Here is some news :
- Parliament told number of bankrupts continued to increase annually.
- Car loans caused 23,570 bankrupt btwn 2007-14 Nancy Shukri told Parliament
- This was followed by those who took housing loans, Nancy revealed.
- “It is not just due to economic status, but also due to personal needs.”
- end of last year, 253,635 Malaysians had been declared bankrupt
- statistics showing that it is an increasing trend
- In 2007, 13,238 were declared bankrupt
- in 2010 it surged to 18,119.
- Last year figure ballooned to 21,987
- an increased number of bankrupts approaching the Insolvency Department.
- government looking at ways to give bankrupts a second chance
Well here is what the gomen is hiding from you. They are not giving the breakdown of the bankrupts. Take it from me folks - the majority are bumis and Malays.
And what is the major cause of bankruptcy? Car loans. Then followed by housing loans.
Ok lets do some finger pointing. How many of these car loans and housing loans are "Islamic" financing? Please be honest. Orang Islam cannot be dishonest ok. So please tell the truth.
There is a general feeling that all sorts of Islamic financing are more costly and more onerous on the borrower than conventional financing. A friend who buys and runs ships for a living says he avoids Islamic finance because he says 'I am not stupid. Why should I pay more?'
Since Islamic financing costs more, it impoverishes the borrowers even quicker. And which race forms the largest group of borrowers under Islamic financing in this country? Not the lost tribe of Israel. Its not the Druids either, nor the Macedonians. Melayu yang miskin dulu.
The same applies for No 2 cause of bankruptcies in the country - housing loans. What is the breakdown between bankruptcies under conventional banking and Islamic banking? The majority of bankrupts caused by housing loan defaults are again Malays. They also usually opt or are forced to opt for the more expensive Islamic financing. Melayu jadi miskin dulu.
And why am I not surprised that car loans are the number one cause of bankruptcies in the country. Cars are no more a luxury. We do not have decent public transport in all parts of the country. Only three million people live inside Kuala Lumpur. 27 million live outside Kuala Lumpur, all the way to Perlis, Sabah and Sarawak. The LRT does not reach there. So cars are an absolute necessity.
We must make cars as cheap as possible. Instead car prices in Malaysia are among the highest in the world. And our people buy tin cans for the same price paid for a Mercedes or a BMW in other countries. In Malaysia a 2 door Volkswagen Beetle costs RM140,000 (or US$43,000). For this amount of money in the US, you can buy this car (starting at US$47,000). This is a super duper Lexus GS luxury sedan:
What I am trying to say is, our car prices must match the real prices of cars in the world market. So that - if you could afford a VW Beetle before, you can buy a Lexus GS for the same price. If you can afford a MyVi before, you can buy a VW Beetle for the same price. If you can afford a basikal pancit before you can buy a Proton Saga now. Macam tu lah.
Jadi tanya sendiri - siapa bodoh dulu? Siapa miskin dulu?
So now it is official - Minister in the PM's department Nancy Shukri says car loans are the biggest cause of bankruptcies in the country. Because our car prices are among the highest in the world.
Plus the Islamic financing is robbing the people of their money. It costs more than conventional financing.
And then a few years ago the dunggu who has caused more damage to this country than the Japanese and Communists combined 'advised' the dunggu gomen to 'generate economic growth through increased consumer spending'. What the ... And to make that happen, they made it easy for the banks to dish out credit cards.
I rememebr one day I was walking out through my parking garage in the morning and one young boy stuck a new cedit card in my hand. "Sir pre-approved credit line oredi for you sir. No need membership fees".
That was how desperately they were trying to 'grow the economy through consumer spending'. But they forgot one tiny detail - the credit cards charged 18% interest a year. Before late charges.
Even our 21 year old sales girls had credit cards. They all used their credit cards to the max. And defaulted. Now they have all left their jobs. Some of those banks are still calling us and asking, 'Nora masih kerja kat situ ke? Yati masih kerja kat situ lagi ke?' They have all defaulted on their credit cards. "Growing the economy through consumer spending" crap. Growing the economy by giving credit cards to boys and girls who are poorly educated, who are poorly motivated, who have poor work ethics and who do not know how to hold a job.
And now Zeti is at last pulling the handbrakes on easy credit. Bank Negara is tightening up on easy loans. Civil Servants (the darlings of the 'Sila isi borang potongan gaji bulanan' financiers) have also had their credit wings clipped. Those seven year and 10 year easy loans are not as easy anymore for Civil Servants.
The net result is business is now slow. Very slow. Restaurants are reporting poor sales, supermarket sales are flat. Even our jewellery business is running on old customers. Zeti has pulled the plug on easy credit. I fully support what Zeti has done. Better bite the bullet now. Undo some of the dunggu policies put in earlier.
But what to do - sekarang lagi laju jadi bankrap. Does anyone out there care at all about what I am saying here?
Folks you are being made bankrupt because of dunggu policies made by dunggu Ministers and dunggu leaders. And here is the bad news - the dunggus are still in positions of power and influence.
In conclusion - the situation is NOT getting better. It is going to get worse. The bankruptcies are going to rise. Nancy says you can go to the Jabatan Insolvency and get advise. About what? "Dont scratch your butt when the Islamic financiers are trying to liwat you?"
The gomen can relieve the pressure by freeing the prices of cars and other motor vehicles. That will make a real difference on peoples' lives. This gomen does not seem to realise that they are going to lose the next elections. Allowing the hudud for Pas and other such crap are just time wasting tactics to prolong an expired shelf life.