HOT ! RAFIZI KANTOIKAN ANWAR ISU PENJUALAN ASET & PENSEKURITIAN.....

HOT ! RAFIZI KANTOIKAN ANWAR ISU PENJUALAN ASET & PENSEKURITIAN.....

MiM merujuk kepada entri blogger Rocky Bru bertajuk More Securitisation 101 for YB RR dan blog Economics Malaysia bertajuk Debt, Deficits, and Government Assets

Satu lagi penjelasan ilmiah Economics Malaysia yang membuktikan Rafizi Ramli kurang ilmu dan hentam sembromo tentang isu asset sales dan securitization of government mortgages.

Here he (Rafizi) makes the comparison between the government’s securitisation of civil servant housing loans with the sub-prime crisis. That’s plain silly – the “sub-prime” crisis was a confluence of events and market structure that doesn’t exist in Malaysia.

We may or may not go there in the future, but what the government has done is hardly any kind of tipping point. Missing from this is the role of structured finance (bundling together of securities with different risk profiles), and the concentration of default insurance (in the form of AIG) that were equally characteristic of the 2008 US financial crisis.

If you’re really worried about a sub-prime crisis, s-t-o-p e-n-c-o-u-r-a-g-i-n-g h-o-m-e o-w-n-e-r-s-h-i-p. If prices are to heady for the majority, making it easier for people to own homes just gets us there sooner. Securitisation in this context is neither here nor there.

Di atas adalah jawapan kepada tuduhan Rafizi Ramli tentang pensekuritian pinjaman perumahan seperti di bawah :

…Walaupun ia amalan yang telah dimulakan sejak tahun 2004, pensekuritian pinjaman perumahan menjadi salah satu punca krisis kewangan subprima yang melanda Amerika Syarikat dalam tahun 2007 dan 2008. Ia mempunyai risiko tersendiri kerana rumah-rumah yang dibeli peminjam digadaikan pula kepada pelabur yang mereka tidak ketahui.

A positive value means asset were sold or securitised, while a negative value means assets were bought. Looking at the time series, this is what MoF means by common practice – this has been going on for a long, long time. But you’ll notice that the absolute amounts have been increasing over time, but also have been comparatively small since 2007, while being alternately positive and negative.

Rafizi Ramli juga mengeluarkan kenyataan dengkel lagi kurang bijak apabila menuduh pentadbiran DS Najib Tun Razak sudah sampai ke peringkat menjual aset negara untuk menampung keborosan dan pembaziran kerajaannya. 

Padahal, graf di bawah jelas menunjukkan sebaliknya. Graf menunjukkan betapa tidak relefannya pembelian dan penjualan aset sejak dulu lagi. Yang hebatnya ialah sejak tahun 2007, penggunaan aset tidak pernah melebihi 2% daripada pendapatan kerajaan! 

Want to know what the current situation is? Up to 3Q2013, total sale of assets is negative RM66.6 million. In other words, there hasn’t been a net sale of assets so far this year. There were net sales of assets in 1Q2013 of RM8.98b, but that was more than offset by asset purchases in 2Q2013 and 3Q2013. 

More importantly, there’s an accounting issue here that’s not at all addressed – in the Malaysian context, use of assets doesn’t offset the deficit, only its financing. Assets sales don’t count towards revenue, but reduces the need to borrow i.e. it goes in the books as a reduction in government securities issued, not as an increase in revenue.

Yang pasti memalukan Rafizi Ramli dan menyebabkan Anwar mungkin akan memarahi Rafizi ialah penjualan aset adalah lebih tinggi sebelum pemerintahan Najib Razak hari ini!

Dan ianya turut melibatkan era Anwar Ibrahim sebagai Menteri Kewangan?

1) The selling of govt assets has been going on for decades2) from 1990 -2009, the then Malaysian govt has sold more assets (% revenue) than the current Malaysian govt3) Finance Ministers from 1990 - 2009 = Tun Daim, Dato' Sri Anwar, Tun M & Pak Lah4) In mid 90s, Malaysia experienced budget surplus. so, based on rafizi's logic, did Anwar also use sale of national assets to manage budget deficit/surplus? sumber

Seperti yang MiM katakan sebelum ini, Rafizi Ramli perlu rajin buat homework beliau dahulu sebelum cuba mengkritik kerajaan. Jika tidak, beliau akan tampak bodoh dan juga membuka pekung boss beliau, Anwar Ibrahim.

MiM yakin jika Fizi tahu beliau kantoi, beliau tidak lagi bercakap tentang perkara itu. Beliau akan cari isu lain untuk menutup malu seperti isu Anwar 'hilang di Twitter dan FB' dalam isu video China doll.

source : Dr MiM