Forced reckless lending: new form of vote buying

The New Straits Times today screamed this enticing headline:

-------------------------------------------------------------------------------------------

Newly employed to gain under 'My First Home' plan

BETTER PROSPECTS: Requirement to work for at least six months abolished

http://www.nst.com.my/nation/general/newly-employed-to-gain-under-my-first-home-plan-1.195822

FROM Jan 1, Malaysians, especially young adults, can now buy a house as soon as they get jobs.

Under the tweaked My First Home Scheme rules, they can immediately apply for loans to buy their first home

Earlier, they had to work for a minimum of six months before they qualified for loans.

Cagamas SRP Bhd (Skim Rumah Pertamaku) said it had abolished the minimum employment period.

It also cancelled the stipulation that workers needed a minimum savings record of three months in banks.

--------------------------------------------------------------------------------------------------

The original intention of Cagamas maybe noble, helping Malaysians to own their first home.

However, like many of the good institutions in Malaysia, for example, the judiciary, the Employee Provident Fund, Petronas, Bank Negara Malaysia, Felda etc, once under Barisan Nasional management, dubious and worrying development would occure.

The day after the 1 night stand before: the aftermath of 2013 budget

The 2013 spend and feel good budget has been read for the nation’s attention and parliament’s debate. The debate is probably useless, for the Janji Ditepati administration, chronic, habitual spending above budget is a given.  This habit is well documented

http://wangsamajuformalaysia.blogspot.com/2011/08/pay-this-tax-payers.html#more

------------------------------------------------------------------------------------------------------------http://www.themalaysianinsider.com/litee/print/malaysia/putrajaya-asks-for-rm14b-more-to-spend/

Malaysia Putrajaya asks for RM14b more to spend

UPDATED @ 12:04:39 14-06-2012

By Shannon Teoh

Jun 14, 2012

 KUALA LUMPUR, June 14 — The federal government tabled a supplementary supply Bill today, asking for RM13.8 billion more to spend this year, fuelling fears the Najib administration will not be able to rein in the deficit and breach the statutory debt ceiling.

------------------------------------------------------------------------------------------

Therefore, rather than dwelling too much in detail into a current and soon to be derailed budget, let’s project into the future base on the path Malaysians been dragged down unto for the past decade.

Qucik glance BN budget vs PR budget

It has been number crunching nerd's dream week as both Barisan Nasional administration and Pakatan Rakyat shadow administration unveiled their respective budget within a day between them.

There is so much to talk about when one put both of them together. I limit myself for the moment to comment on Vision, Cost of Living and Crime and Safety aspects.

versus

Touch n Go Rapid KL - consumers at losing end

My recent experiences with Touch n Go is infuriating experience. TNGSB is a private limited company whose shareholders are CIMB Group Holdings Berhad, MTD Capital Berhad and PLUS Expressways Berhad. They are cash rich and earning super normal profit and very much a GLC way of thinkig and working.

http://www.touchngo.com.my/?pg=aboutus&subPg=background

The debt driven 5.4% GDP growth in Q2 2012

The Q2 2012 Gross Domestic Product growth of 5.4% seems to be a pleasant surprise from 1Malaysia administration.

The Second Finance Minister who is on top of the numbers pointed out the oil rigs are responsible.

----------------------------------------------------------------------------------------------------------------------------------

http://biz.thestar.com.my/news/story.asp?file=/2012/8/21/business/11887347&sec=business

Tuesday August 21, 2012

Husni: 5.4% Q2 growth a boost for Malaysia

IPOH: The better-than-expected 5.4% growth in gross domestic product (GDP) in the second quarter is a confidence booster for Malaysia to perform better for the rest of the year.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah attributed the current positive growth to the resumption of operations at oil rigs, which had affected the country’s production of crude oil previously.

----------------------------------------------------------------------------------------------------------------------------------

 According to Jabatan Statistik Malaysia, however, has more to say:

Janji Ditepati and national debt

PART I : ORTHODOX NATIONAL DEBTS

A quick look at the Ministry of Finance (MoF) annual statistics shows the following:

·         From 2007 to 2011, the GDP increased on average, 6.4% a year and between the years, our GDP increased by 28.2%

·         During the same time, external borrowings increased  on average 8.2% a year and between the years, our external debts increased by 37.2%

·         During the same time, Hutang Dalam Negeri Persekutuan increased on average 15.2% a year and between the years, our HDNP increased by 77.22%!

