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Friday, May 29, 2009

eh these people manyak pandai arr...?

Oct 20 2008 (Bernama)

Malaysia is not in a financial crisis and should not be talked into one, Deputy Prime Minister Datuk Seri Najib Tun Razak stressed Monday.

Meanwhile, in Putrajaya, Najib said the country's economy was fundamentally strong and will not go into recession.

"Malaysia will not go into recession," he said in his speech at a farewell ceremony for Prime Minister Datuk Seri Abdullah Ahmad Badawi at the Finance Ministry..

Najib said the finance ministry and its agencies had enough expertise to face the global financial crisis.

Nov 17 2008 (Bernama)

The Malaysian economy has shown it is not facing a recession, but expanding more slowly, according to the Deputy Minister of Finance Datuk Kong Cho Ha.

Following additional measures tabled as a "policy response" towards the global economic crisis by the government on Nov 4, Kong clarified that the country's economy is predicted to expand by 3.5 percent in 2009.

Saturday November 29, 2008 (the Star)

Governor Tan Sri Dr Zeti Akhtar Aziz said the country’s sturdy domestic demand, which has driven the key services sector, along with policies already in place, would be enough to see the country continue to post growth this year and next.

In shooting down talk of Malaysia entering into a recession, Zeti said the reason for slower growth had been the external sector.

December 05, 2008 (Daily Express)

Malaysia will not slip into full recession next year if the country's economy is well managed by the government, former prime minister Tun Dr Mahathir Mohamad said Thursday.

He said the impact of the full-blown recession could be eased as the country was linked to the world's economy only by trade.

"We can offset the full impact of the recession from affecting us as we are linked to the world's economy only by trade, but we have not invested much in the world's economy outside the country," he told reporters after launching the BrandLaureate Awards 2008-2009 at a leading hotel here.

Dec 6 2008 (Bernama)

Malaysia will not be in recession next year, particularly as the government's stimulus plan implemented starts to show results by the first quarter, Second Finance Minister Tan Sri Nor Mohamed Yakcop said Saturday.

"At this point of time, there is no possibility from our calculations that we will enter recession in 2009. Our calculations are based on the actual economic scenario now and also based on what we are going to do," he said after launching Yayasan Ekonomi Sejagat here.

Sunday January 11, 2009 (the Star)

Malaysia will not plunge into a recession but Malaysians would feel a ripple effect of the global economic turmoil, Second Finance Minister Tan Sri Nor Mohamed Yakcop said.

He said the the goverment had taken immediate measures such as the RM7bil stimulus package to meet the challenges ahead.

“The Malaysian economy is still strong although many big countries are experiencing a recession and economic contraction.

Jan 13, 2009 ( from MIDA)
According to Government forecast, the GDP growth for 2008 is projected at five percent and for 2009 the economy is expected to expand at least 3.5 percent.The Malaysian economy expanded by 4.7 percent in the third quarter of 2008.

Malaysia is facing a difficult time due to the global economic downturn but it is still not in recession yet, Second Finance Minister Tan Sri Nor Mohamed Yakcop said.

Friday May 29 2009 (the Malaysian Insider)


The economy in now in recession with economic growth to contract between 4 and 5 per cent in 2009, much worse than the original forecast of 1 per cent decline, prime minister Datuk Seri Najib Tun Razak said today.

Bank Negara announced worse-than-expected first quarter economic growth which shrank 6.2 per cent from a year ago, the worst quarter since it contracted 10.2 per cent in the fourth quarter of 1998 at the height of the Asian financial crisis.

Yes we are in technical recession,” Najib told reporters when asked whether Malaysia in recession.

FRIDAY 29th May 2009 (ARTiculations...)


Art Harun says: BOLLOCKS!!!

ps on 25th Feb 2009, this blog, in a post titled, " the economy - a stimulating idiot's guide" , had warned that recession was coming. This blog operates without any resource other than myself. No data. No info. No nothing. And yet it was right. Now. I should be the Finance Minister, no?

26 comments:

p-loon said...

My sentiments exactly. But I couldn't have put it more eloquently.

Tiger said...

The people needs someone like Lee Kuan Yew to tell Singaporeans the TRUTH! (He said prepare to suffer for 6 years).
And then work towards minimising the people's pain.
Not wishy-washy policies and corruption, sucking taxpayer's money for their own comfort.
Our 2nd Finance Minister is the biggest idiot when he said,"I don't know why this is happening".
HELLO, it's called an ECONOMIC CYCLE.

Karen said...

Saw it coming, didn't you? :) But then when you're proven right, you're not exactly happy cause a recession is no reason to celebrate.

