ago, he again went on about “bread and butter” although most Malaysians eat rice as their staple food. At the very basic I remember eating rice with water and soy sauce. So maybe “rice and soy sauce” may be more apt. Or perhaps “roti canai and teh tarik“. Rephrasing him, he is telling us that at the end of the day, it’s the “rice and soy sauce” or “roti canai and teh tarik” issues that matter most. Then again, who wants to eat rice and soy sauce or roti canai every day?

He goes on to say that democratic freedoms and rights are irrelevant to most. By this he means causes like human rights, freedom of expression, accountable and transparent governance including our democratic institutions like the judiciary, and other “civil society” affairs. Malaysians, he argues, will compromise such matters for “peace and stability” to protect their “rice bowls”.

Guess what? This is the rancid rhetoric of Barisan Nasional since the 1980s. And I guess, he is right. The BN has won with over two-thirds parliamentary majority since the slaughter of 1969. It looks like our mentality has stagnated and dates back to those times. How else would you explain an MP “joking” about a female MP’s menstrual cycle in parliament? She “leaks every month”, he said in a debate on the august house’s leaking roof.

The Star also frontpaged a survey that says rising crime and the economy are Malaysians main concerns.

The cost of living, social issues, the crime rate and illegal immigrants - these are the issues that matter most to Malaysian voters, according to a survey conducted ahead of the general election.

These bread and butter issues are the prime concern of voters now.

Even hot issues like politics ranked lower than economic factors and crime.

The survey revealed that 96% of respondents were concerned with the current economic situation such as the rising cost of consumer goods, while 88% said they were worried about the incidents of crime in the country.

Bread and butter matters - TUE Feb 12, 2008

I agree with the poll. But I believe the paper should have educated Malaysians on how civil society issues will affect their “bread and butter”.At the end of the day, The Star will argue that as long as everyone can make a living and have a relatively good life then everything is “ok”. I feel that this is a simplistic assessment of the situation. Politics affects our lives. If we have “bad” politics, our lives will be affected.

Let’s take a simple matter as corruption. The deeper problem is that civil servants are badly remunerated. This is due to their low levels of productivity. But why is productivity low? A myriad of reasons including lack of skills necessary for modern life. And the cause? A bad education system courtesy of UMNO’s racist ketuanan Melayu (Malay supremacist) policies.

So I feel such analyses are very shallow and even misleading. As a national newspaper, it should educate the masses. Instead it seeks to bring the country to a lower level while saying everything is “ok”.

Even more irresponsible is carrying statements from politicians about the threat of May 13. Like Deputy Prime Minister Najib Razak’s reminders and veiled threats of Kampung Baru Malays coming out. What I’ll really like to see is the papers carrying the TRUTH about the massacre of the Chinese in 69 to gain political power. Some Malays tell me it was the Chinese’s fault for being so arrogant in their victory parades. Is that really a good reason to butcher us?

I am also bored with UMNO’s claims that it wrangled independence from the British without spilling any blood. Firstly, it was no great feat as the British empire was crippled by the two World Wars. Secondly, the communists’ contribution in fighting off the Japanese is largely ignored. The Chinese were also murdered and tortured under the occupation. And who protected them? The British? They fled. Thirdly, the slaying of 1969 — in which armed forces, who were mainly Malay, just watched as mobs killed Chinese — covered the streets of Kuala Lumpur with Chinese blood. So enough of this UMNO propaganda.

Our “rice bowls” are important. But what’s more crucial are the policies that will protect our “rice bowls” or give us more and better quality rice. And this is where politics come in.

Harakah: RM250million for Civilisation Park, A Waste

Posted in democracy, economics, elections, macam2ada, pas, politics by jedyoong on February 5th, 2008

Harakahdaily.net reported on Tuesday that Teras Pengupayaan Melayu (Teras) said the new Civilisation Park in Pulau Wan Man in Terengganu was “a waste (of government funds) that did not fulfill true Islamic criteria and needs (suatu pembaziran yang tidak memenuhi kriteria dan kehendak tamadun Islam yang sebenar)”.

More @ Harakahdaily.net and Joceline Tan’s take on the scene in Terengganu here.

I’ve no idea who Teras are. But check out their blog.

