The Need for Transparency in Economic Stimulus Implementation

Can u manage your wallet?

How much did u draw last from the ATM? How long did it last? On what did u spend ?

As for me, the first one is NO and I have no clue on the next 3.......

My solution nowadays is that my wife holds the ATM card and I ask for my money from her...

So now imagine how the government spend its money..........

We know how much they plan to spend......but do we know how they are actually spending it

What kind of transparency are they planning to offer us the TAXPAYERS!!!! (satD is not a Malaysian Tax resident anymore..but is very concerned about this issue)

I search high and low at the official sites on information regarding the First and Second Stimulus package....and the best i could find is this



Now let us look at America.....

They have a specific website called Recovery.gov to monitor the implementation of the American Recovery and Reinvestment Act 2009 Initiatives. It allows for every stakeholders to monitor the actual implementation of the planned initiatives and evaluate the impact to the economy in general......you can check out the site, its still in its infancy but i expect for it to grow once the data from the respective agencies are in.......

We've also heard of the creation of Project Management Unit to "oversee and manage the disbursement of funds and work carried out under the stimulus package".......so far i know nuts about them and how they plan to do their job and the level of transparency they plan to offer us their ULTIMATE tukang bayar gaji

Ahhhhh............can we have a similar approach as to the American Version.....

Kalau tak cukup duit gua boleh tolong buat website...pakai blogspot pun takpe la as long as we get the required information about how u r spending the money

Adulterer on The Run.......

From the Star

"KUALA LUMPUR: The police have alerted those manning the country’s entry points to be on the lookout for Hilmi Malek, the ex-boyfriend of Bukit Lanjan state assemblyman Elizabeth Wong.

This follows the issuance of an arrest warrant last Wednesday for the man who is allegedly linked to the distribution of revealing photographs of Wong on the Internet.

When the controversy received wide coverage by the media early last month, Hilmi went into hiding on Feb 9.

He is believed to have gone to Indonesia.

When contacted yesterday, Kuala Lumpur CID chief Datuk Ku Chin Wah said the police alert to the authorities manning the entry points was to facilitate arrest.

The controversy led to Wong’s offer of resignation as state assemblyman and Selangor exco member on Feb 17.

However, she was advised by the state government to go on holiday until all of the police investigations are completed. — Bernama"

Hoi!!!!!

Takde benda lain nak buat ke?

hilmi lu dah main sama minah tu, pi ambik gambar pulak.....nak claim lu dah main dengan dia?.... ke nak guna for melancap on the side while your wife watch TV?

Yg polis nak kecoh sangat ni ape hal.....bersepah sepah gambar bogel dalam dunia ni ...ape kecoh sangat that orge looking biatch.......

That biatch duk cuti tu sape bayar?......perabis duit rakyat je.......

Since that Hilmi mafaker might be in Indonesia....takde tempat lain lu nak lari ke...balik la brader bini lu ade kat rumah malu satu kampung tu...

Just claim that you lost your laptop la....senang cerita...the worst you go to mahkamah shariah for screwing outside marriage...pay the fine and get on with your life......

Blogging In D Dark....

I switched off my lights....what about you?




Throughout my life...i've been a user of something, be it water, energy, carbon etc etc.....

I keep the tap water running while i brush my teeth or while i shave...for reasons unknown to me..

I smoke and pollute the air around me.......(this part can't do much...amidst all the kretek smoking bapak2 d kantor....)

I leave the lights on, aircond on, TV on etc even when i don't need them.......

why?

i personally think that i failed miserably to be a good inhabitant to the planet.....

I also personally think that we as a species is the WORST of all the species on this planet..given the fact that we sit at the top of the food chain and have the ability to communicate...just look at us now......hancur gile....

I bet other species call us Makhluk perosak......

Al-Baqarah 2-30

And( remember) when your Lord said to the angels: "Verily, I am going to place (mankind) generations after generations on earth" They(angels) said:"Will you place therein those who will make mischief therein and shed blood,- while we glorify You with praises and thanks and sanctify You". He (Allah) said: " I know that which you do not know"

Generations after generations......we have been consuming this planet of its resources...in return we pay with worthless pieces of paper and hope that those with the official "responsibility" will do their part to care for the planet.....is the whole cycle working?