Yeah.. this sux..

I wonder if there are any plans to explain how "suscessful" the RMbil stimulus has helped us

Eric said...

Why are you worried? Didn't Malaysians elect BN for its "proven track-record in development"? Isn't the new mandateless PM a British-trained economist (even though his uni is totally unheard of in the field)? Didn't the ValueCap et alia stimulus packages get spent?

Let's believe Najib and colleagues when they tell us we have already seen the worst. Didn't they warn us ahead of this already?

1 Black Malaysia. Democracy First. Elections Now.

Nanda said...

Sokong terus boss.
You can become the Finance Minister and if you'd ever be inclined to relinquish your earlier position, I would like to take over the ministry that you proposed to form in Navel Gazing, June last year. He he.

TheWhisperer said...

Dear Maestro Art,

Our country was already in recession since last year as far as I am concerned and as far as many rakyat are concerned.

The figures (GDP & Inflation) that they churned out repeatedly are just lies. What can be more real than what the people went through?

The recent 6.2% GDP contraction again politicized. If Pak Lah is still the Prime Minister, he would continue to doctor this number to hoodwink the rakyat away from the truth situation and also to promote his economic policies.

As for Najib's intention to announced this -6.2% contraction, he was merely pushing all the past lies into the last quarter. Thus, this huge contraction.

But again, there is an element of political deception and perception behind this.. He took over from Pak Lah in April. So that makes Pak Lah's administration responsible for the contraction.

He is merely trying to tarnish Pak Lah. Lest he has forgotten that he was part of Pak Lah's administration.

We can be rest assured that the next quarter GDP announcement would very much in Najib's favor. We can also be guaranteed that the next quarter figure is going to be another lie..

samsaimon said...

Dear Art,

No, you are not the Finance Minister, you are the Attorney General in the PR Government after GE13!

Take my words!!!

Shamsul Yunos said...

Art if you want the country to be in a recession then the best way to do that is to keep talking about it.

Not talking publicly about it is not the sma as not doing anything about it.

When you were small and your father had some financial difficulty, would he share it with you or would he just pretend like nothing is wrong and just do what is needed to fix the situation, sometimes he won't een share it with your mom

(I am not talking about your parents specifically here, in case some of your commenters want to slag me)

Everything from efforts to atact foreign investment, open up new business frontiers, stimulus spending, stimulus funds for industry, retraining schemes galore

all these were put in place well before the 12th GE but since most peopel are preoccupied with slaggign everything that BN does, it was all branded as useless and wasteful efforts

Anonymous said...

This is what I posted last year in reaction to Datuk Kong Cho Ha's comments -

written by carribeanking7, December 04, 2008 18:40:30

Inflation in Malaysia is at a 27 year high, and the half past six government of the day tells us that everything is OK
they must have been taking economics lessons from Mr.Bean.

To make matters worse thay have cut interest rates, this could push us into deflation, which will be harder to come out if than inflation.

This ostrich needs a good kick in the arse.

datuk kong -do us all a favor -go to kinokuniya and buy yourself- an economics for dummies guide.

------------------------------------------------------------------
As for the ill conceived stimulus package.

1) Why I am disgusted by the RM60bil stimulus package http://www.facebook.com/topic.php?uid=6778953884&topic=7965

2)Why I am STILL disgusted by the RM60 bil stimulus package.(a sequel) http://www.facebook.com/topic.php?uid=6778953884&topic=8247

Vijay Kumar Murugavell

mob1900 said...

"Technically, a Thief is just a person who borrows and never returns without your consent".
- Datuk King Kong

"A person who's behind the murder of a certain Mongolian shouldn't be investigated, he's a genius & should be elevated into position of power".
- Najeeb Mongolia

Lara Fabian said...

Lies and lies, over and over again. We the rakyat are not stupid. Recessions sure will be coming this year 2009, when the whole world was starting to feel the pinch late last year. Pak lah denied it coming, Najib denied it coming, the rakyat, who dont live as comfortably as them, expect it coming. And you all know what, now that Najib has admitted the -6.2% recession rate this 1st Qtr, try guess what whats in store for the coming 'economical scripts'. Amir Hisham just elected Penasihat in Majlis Ekonomi yesterday. Wonder what craps coming from the team..

art harun said...

Encik Shamsul,

I beg to differ. As a kid and coming from a family which was not well off, I know exactly how my father felt everytime I asked for money to buy books when in fact he did not have any. But we have been brought up not to question our parents and yes, there would be no question asked. And when I grew up, I remember how my father would call me and asked me "do you still need that book you asked for the other day?" when he had some money.