Actually I surfed Harakah’s site to see if there was anything that will sway me to their side. A quick skim of their frontpage left me wanting. There was nothing about “body-snatching” or anything on how non-Muslim rights and freedoms would be protected. I am still waiting to hear how PAS caters to non-Muslims.

Their website is canggih hebat though. It’s like super high-tech — podcasts, SMS alerts, RSS feeds and more. It’s easy to navigate. News articles are well-written, informative and fairly objective. Definitely better than the drivel at AgendaDaily.Com.

Then I attend PAS ceramahs and it’s a whole new world. PAS people are friendly though — the women at least. At a particular ceramah, a male PAS supporter told me: “You are woman, so you can’t come so close to me.” I am serious. This was the middle of last year. But that’s an isolated case. Most of them are helpful but conservative. Some won’t even shake my hand. It’s cultural.

PAS FLag Ijok
At a field outside the nomination centre on nomination day of the Ijok by-election last April. These guys were just chilling while the PKR crowd worked themselves up against BN. /JYPic

At the end of the day, we want a different Malaysia. Whether PAS’s or other political parties’s visions will be realised will depend on the collective decision of the rakyat.

Today, the Star reported that over 10 million people are registered to vote in this general election. That’s slightly under half of the country’s population. We still have hope. Who are these other 10 million people — the REAL Malaysians? So I don’t think it’s accurate to say BN represents Malaysians if less than half of the population votes.

Wall Street Gambles With Other People’s Money

Posted in economics, finance by jedyoong on January 28th, 2008
However, in the last few years Wall Street has not only screwed customers but their own shareholders as well. At one time all of the country’s major investment banks, such as Goldman Sachs, Lehman Brothers, Morgan Stanley, Bear Stearns, Smith Barney, Shearson, EF Hutton, Kidder Peabody and Solomon Brothers, were private partnerships.

However, during the 1990s they all went public (of course many merged first so they no longer exist as independent firms). Goldman Sachs was the last to go public in 1999. The transition allowed Wall Street partners to cash out, transferring future risk to new shareholders. In so doing they were able to capitalize on bubble valuations, yet through lavish bonus compensation packages, still keep the lion’s share of the profits for themselves. In other words they got to have their cake and eat it too.

As a result of this transfer of risk, the business models of America’s leading financial institutions shifted, with profits coming from riskier sources such as proprietary trading and structured finance. To line their own pockets, Wall Street’s bankers willingly exposed their shareholders to risk that they would never have assumed with their own capital.

From America Loses Another Industry BY Peter D. Schiff on AsiaSentinel.com (MON - Jan 28 300 8)

Asia Sentinel: Global credit crunch may squeeze Asia

Posted in analysis, business, economics, finance by jedyoong on January 26th, 2008

AsiaSentinel.Com
Fri - Jan 25 2008
By Philip Bowring

There are more reasons than export figures to be concerned about Asia’s continuing economic performance

If you want a sense of how events in the US financial markets and economy will impact Asia, do not look at the trade numbers so much as money supply. It is easy to make the argument that Asia has at least to some extent decoupled from the US and hence will be only moderately impacted by a US recession, just as the US, and indeed the west in general, was itself only mildly impacted by the Asian crisis a decade ago.

[...]

However, the good news ends there. In particular it ends for those Asian countries, headed by India and China, that have been most touched by the surge in global money and credit creation. This surge has had two causes. First and most important is the size of the US current account deficit – approximately $700 billion in 2007. In the case of China, with a surplus of roughly half that amount, the impact has been to swell domestic money supply. The efforts of the People’s Bank of China to sterilize the impact have been largely unsuccessful.

Meanwhile Chinese currency appreciation has been too slow to have any significant impact on the trade balance. Indeed the tiny steps in revaluation have merely encouraged the inflow of speculative capital, sure that the gradual appreciation against the dollar would continue.

In the case of India, the impact of global liquidity has been even more marked. India has continued to record a current account deficit and inflow of FDI remains quite low. But the flood into rupee deposits and the stock market has helped finance 20 percent-plus growth in credit to the private sector even while the public sector remains in deep deficit. The global flood of money (and attendant hubris) has enabled Indian companies like Tata to buy themselves a place on the world stage rather than earning it through export success or technological advance.

