Azmin is turning out to be a non performer at the Ministry of Economic Affairs. And to some degree Guan Eng as well. If both Azmin and Guan Eng can handle their job, there will not be a need for this NEAC. EIGHT months is long enough to see that they are not doing their job.
Economic Action Council will be headed by PM Tun Dr Mahathir Mohamad. It comprises Economic Affairs Minister Azmin Ali Finance Minister Lim Guan Eng International Trade and Industry Minister Darell Leiking and Works Minister Baru Bian also includes PM’s economic adviser Muhammed Abdul Khalid Tan Sri Rafidah Aziz PNB chairman Tan Sri Zeti Akhtar Aziz Council of Eminent Persons member Professor Jomo Kwame Sundaram Public Bank MD Tan Sri Tay Ah Lek MARA chairman Hasnita Hashim Bursa Malaysia chairman Datuk Shireen Ann Zaharah Muhiudeen Asean Business Advisory Council chairman Mohd Munir Abdul Majid Federation of Malaysian Consumers Association CEO Datuk Paul Selvaraj lawyer Bah Tony @ Amani William Hunt Abdullah Institut MASA director Nizam MahsharOK lets look at some of these names. Azmin is turning out to be a non performer at the Ministry of Economic Affairs. And to some degree Guan Eng as well. If both Azmin and Guan Eng can handle their job, there will not be a need for this NEAC. EIGHT months is long enough to see that they are not doing their job. The first Council of Eminent Persons (that lasted 100 days) and now this second round of yet another NEAC is proof enough that these folks are falling down. My prediction – they will continue to fall down. Baru Bian, Darrel Leiking – serupa lah. Nice guys. My regards. But the Cabinet is no place for play play. We must get serious. Dr Muhammad Abdul Khalid – Mat, dengar apa Mamu cakap. Hari tu Dr M kata dia tak faham apa economists dok kata. So keep it simple bro. Mat, here is some ‘street level’ macro economics for your attention. Until 2PM on working days there are shops that are not yet open for business or permanently closed in Jalan Tun Sambanthan and Jalan Masjid India. This is bad bro. Very, very bad. It is equivalent to depa lupa azan Zohor and azan Maghrib at Masjidil Haram. Meaning an unthinkable event. Tan Sri Rafidah Aziz – please focus on deregulation and liberalisation. If we do not deregulate and liberalise the economy our kids will be eating grass. Already now they are back to tanam jagung in the kampong. Dont believe me? Here is proof. Just the other day a young economist pointed out that : in 1999, commodities made up 22% of Malaysia’s exports 19 years later in 2018, commodities accounted for around 33% of exports. We are becoming a tanam jagung di kampong, Third World economy. Here is something more scary. Between 1999 and 2019 our currency has dropped significantly. On top of that prices of commodities have also dropped significantly. That is a double whammy. Despite this double whammy, commodities have increased to 33% of our total exports. We are now a tanam jagung economy. Commodity exports have less value added than manufactured products. That is also why the Ringgit is dropping. Dear Tun Dr Mahathir, our Ringgit crashing has absolutely nothing to do with the US or Donald Trump’s policies. That cannot be the case because how do you explain the Thai baht being steadier against the US Dollar and appreciating against our Ringgit? If US policy is the culprit then it should affect all their trading partners – including the Thai Baht. It has not. It is the Malaysian Ringgit that is crashing, even against the Thai Baht. Zeti Aziz – ex Bank Negara governor. Well what can I say – these were the folks who were in important positions when the Malaysian economy, our banking system etc began sliding downwards. They could not do much then. Are we supposed to believe that Zeti has suddenly sprouted wonderwoman capabilities now? Zeti is not a banker. Folks, Central Bankers are not bankers. And in Malaysia they are usually textbook economists, turned civil servants turned bank regulators. They are NOT bankers. Zeti will not know how to handle a low cost housing loan application from a 28 year old Indian boy, who had a wife, a two year old child, owns and drives a yellow ‘bas sekolah’ van and had absolutely no documentation, no salary slips, no income tax receipts but only his bank statements to vouch for his creditworthiness. But the whole family came to the bank to give him support for the housing loan, including an uncle with a regular job who was ready to be a guarantor. In the 4Cs of credit, the boy’s Character got an A. The loan was approved and it was also paid on time. Itu cerita lama. Using today’s ‘credit scoring’ method that boy will never qualify for a loan. Hence the Ah Long industry. Zeti will also not know how much working capital (overdraft) a five star hotel would or should need. RM500,000? RM2 million? RM5 million? There is always an average. Bankers will know this. Central bankers will not. Tan Sri Tay Ah Lek, the MD of Public Bank. This is the biggest joke. Banking in Malaysia is an oligopoly. There are SIX mega local banks. Public Bank is one of them. Banking must be liberalised. (Correction : Banking does need strict and precise regulation – to safeguard the public and to promote competition). But banking must be liberalised. The banking oligopoly has resulted in Public Bank being the most profitable bank in Malaysia. Public Bank profits from you and me. So folks, do you really think Tan Sri Tay Ah Lek the MD of Public Bank will advise the NEAC, ‘Mr Chairman we must liberalise our banking sector and allow for more players in banking to promote more competition and efficiency in the banking industry. This way Public Bank’s profit may also be reduced and Public Bank’s pre-eminent position may also be threatened.’ Folks, do you think Tan Sri Tay Ah Lek is going to give any such advice to the NEAC? The short answer is NO. These folks are billionaires – because banking licenses are highly restricted. Banking is an oligopoly. That is how they became rich. They did not become billionaires by looking out for your welfare too much. And this guy now sits on the NEAC. Serupa juga macam Mamak Drakula jaga tabung darah dulu. Sudah lupa kah – mamak super bodoh itu? I think we are still screwed. Dr Hasnita Hashim the Chairman of MARA is on the NEAC. What for? MARA was and is still screwed up. It will still be screwed up. My advice is before Hasnita can give advice to the NEAC why not she turn MARA around first? And why is the non executive Chairman of the Bursa Malays (the Stock Exchange) on the NEAC? Obviously to look out for the welfare of the listed corporations. The big boys again. OK lah fine we need more listed companies. Public listing is good. But who will speak up for the ordinary man in the street? Who will speak up for you and me? That 28 year old Indian boy had his low cost housing loan processed by me (and got it approved) – a long time ago in 1988. Today, I can bet that same type of 28 year old Indian boy will NOT get the same loan approved. Thats why we have Hindraf. Who is going to look out for the ordinary guy on the street? Finally Munir Majid has been appointed to the NEAC. This was the Chairman of MAS through its most turbulent years. The BN government got kicked out after 63 years partly because these were the same people helping to run the government. The same people. In GDP growth we are now FAR FAR behind Bangladesh (7.8%), India (7%), Philippines (7+%), Indonesia (6%??) or Vietnam (about 7%). Under the watch of these same folks. Now these same folks are advising the government again? There are 32 million other people in Malaysia. Is this the best that we can do? Source : Syed Akhbar Ali