KK'S WATERFRONT

Recently there's so much debate among the locals what KK's waterfront should look like.

Greedy politicians have already made part of KK's beautiful seafront looks like this...


BUT with proper planning and wise use of urban planners and financial resources, KK can look like these...

FED CUTS INTEREST RATE

Federal Reserve Chairman Ben Bernanke

By MARTIN CRUTSINGER, AP Economics Writer

WASHINGTON - The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point on Tuesday and indicated further rate cuts were likely.

The surprise reduction in the federal funds rate from 4.25 down to 3.5 percent marked the biggest funds rate cut on records going back to 1990.

Federal Reserve Chairman Ben Bernanke and his colleagues took the action after an emergency video conference on Monday night, a day when global markets had been pounded by rising concerns that weakness in the world's largest economy was spreading worldwide.

Despite the Fed's bold move, Wall Street plunged at the opening. The Dow Jones industrial average was down 311.99 points in the first hour of trading.

In a brief statement explaining its move, the Fed said that "appreciable downside risks to growth remain" and officials pledged to "act in a timely manner" to deal with the risks facing the economy. The action was approved on an 8-1 vote.

Analysts said the fact that the Fed did not wait until its meeting next week to cut rates underscored the seriousness of the situation.

"The world's stock markets are in meltdown so the Fed came in with an inter-meeting move to try to stop the panic," Christopher Rupkey, senior economist at Bank of Tokyo-Mitsubishi.

The Bush administration, which had announced on Friday that President Bush supported a $150 billion economic stimulus package, said Tuesday that it was not ruling out doing more than the $150 billion proposal if necessary.

Many analysts said if the carnage continues in stock markets, the Fed will move to cut rates again at its Jan. 29-30 meeting.

"This move is not an instant fix," said Ian Shepherdson, chief U.S. economist at High Frequency Economics. "The economy is still staring recession in the face, but at least the Fed now gets it."

In addition to cutting the funds rate, the Fed said it was reducing its discount rate, the interest it charges to make direct loans to banks, by a similar three-quarters of a percentage point, pushing this rate down to 4 percent.

Commercial banks responded to the Fed's action on the funds rate by announcing similar cuts of three-quarter of a percent on its prime lending rate, the benchmark for millions of business and consumer loans. The action will mean the prime lending rate will drop from 7.25 percent down to 6.50 percent.

The Fed action was the most dramatic signal it can send that it is concerned about a potential recession in the United States.

The Fed action occurred after global financial markets had plunged Monday as investors grew more concerned about the possibility that the United States, the world's largest economy, could be headed into a recession. Many markets suffered their biggest declines since the September 2001 terrorist attacks.

In its statement, the Fed said it had decided to cut the federal funds rate "in view of a weakening of the economic outlook and increasing downside risks to growth."

The central bank said that the strains in short-term credit markets have eased a bit, but "broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets."

The move caught financial markets by surprise. Many had expected the central bank would wait until its meeting next week to make any move in interest rates. The Fed made the move before markets had opened in the United States.

Before Tuesday's move, the Fed had cut interest rates three times, beginning in September, the month after a severe credit crunch had roiled Wall Street and global financial markets. The Fed cut the funds rate by a half-point in September and then by smaller quarter-point moves in October and December.

"The committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risk," the Fed statement said.

The Fed's action was approved on an 8-1 vote with William Poole, president the Fed's regional bank, dissenting. The statement said that Poole objected because he did not believe current conditions justified a rate move before the Fed's meeting next week.

John Manjaji's comment:
An economic recession is a psychological matter. People observe the stock market and when there's a decline, people would start selling their shares and that's where the panic starts -- the domino effect. Cash flow needs to continue to rotate so that consumers would spend and manufacturers produce, and that's what economy is all about basically. (You make, people buy; people spend, you gain)

FEDERAL FUNDS RATE

Federal Funds Rate (Investopedia definition)

The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight.

Investopedia Commentary This is what news reports are referring to when they talk about the Fed changing interest rates. In fact, the FOMC sets a target for this rate, but not the actual rate itself (because it is determined by the open market).

Federal Funds Rate (Wall Street Words definition)

The rate of interest on overnight loans of excess reserves made among commercial banks. Because the Federal Reserve has significant control over the availability of federal funds, the rate is considered an important indicator of Federal Reserve monetary policy and the future direction of other interest rates. A declining federal funds rate may indicate that the Federal Reserve has decided to stimulate the economy by releasing reserves into the banking system. Care is needed in using this indicator, however, because a declining rate may simply mean that the banks have weak demand for commercial loans and little need for borrowing reserves.