Will we change?

Is it not our responsibility to our children to make this planet a better place for them to live in?

Start now, however small.......imprint the thinking into our future generation to respect the planet and care for its needs

Jerantut...............Terkentut

Jerantut….also got earthquake ke?......

Anyway folks let me share with you some of my real-life experiences of living in the ring of fire…the first time was in August 2007

09/Aug/2007
earlier at 9pm i sent my beloved ones to KL.......got home felt the sense of void engulfing....
got on straight to work....better occupy my mind fast.....

then it came.....i felt a nudge....the feeling of nak muntah...woooo......then the big one came, i stood up shouted to my maid "Mbak !!!!! GEMPA!!!!!".....went straight under the dining table.... both of us ....reciting the shahadah..

it was long.....it was damn long..............normal earthquake last about a minute...this one went for 3 to 4 minutes at least.......a lot of lateral movements......cracking sounds......

then it stopped....alhamdulllilah

"Mbak!!!!! get dressed , get ur phone , get ur id ...n lets get out of here....!!!!!!"

packed my laptop, got fags, got wallet, got passport....mmm which shoe or slipper should i wear...
bloody hell dude....just get wat ever is there la.....

Mbak where's my "ACG = All condition gear"sandals....shit i cant believe i just asked her that...

"basuh encik!!!!".... oh f***K..........got to go down in style ma.....so selipar jepun it is....

called the lobby......pak ...gempa ya...duh

......lift aman ngak?

......aman

Ok lets go .......got to pee first just in case.......

Encik...siap!!!!!! Sat le......got to do my biz.....

Ting ...lift opens..no-one inside....then as we go down ... each floor the lift opens scared faces of families in their nighties.....come in i said.....quick....we packed the lift to the max.....

reached the lobby that was a bloody long journey from 24th floor.......let everybody out.....(felt like hero kecil kecilan kampung style)..........

Everybody looked confused....scared.......i looked across the sea of faces.....looking for someone familiar......ah..... Wife's lil gang.... .....helloooww....everybody ok......kids fine.....ok done .....

Called my wife's phone..no answer...called my bro in law....ok got it ...."sayang thank god u n the kids are in KL we just had an earthquake dont worry we're safe here"....all in one breath...and it felt so so good cause my loved ones did not have to go through it........

So now what ...can go in or not ....all siting outside ....
man people sleep in funny funky stuff.....nasib baik gua pakai khaki, tshirt , backpack and all...la...

one guy even came down with a golf bag.......well all of us have different priorities in life i guess

called a couple of people in JKT....tried to get info.....7.5 richter.....woo thats big.....

oklah gonna go up now....40 mins already outside.....

"Mbak....saya mau naik....kamu gimana...?"

"HP ada?....ok kalau udah rasa mau naik naik...."

Got up to the apartment ....check out local news and all...CNN .....no tsunami warnings.....

The second time it happened to me was on Wed 12/Sept/07 18.03 HRS..........tat same feeling hit me again.......3rd floor of my office building....water in my glass starts doing the yoyo.........

speed dail 2 - sayang..........no answer....again n again..

then finally she answered....." we're on the way down...call u back!!!!!"....."all OK" i asked...a quick yes and she was gone......

Got out of my room.....saw some people running....."pak!!! Gempa ya....." ......ok ...mmm....better do my magrib.......after prayers went back to work ...need to finalise some presentation.....guess after going through one in august...u kinda know ...or have the feeling if the building in going to go or not...

Rule No 1. Do not Panic , try to get out in open area away from building once the quake stops.......well where I'm at that's not gonna work ....buildings everywhere.....wonder if i have time to dodge falling buildings....

My wife took the kids down 24 floors via the fire escape while the quake was still on....when i got back i asked her why she didn't take the lift..........(like what i did before....) duh ... kena bantai gile .......ceramah about its not safe to take the lift during emergency.....well i cant say much on that .....

When i got back home...i could see how shaken she was......i tried my best to comfort her but kept getting my foot in the mouth disease .......keluar semua physics theory about earthquake and under what conditions building can collapse .....she just looked at me with her trade mark where r u going with this one.....r u trying to dig another hole or is the hole ur in getting deeper........in the end i just said ... don't worry..we'll be fine.....and we're moving to 30th floor in October........