In short, as much as Najib praised Malaysians for being hardworking; his administration works much harder at incurring debts. Tell me who should be bersyukur?

Janji Ditepati Part 2

Najib administration’s initial flagship i.e. promise was the expensively financed research project New Economic Model. It was a well written piece and carries plenty of good ideas. The PM promised us the NEM will usher us to a better new place.

------------------------------------------------------------------------------------------------

http://thestar.com.my/news/story.asp?file=/2010/3/30/neweconomicmodel/20100330095105&sec=neweconomicmodel

KUALA LUMPUR: The New Economic Model (NEM) unveiled by Prime Minister Datuk Seri Najib Tun Razak Tuesday will generate benefits for all Malaysians, irrespective of race under its inclusive growth goal and approach.

---------------------------------------------------------------------------------------------

Janji Ditepati...part 1

With the issuance of the standard “avoid misunderstanding” excuse, the much maligned Janji Ditepati slogan is removed from Merdeka Day but perhaps reserved for BN Day celebration later.

http://www.malaysiakini.com/news/204898

Gov't scraps controversial Merdeka logo

 9:18AM Jul 29, 2012  

The government has decided to replace the 55th National Day celebrations logo with the standard 1Malaysia logo after a week of public outcry.

Announcing this in a post on micro-blogging site Twitter, Information, Communications and Culture Rais Yatim said this is to "quell misunderstanding".

"To quell some misunderstanding, we (will) only have 1Malaysia as (the) logo for Merdeka (and) Hari Malaysia," he said

The lyrics of the songs celebrates Bantuan Rakyat 1Malaysia,  the way this country is runned until welfare payout is celebrated, is most unusual by world standards.

The back pedaling however, do not excuse tax payers and public at large for examining the current administration’s intention and performance , as it claims that it fulfills promises.

Musings about the private retirement fund

Another attempt to create feel good feeling sees the Finance Minister launching private pension fund scheme.

----------------------------------------------------------------------------------------

http://thestar.com.my/news/story.asp?file=/2012/7/18/nation/20120718183233&sec=nation

PM launches new voluntary Private Retirement Scheme

By MARTIN CARVALHO & RAHIMY RAHIM

KUALA LUMPUR: The voluntary Private Retirement Scheme (PRS) was launched on Wednesday by Prime Minister Datuk Seri Najib Tun Razak that will allow employees and self employed the opportunity to save for their retirement.

To encourage savings under the scheme, individuals are granted tax relief of up to RM3,000 and employers are provided with tax deduction on contributions to the PRS on behalf of their employees above the statutory rate of 19%.

A total of 24 funds will be managed by eight Private Retirement Schemes providers which would be available to the public this September.

------------------------------------------------------------------------------------------

A finance minister is suppose to be overseeing the compliance of its finance industry players, and not becoming their sales promoter. There is clearly a conflict of interest but just for the sake of looking nice, anything could be politicalised.

The description itself is clear, "PRIVATE" means private sector driven, not by public servants on public's money and time.

Do you ever see Obama/Margaret Thatcher/Angela Merkel or even Mahathir become spoke person for commercial product while in office?

Don’t learn NOT to pay your debts

The prime minister said that Pakatan Rakyat are teaching people bad things, very bad things, such as debts are not to be settled.

-------------------------------------------------------------------------------------------------

http://www.nst.com.my/latest/opposition-teaching-people-bad-things-pm-1.103610

Opposition teaching people bad things: PM

PEKAN -- Prime Minister Datuk Seri Najib Razak said today opposition political parties in the country seem to be teaching people bad things, even matters contrary to religion.

 Evidently, three bad things were that debts do not have to be settled, good deeds can be forgotten and promises need not be fulfilled, he said.

 ----------------------------------------------------------------------------------------------------------

Well growing up in a country that is administered by Alliance-BN administration for more than 50 years, whereby we live and learned from education system, judicial system and kepimpinan melalui teladan set by one of the longest political alliance in power, I wonder where the bad teachers learn from?

Let’s look at some fine case studies which serve to “teach people” not to repay debts.