The money flooding into the fashionable emerging economies – mainly the BRICs plus Vietnam and Turkey but generally excluding the now more sober economies hit by the Asian crisis of a decade ago – has been further boosted by capital outflow from the other two big northeast Asian surplus economies, Japan and Taiwan. Their ultra low interest rates have done little to spur domestic demand but have ensured a flow into emerging markets as well as back into the US to sustain its consumption binge.

On top of this global money supply surge came the expansion of derivative financial instruments. In practice these have now been found to disguise credit risk and hence inflate credit growth. Their impact was mainly on the western economies, particularly those with large savings deficits. But they have spilled over into global markets, in particular helping to fund cross-border acquisitions, often by highly leveraged private equity funds.

The issue for all of Asia now is: are these conditions about the change and if so what will be their impact?

The direct impact of the western financial crisis will be limited, mostly to the losses of Asian institutions which had bought dodgy dollar instruments. However, it is already apparent that the deal flow which had been driving some emerging as well as developed markets has dried up in the wake of the credit crisis and hence will have a sustained impact on asset prices and expectations even if it has not impact on profits.

Even without a slowdown in the rate of growth of global foreign exchange reserves – largely a function of the US deficit – global credit growth thus looks likely to slow significantly.

But the bigger issue is the impact of a US recession on that US current account deficit and hence of its flow through to domestic money growth in the countries, headed by China and India, which are supposed to keep spearheading Asian GDP growth.

For sure, the US government and the Federal Reserve are burying their heads in the sand, cutting interest rates and providing fiscal stimulus to try to keep the US consumer gorging. The Fed has cuts rates to zero in real terms even though the latest private savings ratio in the US was a negative 0.5 percent! The administration, with full support from all presidential candidates, is to deliver a $150 billion present to consumers at the cost of an even bigger government deficit.

All this may slow the improvement in the US external deficit and hence slow the rate of decline in global money growth. But it is unlikely to keep the US out of recession. The mix of slowing US external deficit with rising Asian currency rates will slow Asian base money and credit growth. In turn, that will feed through to asset prices – particularly India and China with their obvious bubbles – and from there to investment.

FDI will also be affected because even companies flush with cash after a prolonged period of strong profits – will hold back from new investments as they see demand growth declining. The cash-rich will also hold on to their cash until they see enough carnage to start buying distressed assets – particularly in the US. (Not a few Asian companies would love to get their own back on the US which was able to buy assets, particularly in Korea, for almost nothing in the wake of the Asian crisis).

Of the major Asian economies, only China has the very obvious ability to try to offset slower domestic growth caused by declining exports. Its budget deficit is tiny and the needs of its central and western regions vast. It also has the capacity to bail out (again) its still mostly state-owned banks. But China’s policy responses tend to be very slow and may be far too late to prevent a sharp decline in its rate of growth.

India has zero capacity to offset a decline in liquidity. Its current account and budget deficits – not to mention its oil import dependence – are already too high for comfort. It could even get into serious trouble if much of the short-term money which has flooded in over the past two years and driven foreign reserves to $275 billion decides to exit, driving down asset prices and squeezing credit in a manner reminiscent of Southeast Asia a decade ago.

The financial sectors in both India and China also face the added danger that local bad debts will start to escalate, next year if not this. Rates of credit growth have been far too high even for buoyant economies so expect a very sharp reversal in non-performing loan ratios, which had fallen under the stimulus of new credit.

Japan has the theoretical potential for increased domestic demand, but years of efforts to stimulate it with fiscal deficits and near-zero interest rates have failed.

For different reasons, Korea, Taiwan and Southeast Asia may be able to boost domestic demand. Capital may return to Taiwan as the KMT returns to power and the economy is boosted by hopes of closer cross-strait links. Korea’s new government may find its domestic stimulus works. Malaysia’s massive trade surplus provides plenty of scope for growth if political hurdles can be overcome, and Indonesia, with strong exports and looking to an election in 2009, will probably continue to expand relatively fast. But even combined these cannot offset any sharp reduction in China and India.