Couple of months back I came across a gentlemen from the National Emergency dept, they’ve just finished a survey on the risk of earthquakes in Central jakarta….he asked me where I lived…I said…Kuningan…..he said…..about 400 years ago it was an epicenter according to latest findings….GULP….GULP………should I move?

So far so good......but each time i go to sleep these days......i always think of the fact that suddenly everything could just crumble..........will i have time to save my wife n kids......I pray to Allah SWT that i do not have to go through that....

ameen...

Elections Choices

Zippin around on my bike yesterday n came across this billboard...........

Cant imagine what's on the mind of the UMNO delegates currently......

Will they vote for the future of the Party or just for short term returns?

Will they rise to the call of the incoming President of UMNO?

Would they be able to get back lost grounds? Do they have enough time ?

They sure have the necessary resource to do so........

Will the Winners n Losers Consolidate for the Interest of the Party and Move ahead with one common vision?

Too many W's at the start of my sentences...........with W's you must wait and see....

Out of All the Indians in Malaysia...MIC picked Samy Again

Do I need to say anything at all ?

I remembered watching him live once on TV....

A journalist asked about the cracks in MRR2...

His answer was......"Awak ingat saya tara kerja ka, saya hari hari masuk kerja pukul 630pagi"....




Another visual memory i have of him is when he did a "taiwanese" thinggy couple of years back ....amidst all the scuffle...he was trying to fix his "hair"...that was his only concern...kalu kena tumbuk puk takpe as long as still in style......

How many got problem loading this blog

Folks, i've been getting a few complaints from some of my regular readers....

Do you have any problem loading this blog?

Can you go to the comment section?

It seems to point out to the "Intense Debate Comment System" i'm using.....

If I wanna take it out...i run the risk of losing the comments.....some interesting discussion there

I'm gonna try to figure it out over this next few days... In the mean time please look to your right there's a survey for this problem......thank u folks

Maths & Science in Urami(Uranus Language)

Fuh...crazy week......

I studied Maths n Science in Bahasa up till 17 years old and then went on to study more Maths in English.......

One thing that i could gather from this whole thing is that.

Maths is not for everybody, you could either do it or not......what ever blardy language pun if your brain cannot handle it guarantee hancur. I once went to Bangkok for a consulting assignment.....their English hancur gile but once we started talking in formulas.... it was smooth sailing all the way

Che Det put up an interesting post here

Before introduction did the Government bother to set up a Control Group so that they can test if the policy would be successful or not? Or can we consider the experiment these past few years as a control group....if so can we compare the results of the previous batch of orang tua tua who had a full English stream whats the output.....better or worst? How does that compare to the Bahasa stream??

One thing for sure if you are talking about Maths and Science level up to Form Five, thats nothing la, no one is gonna read new phd research at that level....they are just learning the basics people.....

All this huha memang tak masuk akal langsung!!! These are children you idiot stick to a single policy please.....

Dont do an Anwar with the whole bahasa baku crap!! who speaks like that.....

Or do a Khadir with the hand to your chest to greet people...apekebenda tu brader?

My Blog Name-Clarification Required

I've met a few of my blog visitors...and with an almost perfect 100% record everyone will think that its called Pure Shiite as in the english word for Shiah........

Sorry folks it is the Scottish version of SHIT.....pronounced as scyte.......i added the extra "i" just for fun






it kinda rhymes with my blog url......satD thinks...Pure Shit......that's rite folks just shit coming out of my head....mental berak while i try to juggle life in Tanah Seberang...

so there u go......another shiite from me ...thank u for visiting...

60 Billion Ni baru Stimulus!!!

RM 60 Billion have just been announced in the mini budget.