Case Study
Federal Reserve announced in early December 2001 it was lowering its target federal funds rate from 2.00% to 1.75%, the lowest level in 40 years. The quarter-point decline represented the 11th reduction in the benchmark short-term interest rate since the beginning of the year and established a target rate lower than the rate of inflation. The federal funds rate represents the rate that banks pay to borrow reserves from other banks. This rate influences other short-term rates, including the prime rate and the interest rate on U.S. Treasury bills. The aggressive Federal Reserve policy toward reducing interest rates was intended to stimulate a weak economy that had produced rising unemployment and business failures, especially following the September 11 terrorist attacks in New York City and Washington, D.C. The Federal Reserve has tools available to affect short-term interest rates but not long-term rates, which are influenced by inflation expectations of lenders and borrowers. Thus, an aggressive policy by the Federal Reserve to reduce short-term rates and stimulate the economy can actually result in higher long-term rates as investors become concerned that increased economic activity will be accompanied by rising inflation.

MONTICELLO

I was in Kuching recently (Dec 28, 2007-Jan 2, 2008), and I saw a house designed after Thomas Jefferson's Monticello. I am pretty sure of that. It was really impressive. It is located at North Kuching City. Above photos are of the original Monticello in Charlottesville, Virginia.

PAPAR-TUARAN FREEWAY VIA KK

Dream is good. Being visionary is the hallmark of a leader. I envision that 10-20 years from now (Year 2018 or 2028), there will be a freeway connecting Papar (south) to Tuaran (north) via KK to form what would be known as the Kota Kinabalu megalopolis!

TRAM, KK, TRAM

For goodness sake, we need to improve KK's public transport. For a start have the tram system starting from the CBD (central business district) and then south to KKIA and further south to Putatan (KK's southgate) and then turn southeast to Donggongon (KK's interiorgate), turn north to Inanam (KK's northgate) and a stop at One Borneo (Borneo's largest mall) and finally back to the CBD.

US POLITICAL MATURITY

I love politics. I wouldn't be a politician thought -- I don't have the political charisma, I don't have the spontaneous intellect of a politician, I don't have grassroot support, I don't click to the local culture and most of all, Sabah politics is dirty, dirty, dirty (well, that's a cliche as where in the world politics is clean???). I love politics because I grew up in a political family -- dad's dad was closely connected with the British colonial powers, dad's oldest brother was the first Penampang MP and also a close buddy with Tun Fuad (Sabah's first CM), dad's youngest brother was a political candidate who stood but lost unfortunately! And there's mom's brothers -- oldest brother George was a Matunggong YB; Peter was a fiery orator and in his 20s was already an active politician; he was a Moyog YB and a full minister in Sabah government; when he died prematurely in a plane crash, mom's youngest brother Conrad took over Peter's role, and he was mere 26 or 27 I think. And oh, by the way, cousin Donald (Peter's son) is currently a Penampang MP.

So, that's my political pedigree. Between late 1980s and 1990s Sabah's social and political structure changed so radically that my family has practically lose any political respect it deserves. Oh well, that's life in this dark and broken world where Jesus is the only true and permanent hope and light. Even in the world's best economy and politics -- USA -- signs of moral erosion are there. The whites in America generally did a good job (except for the KKK) for hundreds of years managing their nation and they're comprised mostly of hardworking Protestants originally of the Puritans and Quakers of Europe. (People of other countries do well to take note of and follow the example of these white hardworking Protestants of North America!) But now, look, illegals from across the borders are messing up USA; politicians' policies are partly to be blamed (and that sounds exactly like what's happening in Sabah, Johor and Selangor!!!) Crimes are high, bonafide taxpayers and citizens are have their rights abused and their values threatened, social structure and confusion become the order of the day, and stress levels as a result of cultural, racial and religious complexities are deteriorating!

All said, here is another article that reflects the political maturity and excellence in USA.

Bush biting his lip and biding his time as the race to replace him unfolds

By BEN FELLER

Associated Press Writer

WASHINGTON (AP): In a presidential race not lacking for pundits, at least one person is trying to keep his mouth shut: the president himself.

President George W. Bush’s silent approach toward the 2008 campaign _ with some notable lapses _ reflects the kind of message discipline that his administration cherishes. Yet it goes against political instinct for this White House, which was built around setting a big agenda and defending itself aggressively.

No doubt, Bush is deeply interested in the race. Beyond the obvious consequences for the country and for his own policies, there is Bush’s political underpinning to consider. He admits missing the crowds and the noise and the competition of the campaign. No quarterback likes to be on the sidelines.

