Anwar, Dow Jones, HP

Well well well... good morning everyone - to those in finance sector in Asia, you really should appreciate my greeting for when you turn on your news screen, the feel of 'good morning' disappears immediately.

Although I am not in finance sector, this is the same feeling I got when I turned on my TV to watch the morning news. Beautiful milestrone soup, delicious bread, but suddenly... Whoala! Yes, there it was - Dow Jones plunged 504 points (the worst day since 9/11), Lehman Brothers seeks bankcruptcy, Meryll Lynch sold to Bank of America, AIG struggling to keep up its business, HP plans to cut 24000 jobs, etc etc. All the bad news. Nothing good.

Too, in Malaysia Day celebration last night, Anwar Ibrahim claimed he had the number to form new government, speculation that Zaid - who tendered resignation as de facto Law minister yesterday - might jump ship to PR in coming few days, Teresa and RPK to remain detained without trial for indefinite time.

As we can notice here, while the world is struggling in financial turmoil, Malaysians at large are enjoying the political drama. Worse, the government in power seems to be enjoying it as well and has lost direction and totally forgotten about public administration and economic issues.

What they care currently is how to cling to their power, how to silence voices of critics, how to play up racial issues, and lastly - how to grab the last piece of fortune if there were really a change of government?

Seeing the current situation in Malaysia, I certainly hope that Anwar Ibrahim would really take over the public governence. To say that the move goes against the democratic principle is simply rubbish. There was not a fair election in the first place, so how would one argue that the one in power was legitimate government elected by People of Malaysia? Or shall we recall Dr M's infamous saying, "They said I am a dictator. Well, I am an elected dictator." Sounds sarcastic, doesnt it?

Whaever the argument maybe, what concerns the ordinary People of Malaysia right now really is how the impact of world financial turmoil might have on Malaysia economy.

HP is to cut 24000 jobs (half in US, what about the other half?), Dell said it would sell off its operation facilities (there's one major plant in Penang), crude oil dropped 5 dollars yesterday to below $100 from all time high of $148 (That's more than 30%! Would it affect Petronas' earning thus government incomes?).

From the last couple of years, we can see that the Badawi administration certainly did a very bad job in driving Malaysian economy (but how would one expects an ex-Islamic cleric to perform as Finance Minister?). I dont want to elaborate further as many have had discussed this during the last budget announcement.

What concerns me right now is, how would the major job cuts impact on Malaysian economy, does Malaysian government have neccesary pre-caution measures in place? What would happen to government spending and ratio of deficit, if oil revenue drops sharply? Why is there no changes to the price of oil at pump? Since the world oil price has dropped substancially, the price at pump should follow suit, by at least 20-30% cut. Didnt the Government announce that the price at pump would follow world oil price?

I do not think the Badawi administration has any mood to think about all these things right now. More importantly, I do not think they have the capability and intellectuality to think about these issues.

Let's hope that the change of government would really take place. The sooner the better. Because Malaysia doesnt have the luxury of time. The economy would probably reach the point of collapsing soon if no due attention be given.

All the best.