I'm surprised on the magnitude but truly welcome it, as I have been promoting before here

Cursory note....tak habis bace lagi ni....one initiative prop up

Financial Guarantee Institution-quote from budget speech

"Under the current market conditions, even companies with investment grade ratings are unable to access the capital market, particularly the bond market. To assist and facilitate these companies access the bond market, the Government will establish a Financial Guarantee Institution to provide credit enhancement to companies that intend to raise funds from the bond market. This measure will also further develop the domestic bond market. Bank Negara Malaysia will assist in the setting up of this institution. This government-owned company will have an initial paid-up capital of RM1 billion, which will subsequently be raised to RM2 billion. It is expected that bonds totalling RM15 billion will be raised under this facility."

1. Why can't these function be in the hands of say CGC by amending its scope of services to cover this new requirement...instead of creating a new GLC? Back in 2001 Amanah Capital was trying to set up a similar outfit called the Malaysian National Financial Guarantee Insurer tapi takde hasil.
2. On another note, Asian Development Bank is actively pursuing a similar initiative on a regional basis with focus on USD funding requirements. How will this work hand in hand with the new agency?
3. Why can't this be done via development of Collateralized Loan Obligation Market with some form of credit wrap by existing institutions such as banks? Our banks have always been active in Bond Guarantee Market....
   

One thing about guarantee, it distorts the perception of risk and affects pricing, we saw what happened in America when the risk became too concentrated

I hate duplication of resources, especially if it involves RM 2 Billion of capital.

At the same time you plan to rope in EFP as an investor to the Guarantee Outfit when they could potentially be buyers of the bonds....wouldn't the risk cover cancel out (partially)for them?

I miss KL

I'm gonna have
1. Teh Tarik + Mi Goreng Mamak + Telur Goreng Cair sikit kat tengah + cili potong
2. Roti Canai + Teh Ais
3. Imbi Seafood
4. Tom Yum Pattani Style Diner kat warung
5................

I miss the traffic n driving in KL

Just had no 4 just now.........while watching Pendekar Bujang Lapuk....on Astro...

A few tables away....2 Chinese Dudes..having their food...just the two of them ...look s a bit out of place with their dyed hair..n funky dressing....we were all laughing ....sometimes our table laugh first n the rest follows...they would turn n look at us laughing...that was such a nice feeling........

Lets try to find common ground folks.....you'll feel more relaxed...more calm in your thinking...

lets see how tomorrow goes......banyak benda nak kena buat ni....first thing bantai mekenik gua..he had the car for amost a year..and I' truly dissapointed.....picked it up in my last visit...it broke down just as I drove into the driveway...wife n kids looking so happy to go for a ride....alternator kong...and i left a day after.....so now i'm back ....i saw it coming to pick me up at the airport......i said niceeee...

next the ride....feels good..very stable.....before going straight way 15 degrees to the left..and it jumps to nuetral sometimes...vibrate like hell......

Tapi panas gile....no shorts for sure.....need to sort that one out fast ....felt like an oven.....

but i cant stop looking at it.......been out of the house a couple of times already......pusing keliling ....sat inside of it...bukak bonet....tersengeh but dissapointed..............

this thing is blardy rare.. the last time i snapped the door had to wait for a year before finding one in segambut belakang rumah this one old chinese gentlement....gua sapu bersih beli extra parts semua..

Cant wait to finally finish this project..........

satDnomic Fixed or Float?

The Ringgit is fast approaching the psychological barrier of 3.8000..............

Flashback...to satD's first job after coming back from UK....(this part in black n white -if this was indonesian sinetron)

On my first day at work in the dealing room as a Currency Trader....i was at lost as to what in the world was happening, loud voices shouting prices from a number of "voice boxes" aka your typical computer speakers attached to a dedicated telco line where currency brokers miles away repeatedly updates the market.....each voice belongs to a specific broker linked to a button where the dealer needs to know who is quoting the best bid and best offer.....at the same time one has to look at the screen for latest news feeds on economic issues and markets in general...so this is multi-tasking your brain at the highest order, split second decision on whether to buy or sell a position requires computation of the events as it is happening and also knowing which hot key button on the telephone console will contact the broker with the best price for execution (i did not know how to use the phone on day one and could not even call my mum to let her know that i was OK)

Anyway folks, from Feb 97 up till June 97 our Ringgit was actually appreciating with a target to go around 2.45 to a dollar….the yen was also appreciating from 145 to 110 yen against USD….this was the trigger point, the Thais are known to have a Huge exposure to cheap Yen borrowing and all of sudden their obligation to the yen loans increased significantly, everybody took the bet, including all our local banks, but we were small players as BNM put an Open Position Limit (How much open exposure one can take against another currency) of up to MYR 50 Million per institutions….