So what does Bush have to say about the intrigue of Iowa, or the looming votes in New Hampshire? No comment.

That is his policy, to stay in effect until the Republican Party settles on a nominee. And even then, when Bush gets behind the new face of his party, he might end up serving an important but background role as a fundraiser.

The White House says it would be inappropriate for Bush to weigh in now.

The election is about the future, said Bush counselor Ed Gillespie, a veteran politico in his own right. It is up for voters to decide for themselves, without Bush’s input. He even suggested that all the media coverage focusing on the race _ and disappearing from Bush _ could help.

“We understand it’s going to distract attention, but in some ways that may allow us to continue to pursue policies and do important things,” he said.

Outside political experts buy that to a degree. They say the White House’s explanation for staying above the fray is fair and reasonable, but incomplete.

Bush is right to avoid influencing the nomination process, said Bruce Buchanan, a University of Texas political scientist. It is up to the electorate, not the elected party leader, to decide who should lead the nation next.

Yet the Republican nominees are not exactly asking for the unpopular president’s endorsement, either. “It’s potentially toxic,” Buchanan said.

The Republican contenders rarely say Bush’s name. In seeking to inherit the mantle of a Republican president, they tend to skip past Bush, and his father before him, and reach back two decades to Ronald Reagan.

“All of the candidates are being generally supportive of Bush in his positions, but none want his imprimatur,” said Cal Jillson, a political science professor at Southern Methodist University. “That suggests if he were to toss his endorsement out there, they would scatter. No one would dive on it.”

Before Mike Huckabee’s win in Iowa, he accused the Bush administration of having an “arrogant bunker mentality” in foreign policy. It was the kind of barb that, under other circumstances, would have drawn fire from the White House. Not this time.

“Their own political interests do not give them a good motive to frame this particular debate. It doesn’t even help them to try,” Buchanan said. “That’s the bottom line _ there’s not much to be gained.”

History has shown that presidents often have a tricky time finding their place in the race to replace them. Bush’s father never got the chance, since he lost after one term. Former President Bill Clinton had plenty to say, but Vice President Al Gore kept him at arm’s length during the 2000 race.

Now, for the first time in 56 years, there is no incumbent president or vice president on the ballot on either side.

In political terms, that leaves Bush to bide his time, and bite his lip.

Still, reporters try. The race is frantic and wide open. And no one in the world could offer the perspective that Bush could.

Bush, of course, knows this and tried set some ground rules almost a year ago.

“I will resist all temptation to become the pundit-in-chief,” he declared last February.

Not quite. The questions keep coming, and Bush has shown a few cracks.

In September, he told book author Bill Sammon that New York Sen. Hillary Rodham Clinton would be the Democratic nominee for president. “I got caught,” Bush said with a laugh when asked about it again in November, during an interview with ABC News. “I think she’s a very formidable candidate.”

The White House denies the theory that Bush wants to bolster Clinton so that the Democrats will have a nominee with a potential “electability” problem.

Bush’s vice president, Dick Cheney, has followed the example of not commenting. “Scrupulously neutral” is the way he puts it.

Others around Bush have spoken more freely.

Cheney’s wife, Lynne, has publicly questioned Sen. Clinton’s national security positions. Bush’s former political adviser Karl Rove has touted Clinton as the presumed Democratic nominee and wrote a Newsweek column entitled “How to Beat Hillary.” White House press secretary Dana Perino got drawn in once in August _ calling a television ad placed by Clinton “outrageous” and “absurd” _ although Perino has since vowed not to slip again.

Bush’s ultimate campaign role will largely be shaped by the wishes of the Republican nominee. The president can still raise money successfully, which will also help Republicans in the House and Senate, who are trying to stem the loss of more seats in November.

Meanwhile, Gillespie kicks most questions about the campaign to the Republican National Committee. That’s the same RNC he ran during the 2004 election cycle, when Bush won re-election and Gillespie’s job was to go on the offensive. This time, he reserves comment, even if he has a good one ready to go.

“It goes against instinct,” he said. “We’ve become kind of conditioned to it. Whereas before, there may have been some frustration, now it’s more amusing. It’s become kind of like, ‘This is what I would have said.”” AP-TK-07-01-08 0635GMT

John Manjaji's note:

In some countries, people would hold on to power for as long as they can regardless of the circumstances, and would rather fight and even kill just to stay on top. We salute the Americans for their respect and upholding of their constitution. This is one of the things people of other countries can learn from the US. Bush, the most powerful man on earth, could have easily influence the ongoing presidential election process and thus affect his countries future according to his wills and fancies; but he knows the true American value and political etiquette. In this sense, Americans are a respectable lot!

