The American economy has taken a tremendous beating beginning with the sub-prime mess. Regular rate cuts by the Feds did not help and recently the US government poured billions of dollars to try to arrest the situation. Over in Europe, several banks had to be bailed out and even our neighbour Singapore has announced that they are in recession!
So far, Iceland, Pakistan and Ukraine are some of the countries that have approached the IMF for help. The IMF with $250 billion in their kitty has the financial circles questioning if it has enough to go around if more nations needed help. In short, the world economic picture is grim!
Here at home, the Finance Minister has assured the Rakyat that we are well prepared to weather the storm! His boss, was even better, he claims the agricultural sector shall be able to cushion any effects of the downturn! The PM sleeps, the DPM dreams!
These guys are simply marvelous. On one hand they tell us everything is fine, on the other hand they want to borrow RM 5 billion from the Employees Provident Fund to inject into the stock market. Meanwhile, the local bourse has suffered hefty losses. One wonders what is it that they are trying to do. Are they intentionally insulting our intelligence? Or are they simply lost, not knowing how to respond to the situation? Or, is this their last hurrah, considering the fact that soon a new government shall be in place?
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