Regionally everybody was on the same bandwagon…It was such a simple bet ..just BUY… nothing to think about anymore( or if the hedge funds buys ..double that just ride the trend), the fundamentals does not support the trend anymore…….So everybody went from one currency to another testing historical resistance on a daily basis from July 97…lets see at what level the Central bankers start to throw their hard earned reserves….anyway all of us knew exactly how much bullets(reserve) they have to start with….BNM went in around 2.5250 for 3 days which was a psychological barrier to the market then….i think we lost around 3 to 4 billion defending that level……direct impact immediately was a squeeze in the Interbank Money Market (MYR Based) sending Overnight Interest rate to 50% from 5% (satD had to be temporarily positioned in the Money Markets team to assist as the dealers there never saw volatility of that magnitude)

Inter-bank money market is the lifeblood of the financial system once participants loses confidence and stop lending the whole system can breakdown in a few weeks….Foreign banks (I’d rather not name them) cut all credit lines to the Local Banks this systematically compounded the liquidity effect and created a 3 tier lending system (Good Local Bank Vs Foreign banks, Foreign Vs Foreign, Local Vs Local)..the Central Banks stepped in daily for months to correct the imbalances, a number of local banks were technically insolvent borrowing from the lender of last resort on a daily basis to meet its obligations….

if i can divert a bit to a case in Hong Kong years before 97, HSBC was facing a run.. all retail depositors were literally taking money out from its branches n putting them into Standard Chartered next door….guess what the folks in SCB did …they pass the money back thru the backdoor to HSBC to ensure that they have enough money to maintain confidence…..that spirit clearly did not exist in 1997 in KL ….all foreign institutions technically stop having any further exposure to local counterparts…..and the local retail depositors (typical herd mentality) began withdrawing the money from local banks n started queuing in foreign banks…they literally had to take a number to deposit money……

Now back to the FX market, our daily turnover then was around 250- 300 Million USD prior to the attack(This is so small compared to the size of financial institutions who were betting against us) …..throughout July 97 to Sept 98 volumes dwindled…markets was so thin….daily bid n offer spreads widen significantly it wasn't to hard to move the market by 1000 basis point…if u wanted to…A number of agents of intervention were roped in namely Petronas, MLNG, Maybank, Bank Bumi….some were selling dollars daily ..n some were lending on behalf on BNM into the market……

I could still remember watching Tun M live in Hong-Kong when he bantai Soros and currency traders in general....first thing I said was Tun ni well informed ke? cause FX positions are typically reported by the local traders (Commercial Banks) to the respective central banks and in Malaysia in particular we have the Form P and Form R for all trades exceeding 50,000 MYR equivalent…..so simple disclosure of why one need to buy or sell USD against MYR……in this counter parties to the trades will provide basic info ……hedge funds typically trades on leverage with trading lines provided by the counterparty banks hence the names that would appear in our (BNM) disclosure would never ever be hedgefunds. So to point the finger against hedge funds n namely Soros would be just a wild guess without any credible facts....

Currency trading is the largest financial market in the world with close to 3.98 Trillion daily turn-over, most of it is speculative in nature making up to almost 70% to 90% of volumes only a small percentage are actually "international trade’ based..the rest are just bankers and speculators such as hedge fund,etc…the first time these phenomenon came into being was in 1986 when the Daily Average Turn Over Volume of FX Markets exceeds of Collective Volume of Central Bank reserves (refer diagram below-Source McKinsey Dangerous Markets -satD recommends this book to all policy makers in Malaysia, it was written by Consultants who have the actual experience in assisting governments and corporation in various countries affected by the crisis)