HUCKABEE HAS HISTORY OF WINNING SUPPORT, OR AT LEAST ATTENTION, WITH ‘BUMPER STICKER’ STYLE

By ANDREW DeMILLO

Associated Press Writer

LITTLE ROCK, Arkansas (AP) _ Mike Huckabee’s offbeat antics _ what some would call stunts _ helped propel him to the front of the Republican presidential pack after a decade honing that “bumper sticker” style as governor of Arkansas.

This is a man who moved with his wife into a triple-wide trailer while the governor’s mansion was being renovated. Who wedded her again, before a crowd at a sports arena, to show support for a marriage law he had just signed. Who, five weeks into Arkansas’ top job, worked a day in the state motor vehicle office sporting a “Cashier Trainee” tag before launching and winning a fight to streamline the agency.

During his decade as governor of Arkansas, Huckabee’s style drew criticism from opponents who bristled at his lighthearted approach to serious public policy debates. But it also got the attention and often the support of voters Huckabee needed most.

Transferred to the opening round of the 2008 presidential nominating contest, Huckabee’s wit charmed even his Republican opponents _ before they saw him as a threat. Among those listening to the affable Arkansas governor were evangelical Christians, who on Thursday night helped propel Huckabee past millionaire Mitt Romney to win the race’s first test of strength, the Iowa caucuses.

Touching down a day later in New Hampshire, Huckabee tried to reassure skeptics in a famously independent northeastern state that holds its primary on Tuesday.

“Being president is a serious job. Running this country is serious business. The issues we face are serious,” he told about 175 people in Henniker, New Hampshire, on Friday. “The reason I have fun is because I love America.”

By that reasoning, he adored Arkansas.

Huckabee’s antics earned criticism from lawmakers and groans from

reporters, but helped the Republican win re-election twice in a Democratic-leaning state.

“Here in Arkansas, obviously, he knew coming in with one of the most heavily Democratic legislatures in the country he would have to have a strategy of going around the Legislature, around some of the traditional media, around some of the traditional power makers in politics,” former Huckabee aide Rex Nelson said. “He had a superb ability at doing that.”

Jay Barth, a political scientist at Hendrix College in Conway, Arkansas, said Huckabee’s gimmicks in national politics echo those in Arkansas because they were met with criticism but helped Huckabee win over the voters he needed. In Iowa that meant evangelical Christians; in Arkansas, rural white voters.

Barth cited Huckabee’s opening campaign ad for president, a tongue-in-cheek spot that featured an endorsement by action star and Internet cult hero Chuck Norris.

“Most of these gimmicks all said the same thing: ‘I am one of you. I get the entertainment value of Chuck Norris. I want to celebrate Christmas. I’m sick of negative ads and I know you are too,”” said Barth, a member of the state Democratic committee.

Huckabee’s penchant for gimmicks to get his message out began with his first year in office, 1996, when he traveled the Arkansas River by bass boat to drum up support for a one-eighth of 1 percent sales tax for conservation efforts.

Months after his one-day stint at a state motor vehicle office, Huckabee successfully fought to drop annual vehicle inspections and streamline renewals for driver’s licenses and car tags.

In 2001, Huckabee created a “tax me more” fund to chide legislators who suggested targeted tax increases to offset $142 million in budget cuts.

“It’s put up or shut up time,” Huckabee said then. “Either put up the money, write the check and let us see if you’re serious, or quit telling me that Arkansans want their taxes raised.”

By 2003, the fund held between $2,000 and $3,000.

Legislators lamented the governor’s “bumper sticker” approach

to serious state budget problems. Senate Majority Leader John Riggs, a Democrat from Little Rock, then called Huckabee’s fund a “grandstand act and what you would expect of somebody who takes on clownish behavior.”

Nelson, Huckabee’s aide, said the criticism was not a major concern and came from people who were not going to support the governor anyway.

Huckabee even used his home and his marriage to gain publicity. In 2001, Huckabee signed into law an option for couples to enter into covenant marriages, which can be ended only after counseling and only on certain grounds _ adultery, criminal activity, physical or sexual abuse or a two-year separation.

To mark the occasion, Huckabee and wife Janet converted their 30-year union to a covenant marriage in front of a crowd of 6,400 people at Alltel Arena in 2005.

“We hope to say to others, ‘Marriage is tough, but it’s best to work through those difficulties,”” he said.