IHH Healthcare Berhad listing: For it means for the man and woman in the street

PM Ah Jib Khor continues to mesmerize the public, with imminent and oh-so-secretive timing of GE, with another of his Economic Transformation Plan gizmo – listing of IHH Healthcare Berhad.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

http://www.freemalaysiatoday.com/category/business/2012/07/03/najib-ihh-listing-a-major-step-towards-greater-asean-cooperation/

KUALA LUMPUR: The listing of IHH Healthcare Bhd (IHH) further affirmed the development and the maturing of Malaysia’s private healthcare sector and its emergence as a key player on the international stage, Prime Minister Najib Tun Razak said.

……………..

“I can safely say that this also offers further evidence of the vibrancy and depth of our capital markets, once again underlining the fact that Malaysia is a bright spot on the otherwise dark canvas of global finance,” he said at the launch of IHH’s initial public offering (IPO) prospectus here today.

He said the listing of IHH was an example of Khazanah Nasional Bhd’s commitment to delivering a clear and coherent regionalisation strategy, bringing together best-in-class business through a combination of mergers, acquisitions and collaborations.

………………………

“With this listing, IHH can further cement its role as a leading force in the global healthcare sector,” he said.

Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Wah, very nice big words Ah Jib Kor. But what do you mean-ah?

What is so great about vote buying?

We probably should have anticipated what was more to come after the the legendary and trade mark setting sentence of "you help me, I help you" vote buying rallying call in Sibu.

Since then it is disbursement here, there any everywhere.

The total bill we tax payer has to foot, 11 weeks into the prime minister's creation of feel good feeling during his trade secret period is RM606.68 million.
--------------------------------------------------------------------------------------------------------

http://www.malaysiakini.com/news/193760

PM, DPM disburse RM600mil over 11 weeks

The government had disbursed RM608.68 million over 11 weeks to the people through Prime Minister Najib Abdul Razak's and his deputy Muhyiddin Yassin's official nationwide visits.
According to a parliamentary written reply, the "urgent allocation" approved from January to March 15 was handed out during their 14-state visit, with Perak recording the highest at RM220.38 million for 34 projects.

Jerai PAS MP Mohd Firdaus Jaafar on Tuesday had asked the Prime Minister's Department to list to all the allocations approved for the prime minister's official tour of the states.

Allocations for Johor ranked second, with RM201.40 million doled out for 24 projects, while the Federal Territories came in third with RM63.25 million dispensed for nine projects.

Najib’s recent marathon forays to Perak and Selangor focussed on opposition-held areas, distributing goodies and promises to boost BN’s popularity, had fuelled speculation that polls might be announced soon.

-------------------------------------------------------------------------------------------

While RM606.68 million seems huge, it represent a minor investment to secure BN's continue power hold and loose change to wealth generation and preservation of those who waltz in the corridor of power and its lucky associates. The added bonus is that your lenders, being the tax payers, have no recourse against your personal assets, unlike a normal businessman or housebuyer begging support from a tightly regulated financial instituion.

1 Care Malaysia; implication of shared contribution

The Minister of Health has finally come out to clarify the 10% of 1Care. It would have been better for the public had the minister attended the 1Care Health Forum held on 12th February at Global Business Park, No 8, Jalan 19/1 Petaling Jaya, when MOH officials did not turn up but 3 other speakers did. Those who attended the 12th February forum were given great insight by Dr Ng Sween Choon, Dr Jayabalan and Dr Xavier.

Taknak 1 Care - justification for more money asked (dwi bahasa)

In a proper commercial organization, whenever a business manager ask for more money for his or her budget, the big boss or the finance director would ask if the applicant controlled his/her expenditure properly and in accordance with the original budget allocations.

Dalam mana-mana syarikat perniagaan yang dikendalikan secara waras, tatkala seseorang pengurus itu memohon peruntukan tambahan, bos besar atau pengarah kewangan akan tanya sama ada beliau telah mengawal perbelanjaannya dengan baik serta menurut peruntukan asal.

When the >50 years old very experience people first  administration say they need more money, just after the 2012 budget exercise, we as tax payers have to examine their justification. Let’s look the how our money is budgeted and spent.

Apabila pentadbiran berpengalaman lebih daripada 50 tahun dan mementingkan rakyat menyatakan bahawa mereka memerlukan peruntukan lagi daripada rakyat tak lama selepas belanjawan 2012, kita sebagai pembayar cukai perlu meneliti permintaan serta penjelasan mereka. Jom, sama-sama kita menilai peruntukan dan pembelanjaan duit cukai kita.