Starting from April 98 the policy makers began studying how the market operates from a total view perspective….look at where the leakages are….and put a plug to it….as u all know by now the key measures were - Fix Ringgit, Stop all Offshore Trading of MYR, Stop CLOB…….but the high interest rate n liquidity shortage was too much to handle for our local corporate who borrowed purely with real estate collateral to finance more real estate development…..n some were sneaky enough to slip past proper credit check to provide “inflated speculative shares” as collateral……..hence the creation of Danaharta to relieve the banks of the NPL’s (and this was after BNM reclassified NPL from 6 months to 3 months) and Danamodal to pump in more capital into banks………

Overall i think we did really well with some help from Consultants/Advisors, carefully crafting tactical countermeasures to restore confidence n provide stability to the market. After the counter measures were in, BNM systematically flooded the market with more ringgit by reducing the Statutory Reserve requirement from 12.4% to 4% this money used to be placed in BNM earning 0% is now out into the system… local currency interest rate plummeted and BNM technically had to borrow back the money to ensure a positive real interest rate environment…this was the environment of cheap money which we have been experiencing since 98…n the boom in the bond markets up till a few years back.

Fast Forward (Now in color as per typical sinetron)

The world is now facing a global financial crisis from the eruption of the Sub-prime fiasco originating from North America.

The magnitude of the crisis is still a running number, with an unknown bottom, to a point economist world wide are now questioning the working of the system in which they have been promoting for years. Some are becoming prophet of doom in their view of the evolving situation

In Emerging Europe, a full fledged Currency and Banking Crisis is evolving which will eventually trigger a potential Sovereign Debt Defaults in a some of these countries......this will eventually drive capital fast out of these countries triggering further "flight to quality" back into Dollar Assets. IMF is already in some of these countries and guess what folks they are perscribing CURRENCY CONTROLs as a standard measure

satD asks himself why the fuck does this flight to quality keep going back to where the original problem started...takde benda lain nak invest ke? Reality is that the Dollar remains the world reserve asset and should this status ends that would be the end of America's world power.

On the ringgit front....our Governor have stated that the movement is in line with the regional moves triggered by deleveraging activity and flight to quality



satD now have a few question to ask Madam Governor and DG MI

1. Have you not been lending USD into the local markets way before the recent crisis? and How much money have you spend for smoothing activities in FX Market? read here for more details

2. Do you think Government should consider the option of fixing our currency - as this measure would provide a stability in doing business both domestically and internationally

3. What good does a volatile Ringgit do for the Malaysian Economy in general? And How much money do you want to waste our hard earned reserves for smoothing activities?

Currency speculators smells blood miles away like sharks in the ocean, and the nature of the market itself being the most liquid allows for ease of entry and exit in very large position. How long do you think before they start coming over just to test your ability? They are running out of things to invest globally and currency markets offers the safest most liquid position option.

satD says Fixed the Ringgit before its too late, and we can focus on other things and have greater control on our liquidity environment. Do not add another problem to the mess that we are facing.

Justice Lau Bee Lan...U sure got ur hands full eh!

Justice Lau Bee Lan is one busy lady......

once a year she will take at least 15 days to go round the country to teach Bible Studies....and this have been going on for a number of years since she has been with Jabatan Peguam Negara...

Now that she is on the other side of Chambers...i guess she must have more time on her side to undertake her "teaching" activities......

This lady will be the person who will "hear the arguments" on the Allah case....what do you think folks?

On top of that she also happens to be the person in charge for the Nizar Vs Zambry case.....

Justice Lau ......you better be on the ball on both these issues

UPDATE 04/03:
Blogger Ondastreet have posted a series of articles on the importance of these issue and the need to rise above party politics among the Malay Muslim leaders in handling the matter for the sake of our future generations
1. In the name of Allah
2.Dengan nama Allah: Apakah Pak Lah, Anwar Ibrahim, Haji Hadi & Niz Aziz hendak lakukan?
3.Boleh atau tidak, Tuan Guru Nik Aziz?

Monkey Politics

Yes it is confirmed.....politicians are monkeys...... they swing(parties) they climb (political ladder) and now they congregate around trees........



Back to nature i guess.....this should be a regular feature for the dewan.........boleh jimat letrik and allow them to think outside the box........

To both side of the divide.....Grow Up and Start Working you mindless piece of crap

I hope all of you get voted out....some of you should also be sent to "restricted residence" and some should have their kewarganegaraan revoked