Bursa bloodbath gives Najib pause on polls
By Shannon Teoh August 10, 2011
KUALA LUMPUR, Aug 10 — With some RM91 billion slashed from the stock market since last Monday (over eight days), Datuk Seri Najib Razak faces yet another global financial meltdown ahead of general elections — due in less than two years.
Although the prime minister was said to be mulling snap polls as early as the end of the year, politicians and analysts say that economic factors are now firmly out of his hands, with him hanging on to his Economic Transformation Programme (ETP) projects only for a rebound next year.
“These projects are his only defence against the storm clouds on the horizon,” said Jupiter Securities research head Pong Teng Siew, stating that Najib (picture) will only go to the ballot boxes after the ETP bites.
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But DAP’s Tony Pua, one of the opposition’s top economic spokespersons, said that Najib is “hamstrung” as he heads into the pre-election period.
“In the last two years, he has been able to rely on high oil prices to bankroll public spending but that is not going to happen this time as the global slowdown will hit oil prices and our exports.
“This is Najib’s worst nightmare. The perfect storm is brewing and he can only hope to wait it out,” the Petaling Jaya Utara MP said.
For full article on The Malaysian Insider, click here.
2 comments:
Najib can wait bcos he has all the arsenals with him to weather out the political attacks by the opposition.These arsenals are-the kangaroo court,the PDRM,MACC,JAIS,PERKOSA dll......
But my feeling is he will call it in March2012(after CNY).
It really doesn't matter whether he calls an election or not for Najib. He really is done. The issue is whether he takes the country down with him or not.
The election process credibility is decimated. UMNO/BN cannot win by a thin margin and get away with it. PAS and PKR are accumulating evidence and traps to charge UMNO/BN with election fraud. A narrow margin means peace is out the door and there will be unrest in the streets.
The issue is no longer when GE but whether it will really matter or not. If Najib is a patriot, he will ensure a smooth transition or immediately reform the election to avoid blood-shed. Unfortunately he is neither a true patriot NOR is he bright enough or have the character enough to admit the only thing salvageable is decency of his party and himself.
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