1Care Malaysia and ABCD's salaries (dwi bahasa)

Rumour has it that money magnet named 1Care Malaysia calls for 10% or whatever to be clawed away from our salaries.

Terdapat desas desus bahawa tatkala 1CareMalaysia diperkenalkan, gaji semua rakyat akan dipotong 10% sebagai caruman wajib ke dana 1Care Malaysia.

Let’s for a moment imagine what our pocket will look like.

Sama-sama kita renung sejenak apakah yang akan terjadi kepada pendapatan bulanan kita.

1Care Malaysia - why kind of care? (dwi bahasa)

Today Guang Ming Daily reported the hearsay received by relevant medical professional bodies and NGO for public health pertaining to 1Care Malaysia.

Pada hari ini, akhbar bahasa Cina Guang Ming Daily telah melaporkan maklumat-maklumat tidak rasmi mengenai 1Care Malaysia yang telah diterima oleh beberapa pertubuhan profesional perubatan serta NGO-NGO perihal kesihatan.

Caption: 1Care Malaysia: inconsistent messages, people deserve the truth

Tajuk laporan: 1Care Malaysia: maklumat yang saling bercanggah, rakyat berhak tahu apakah yang benar

People Housing Programme: simple math don't look right

As an EPF contributor and tax payer, I am most perplexed and worried by this latest pre- general election allocation of our statutory  life savings.

The most powerful prime and finance minister in the world

Democracy is about separation of power and basic internal control principal dictates that segregation of duties as a corner stone of effective check and balance. Having the prime minister doubling up as the finance minister is already a deliberate and gross impropriety design of Malaysia’s executive branch.

However, a not very known amendment to the Income Tax Act 1967 has magnified the abovementioned weakness by unquantifiable folds.

Back in 2005, after the nation gave Pak Lah an overwhelming mandate to run the country (with already well documented results), the then prime minister cum finance minister gave himself a most overwhelming and stunning instrument of power (or potential avenue of abuse).

Section 127(3A) of the Income Act, 1967, has been amended as follows:

Sara Rakyat 1M, AS1M and national debt?

The latest BN flagship roll out in election year is the attention grabbing Sara Rakyat 1Malaysia which is already very well explained in this post.  

http://malaysia-chronicle.com/index.php?option=com_k2&view=item&id=26168:sara-1malaysia-desperate-najib-resorts-to-ponzi-schemes-to-raise-funds&Itemid=2

Kudos to the analyst for such an insightful piece of writing!

A responsible and proper government should be giving its people an environment where they can get good employment and business opportunity, clean and efficient governance. A responsible government should not be telling the deprived segment of population to borrow money and engage in equity investments.

The key selling point by BN administration is guaranteed return. No unit trust or investment manager in the world would dare to guarantee returns on investment.

Besides, if one is earning between RM500 to RM3,000, how much surplus that individual or family can afford to borrow and invest? They probably need a job and a fixed salary more, not some investments which pays a token RM50 a month but not immediately usable for buying household goods

Anyway, intrigued by the promise of “guaranteed return” I decided to find out more about this matter.

Is it really better off under BN than Pakatan?

It is customary for us to be lectured to be grateful to BN as they are the only one who can safeguard Malaysians’ well being.

------------------------------------------------------------------------------------------------------

http://www.themalaysianinsider.com/litee/malaysia/article/be-grateful-to-bn-government-dpm-tells-people

SEREMBAN, Oct 15 — Tan Sri Muhyiddin Yassin told Malaysians today to be grateful to the Barisan Nasional (BN) government for its many efforts which have improved their lives.

……………………

He urged the Ampangan folk against following in the footsteps of people from Selangor and opposition-held states who voted for the opposition during Election 2008.

“It’s not easy to be the government; the opposition is only good at making promises which they never have to fulfil,” he was quoted as saying in Bernama Online.

Budget is also a form of a promise, i.e. a promise to deliver at a predetermined planned price. BN’s ability to fulfill promises is also open to scrutiny as we can see so many mega cost overruns whether it is for Bakun Dam, KLIA 2, PKFTZ or the new palace.

 Let's not talk about all those surpluses in Pakatan administered states for now.

I went to Jabatan Statistik Negara to evaluate the DPM cum Education Minister’s claim and come up with some interesting statistics.....