In short, it is the financial sector, local and global, which is the worry for Asia, not the US recession per se. It is the coming end of the money and credit binge which has ensured that asset prices and investment have far exceeded several economies’ ability to generate adequate returns.

No one’s problems are as bad as those of the US, but the only safe havens could be those with the lowest expectations – now Japan, Taiwan and Thailand.

Philip Bowring is Consultant Editor of Asia Sentinel. A 30-year resident of the region, Bowring is Asia commentator for the International Herald Tribune and is the former editor of The Far Eastern Economic Review.

Full article @ AsiaSentinel.Com

NY Times: Société Générale loses $7 billion in trading fraud

Posted in business, economics, finance by jedyoong on January 25th, 2008

A Spiral of Losses by a ‘Plain Vanilla’ Trader
The New York Times
By NELSON D. SCHWARTZ
Published: January 25, 2008

PARIS — On the elite trading floors here, where France’s brightest minds devise some of the most complex instruments in global finance, few people noticed Jérôme Kerviel.

He was lucky to be there at all. Many of his colleagues had been plucked from the prestigious Grandes Ecoles — the Harvards and M.I.T.’s of France — and wielded advanced degrees in math or engineering. Mr. Kerviel arrived from business school and started out shuffling paper in the back office.

But on Thursday the world came to know Mr. Kerviel, 31, as the most dangerous accused rogue trader ever, a young gambler who found himself sucked into a spiral of losses that left a $7.2 billion hole in Société Générale, one of France’s largest and most respected banks.

While Société Générale executives maintained that he had acted alone, many questioned how that was possible given the scope of the losses.

Continue reading @ NY Times

Related reports:

IHT: Société Générale loses $7 billion in trading fraud

NY Times: Worries That the Good Times Were Mostly a Mirage

Posted in business, economics, finance by jedyoong on January 24th, 2008

financialcrisis
Traders in the oil futures pit of the New York Mercantile Exchange on Tuesday. - Chip East/Reuters

The New York Times
WED - Jan 23, 2008
BY DAVID LEONHARDT

Part of the big uncertainty is where the bodies are buried. — Raghuram G. Rajan, former chief economist at the International Monetary Fund

So, how bad could this get?

Until a few months ago, it was accepted wisdom that the American economy functioned far more smoothly than in the past. Economic expansions lasted longer, and recessions were both shorter and milder. Inflation had been tamed. The spreading of financial risk, across institutions and around the world, had reduced the odds of a crisis.

Back in 2004, Ben Bernanke, then a Federal Reserve governor, borrowed a phrase from an academic research paper to give these happy developments a name: “the great moderation.”

These days, though, the great moderation isn’t looking quite so great — or so moderate.

The recent financial turmoil has many causes, but they are tied to a basic fear that some of the economic successes of the last generation may yet turn out to be a mirage. That helps explain why problems in the American subprime mortgage market could have spread so quickly through the world’s financial system. On Tuesday, Mr. Bernanke, who is now the Fed chairman, presided over the steepest one-day interest rate cut in the central bank’s history.

The great moderation now seems to have depended — in part — on a huge speculative bubble, first in stocks and then real estate, that hid the economy’s rough edges. Everyone from first-time home buyers to Wall Street chief executives made bets they did not fully understand, and then spent money as if those bets couldn’t go bad. For the past 16 years, American consumers have increased their overall spending every single quarter, which is almost twice as long as any previous streak.

Continue reading @ NY Times

69 RRR on OD

Posted in economics, mca, mind control, politics, racism by jedyoong on January 23rd, 2008

RRR = Racial Riots Rhethoric, OD = Overdrive

MCA is warning us of a possible 1969, AGAIN. This is like saying, “Vote for us, if you don’t want to die.” It’s a slight variation of UMNO’s “be grateful that we don’t kill you”-type statements.

In 2008, I’d prefer, “Give us our rights. We will not be threatened. Especially by MCA.”

Boys and gals, MCA is increasingly redundant. What value add does it give you? The leaders are additional costs in the current system — unnecessary middle men. Go direct to UMNO. Don’t waste time with MCA, especially if you don’t speak Chinese.

Also, let’s not vote for a party who can’t even defend the group that it allegedly champions in the face of violence. Let’s kick MCA out of government simply for being a bunch of wimps.