Must we be the same with our Government? Certainly not, in my opinion. Why did S'pore announce within weeks of the turmoil that it will face a recession? Are they cleverer than us? Or is it because they are more "telus" than us?

What plan are you talking about Encik Shamsul? Where? We do not even know how the stimulus money is applied? What does Valuecap do? And how do they do it? Why 5billions to them? What are they going to use it for? How does that help the economy? Have they used it now? If so, how?

The truth is our Government live in denial-land. And secret-land. And of course, misleading-land. It thinks Malaysians are stupid.

And that is what I find most insulting.

Ricky said...

Encik Shamsul,

The many articles speak for itself. If this is not 'Mickey Mouse being half past six' I don't know what it is then. Ministers making up such numbers/statements should be torpedo'ed at. But this is Malaysia Boleh unfortunately.

Anonymous said...

Dear Shamsul Yunos, keep living in your fantasy wolrd. Yes everythign is bright and shiny, nice and perfect, no pain no suffering, nothing. Everything is wonderful under BN's administration.

You and your kind are the perfect breeding ground for the monstorous government we have today.

Hamba said...

Malaysia is on auto pilot. Whenever Malaysia economy accidentally did something good the UMNO leaders were quick to take credit. But when Malaysia is in deep shit, UMNO leadership went into spinning mode.... Cook up figures, misleading statements and outright lying is the order of the day.... We should have expected our economy to be in deep shit when we have a scoundrel (Nor Mohd Yakcop) as 2nd finance minister. A crook running the finance ministry...what do you expect... brilliance??? Bollocks!

phish said...

good comment, tiger..!! kiasu or kiasi is definitely better than thinking the ppl of malaysia is retarded..!!

Gan said...

Playing ostrich lah ... hoping rakyats also can kena tipu lor !

donplaypuks® said...

In a way Shamsul is right in that we can talk our way into a recession.

However, you can't leap from what fathers and mothers may do within family circumstances to applying the same 'we'll weather the storm' rhetoric to a whole country and Governments.

The Govt owes it to its citizens to keep them informed in advance about impending difficult times and to formulate policies to get us through a recession as quickly and as painlessly as possible.

UMNO/BN has to change its top down, 'Big Brother knows best' old strategy that does not work anymore. Ther are more smart people out there than in Government.

It's time to retire the pretenders like Nor Mohd Yapkop who clearly misled us just before GE 2008 that Malaysia'seconomy had grown by 40% in 4 years, making it more vibrant than China and India (an impossibility).

Gte professional, transparent and accountable!

Shamsul Yunos said...

Art and others

I don;t think the Government thinks Malaysians are stupid and if they really had wanted to keep us uninformed they would have shut down the internet or TV.

The fact is this. You are free to see what is happening int eh world and you know that it is going to hurt the country but the last thing the country needs is people talking down morale and the economy.

The numbers didnto lie, when it came to report the first quarter performance, did they lie to us or did they tell us that the economy shrank.

Are you telling me that Malaysians are all waiting for official government number sbefore prepping for the worst> I begna prepping since 2007 becaue I saw things coming even wehn the US Government kept denying teh scale of their problem and how it would effect the world economy.

Why do you think the US Government talked up the economy even when they knew it was going to hell?

Dishonest? No
THey were beign responsible.
There is no point scaring the people unless there is abosolutely no other choice.

Art,
You may be right that their actions may not have borne fruit, some of the stimulus funds may have not gone down to the ground fast enough but to say that they did nothing is neither true nor fair.

You and I may nto agree with the weak-ass corridor plans that Pak Lah laid out but there were plans for attracting foreign investment and economic activity but hey, the world economy is in the shitter, the money did not come in.

The resumption of the double tracking roject is a good capacity builder, so is Bakun, second penang bridge and ISkandar in Johor.

To those who say that me my kind are the perfect breeding ground for a large and corrupt Government, please, take a look at yourself in the mirror and tell me if you se someone who can see no wrong in the opposition.

I can see what is wrong with BN and I am supporting their effots for change, they may fail they may succeed but at least they are acknowleging the problem, what about Pakatan?

k89 said...

We do not expect the government to come out and shout that wolf is coming. This could demoralise people and discourage investment in an already difficult environment.

However, the official forecast of +1% growth to -1% contraction, in spite of dire warnings by economists and others, was way of the mark. Was this a mistake by the technicians? Or was the true forecast manipulated? Given the level of trust the present leadership has, people cannot be blamed if they think that the figures were manipulated to make the PEE EM, the new economic wizard, look good.

