As expected 916 is another peaceful day with the same old boring and incompetent government still in power. But opposition leader, Anwar Ibrahim, can’t just let the day passed without making any statement since he has promised 916 (Sept 16th) which is also the formation of Malaysian federation in 1963, to be the day a new government will be formed. Thus Anwar claimed he had secured enough parliamentary (more than 31 MPs) backing to bring down the government but he refused to reveal the names of the defectors. Nevertheless Anwar told a press conference on Tuesday (916 – today) that he would give the list of the names to the Prime Minister when he meets him.

So it’s rather silly for PM Abdullah Badawi to continue with his denial syndrome and arrogance by saying he refused to meet Anwar. If Anwar was lying then it won’t do any harm just to meet –up with him and hear what the opposition leader has to say. At the same time he also could have the first hand on the lists of the frogs, something which I believe the PM would like to know very much himself. The PM should be man enough to have a face-to-face talk with Anwar. How could Anwar harm him in any way when the meeting can be held at Putrajaya or even his bedroom *grin*? The major reasons why Anwar couldn’t reveal the names of the defectors are simply no-brainer – anyone who has properly functioning brains wants to inherit the throne as smoothly as possible lest he wish to be labeled as rebel.

To ensure a smooth transition Pakatan Rakyat (opposition People Pact) demanded the following of which I believe make lots of sense:

1. That Barisan (ruling government) does not hinder or prevent the MPs from acting in accordance with their conscience, constitutional rights and independent judgement;
2. That the Barisan government should not invoke the Internal Security Act to detain the MPs or any other current Pakatan MPs;
3. That the Barisan government does not invoke emergency laws or police powers or suspend the Constitution or dissolve Parliament; and
4. That the Barisan government shall not impose roadblocks or impede MPs from going to Parliament or any institution of government.

Anwar was part of the ruling government before and he knows more than anybody else in this world what options the ruling government could invoke just to cling to power and the above four could just be some of the options left for the desperate ruling government. Instead of hiding and pretends he’s still in control, it’s about time for the PM to have a gentlemen and leader face-to-face talk with Anwar. If Anwar is indeed bluffing then Abdullah can have good night sleeps and move forward in managing the country’s economy, not to mention he can abandon any future silly, stupid and childish plan to send 51 MPs (one third of his army) away on agricultural study trip to Taiwan in the peek-a-boo game.

As much as PM Abdullah Badawi wouldn’t want to face the reality political analysts said it was likely that Anwar had his majority. Assuming Anwar had in his possession the letters of support from the defectors and is granted an audience by the King, the King (Yang DiPertuan Agong) would ask the Speaker of Parliament to hold a formal vote on the PM’s post. Anwar has said he would not want to drag the King into the matter, if possible. Unless Anwar was bluffing, the list of defectors could had already reached the King’s hands many days ago and what Anwar is waiting now is to give PM Badawi the last chance to handover the power smoothly. While Anwar has other option to topple the government should the PM stubbornly refuse to meet-up and handover the power, Abdullah Badawi seems to have very limited options. Of course Badawi could try to suspend the parliament by calling a state of emergency but this option requires the King’s consent.

The fact remains that the current premiership is incompetent in navigating the country ahead of the current global stormy economy. Dow Jones plunged more than 500 points yesterday to below the psychological 11,000 level – its steepest point drop since the day the stock market reopened after the Sept. 11 attacks. A whopping $700 billion evaporated from retirement plans, government pension funds and other investment portfolios. Lehman Brothers Holdings Inc. (NYSE: LEH, stock), an investment bank that is 158-year-old and survived the 1929’s Great Depression, filed the largest bankruptcy (Chapter 11) in American history. Merrill Lynch & Co. Inc. (NYSE: MER, stock), the world’s largest and most widely recognized brokerage, has agreed to be bought over by Bank of America (NYSE: BAC, stock) in a $50 billion deal values Merrill at $29 a share. The iconic bull mascot brokerage founded in 1914 has posted quarterly losses for four straight quarters and written down a mind-boggling $40 billion. Today trading saw American International Group Inc.’s (NYSE: AIG, stock) shares fell nearly 74 percent and analysts are not discounting the possibility of AIG’s bankruptcy after it has suffered $18 billion of losses in the last three quarters. To add salt to the wound the largest U.S. investment bank, Goldman Sachs Group Inc. (NYSE: GS, stock) announced its third-quarter earnings which plunged 70 percent.

Even the oil prices tumbled to below $92 a barrel despite OPEC’s production cut of 520,000 barrels a day inline with U.S. oil demand which fell by 800,000 barrels a day. It was a chaos day and if today’s trading pattern is anything to goes by, it would be another bloody day. It was puzzling that local stock market, KLSE, only plunged 20 points but I would bet 50% of my money on the gambling table that the index (KLCI) could just go back to below 1,000 point be
fore the year-end. It’s possible that 900 points could be within reach if the current political havoc continues to send the foreign investors away. Already, the cost of insuring the country’s debt has risen sharply to around $153,056 per $10 million from $90,185 prior to the March election, based on prices for 5-year credit default swaps, a barometer of risk – reported Reuters.

The question is how much worse could it be for new government to be formed at the current state now? It’s not that the government is competent in managing the economy so a kick at the butt could just do the trick although the external factors would still haunt the country’s economy. But at least the foreign investors have another destination on their checklist (they still need to park their money regardless of the quantum) instead of a pilot who continues to depend on auto-pilot while sleeping in the cockpit. The next 24 to 48 hours are indeed very crucial and Anwar needs to check-mate fast before Badawi has the chance to launch the final ISA-assault.

Other Articles That May Interest You …

• Operasi ISA Started? Climate of Fear for the Country
• Taiwan, Here I Come and I’m bringing RM25 Million
• The Myth of 916 and One Last Racist Drama from BN
• Tsunami Politic Tsunami Stocks, waiting for Perfect Storm
• Currency Traders prepare to dump Malaysia Ringgit

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September 16th, 2008 by financetwitter

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