People are also cynical about Bank Negara. People have seen how our banks were restructured and how they are controlled and regulated, and also how a senior officer of Bank Negara who lost many many billions on currency speculation was promoted to become Finance Minister and now an economic czar.

Part of the problem is that the BN (Bank Negara) like other critical national institutions, seems to function like another arm of the BN that controls the government. In fact, the way the BN government and Bank Negara mimic each other, one should not be blamed if it was thought that they are in a damning incestuous relationship. There is no check and balance. It is difficult to perceive Bank Negara as an independent institution that is capable of making objective economic decisions and forecasts.

Art we support you to become the next MK (FM). We are sure that you will maintain the essential ingredient of TRUST, which is obviously lacking now. .

Anonymous said...

I am lost for words for my beloved country is being run by a moronic gomen headed by dozens of moronic so-called ministers elected by…(do not know how to defined them)…the other half of the total 27 millions of Malaysians!!
I am no economist though I did okay in my economy during my school days and I could easily forecast our country’s economy would plunged into recession due to our export trading affected by the global recession!
Nevertheless, they are many Malaysians, na├»ve and ‘innocent’, who believed that the current gomen will change and lead our country to greater heights!
Yes, greater height is where our current gomen will lead us, but unfortunately it would not be height of GLORY but more so, height for ‘SUICIDE’!
My conclusion is – either the current gomen ‘DIES’ or our country ‘WILL DIE’!

donplaypuks® said...

Shamsul

We understand you are pro-BN and don't have a problem with that or your defending them.

But let me tell you about just 1 BN project - double tracking.

This started out with Dr.M talking about $42 billion, then scaled back to $21 billion. I think SD Group came up with $18 billion and then Syed Mokhtar offererd to do it for $14 billion. There was immediate talk in the market that SM was offering to sub-contract it for $9 billion!!

Now all this was done when it was recognised that future revenues from the project would be insufficient to cover operating and, more importantly, maintenance costs, by many miles. No one in BN/Govt has a clue when the project would break even.

So, clear perception in the market was that this was another Ali Baba project which like the LRT, Indah Water, UEM, MAS, BBMB etc, the Govt would have to rescue over and over again.

After all, given that we are still building national toll highways and expanding them, who exactly is going to get on these trains and at what ticket cost? I believe KTM is already in a mega loss making situation.

As for the 2nd Penang Bridge, the original costings came out almost 50% more than a a longer bridge in China, where the sea portion was substantially greater than the land portion!!

Faith is one matter, blind loyalty, another. I am not blindly loyal to PKR, DSAI or the Opposition. We watch everything they say and do and will vote accordingly.

Anonymous said...

Art, you should be Finance Minister and I should head Bank Negara! :-)

By the way, it's not a normal economic cycle. The US Empire is collapsing!!!

You can't talk your way into or out of recession. You can SLEEP you way into a recession and you have to WORK your way out!

Anonymous said...

En Shamsul

You will attract foreign investments and economic activities when you have fair practise (e.g. no 30% hiring or capital share) as well as a fair judiciary system.

We enabled that in projects like MSC and various FTZ (except the Port Klang ;-)). Look at how Penang became the local Silicon Valley. Kak Fidah was always supportive of these foreign firms - no racial quota, unlimited hirings of foreigners, etc

You mentioned about not shutting down the Internet / media. Please run through the Bill of Rights for the MSC. No censorship! Not to forget this was under DrM's watch. Yes, even the old dictator realise that there need to have some freedom to attract foreigners who still have to undergo the multitude of red-tapes although lately we have got wiser by having 1-stop shops. These projects create jobs and knowledge workers that we managed to export.

The rest of the projects you mentioned - double tracks, second bridge, bakun, etc have both . How about programs such as conservation of energy, incentives for car-pooling and so on? How about shutting down or renegotiating the IPP so that our power rates are competitive? Like-wise highway privatisation which is becoming a burden to the citizens but a money spinner to those connected to the BN.

As you can see your beloved BN on one hand tries to run the economy while on the other hand squeeze it dry for their own benefits.

Wise up, my dear En Shamsul ... time for change. We have to lest we perish as a nation.

Anonymous said...

Art

I'd rather you be Minister of Culture ;-)

Bob

Shamsul Yunos said...

Dear commenters

I have never said BN does no wrong,

ALL I am saying is that Arts says BN has not done ANYTHING - this is simply not true but characteristic of the Opposition media, I point it out because Art claims to be a neutral Malaysian

I am simply questioning his neutrality

Until I see critics of Penang, Selangor, Kedah and Kelantan Government and critics of Anwar Ibrahim, Art will continue to sound like part of the Opposition Media, they too spin, just in a different direction