That was five years after the Huckabees moved into a triple-wide manufactured home so the governor’s mansion could be renovated. Huckabee went along with plenty of jokes _ including an appearance on NBC’s “Tonight Show with Jay Leno” _ when the first family moved into the once-wheeled dwelling. Mrs. Huckabee jokingly referred to herself as the queen of the triple-wide _ and received more than $6,000 in honoraria from mobile home industry trade groups grateful for the publicity.

“We’re blowing the stereotypes by letting people see that this is not some pull-behind-the-truck trailer,” the governor said at the time. “This is a beautiful, very nice home. We’re thrilled to death to have it.”

Barth said the mobile home may have looked like a public relations disaster, but actually was a political gain for Huckabee.

“It was ridiculed mercilessly, but if you look at the counties where he needed to win, those white, rural, swing counties, those were the places where there are a lot of mobile homes,” Barth said.

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AP-TK-07-01-08 0646GMT<

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SOCIAL CONTRACT

Umno Assembly Nov 6, 2007

Hindu racial riots in Kuala Lumpur Nov 25, 2007

I cannot sit still unless I make a comment on this article below.


KUALA LUMPUR, Jan 5 (Bernama) -- A senator today disagreed with a tabloid newspaper editorial which proposed that the existing social contract between the various races in the country be restructured. Senator Datuk Syed Ali Al Habshee said the tabloid proposal that the political formula be restructured by using a more universal spirit in line with global trends indirectly questioned the special privileges of the Malays as agreed in the social contract. "Come to think of it, all the races are dissatisfied. This we admit but don't question Malay rights this way. Why must we question something which has led to racial harmony and unity," Syed Ali told Bernama here today. The tabloid had raised the issue when commenting about the illegal rally by the Hindu Rights Action Force (Hindraf) on Nov 25 and its demands. "There are things which can be changed to suit the times but this is not the case for Malaysia as the social contract had been agreed and used for a long time," Syed Ali added.


I am a practising journalist (even though I may not have a journalism degree - but I have an American university degree... some senior editors in Sabah have only completed SPM or maybe lower, and they boast like there's nothing else in the world but their career). I am a practising journalist for almost exactly 10 years now. (I am not boasting about myself; if I need to boast, I would rather boast about Jesus). I am a free Malaysian, free to express my thoughts and insights. I hear people (even in my office room) who talk like they know everything and like they own this world. (I will not do that -- because I know it is God who knows everything and it is God who is in control of everything; omniscient & omnipotent)

With this background and backdrop, and without much ado, here is my piece of thought on the so-called Malaysian social contract:

Who says the present social contract is the reason we have sustained harmony and unity now? It is God's will that we prevail. True, the social contract is there but look -- the "kris" kissing at the expense of others' culture, the continuing lazy Bumiputeras and indefinite special quotas at the expense of others' economic well-being, the closing down of non-Muslim worship places at the expense of others' faiths, the controversial conversions of non-Muslims at death beds at the expense of others' dignity, etc... so, what is this "harmony and unity" that we are talking about? The Malays are increasing/expanding their "rights" at the expense of non-Malays' rights; that's already like a gross breach of the so-called "social contract". I don't need to go further than this.

I've heard the arguments; they say we do not want social unrests like those in Zimbabwe, in Fiji, in Indonesia, etc where the so-called owners of the country were being marginalised economically. But that's only an excuse to be lazy. Those who worked hard and pay taxes and contribute greatly to the nation's economy were being targetted by the lazy ones.

Look around the world. The world does not revolve around the Malays in Malaysia. Who are the Malays anyway and were there ever such thing as "zaman keagungan'kegemilangan Melayu"?? The Bible talked about the fall of the Tower of Babel. I know Hitler tried to promote the Aryans or "White Supremacy" and you know what happened. The KKK in the US is still around -- and so what? Is Umno or PAS another KKK? The South African apartheid is longer there. Get real. If God wanted any race to disappear at once like the morning mist as the sun rises, that can happen. Basically, what I am saying is Malaysia's social contract must be flexible and not revolve around the Malaysian Malays. The Malays don't own Malaysia. Nobody owns Malaysia for that matter. It is God who owns everything; we are only placed here in time and space to be good stewards.

I am not looking for a fight or trouble. I am just saying "get real". Don't be racist. God loves all races. Treat everyone equally regardless of skin colour, race, creed, culture or religion.

That's all I have to say about this. In Jesus name. Amen.

NATIVE AMERICAN TRIBES EXHIBITION

James Keith with the works of Edward Sheriff Curtis

KUALA LUMPUR, Jan 4 (Bernama) -- Malaysian art lovers, especially in Klang Valley will have the opportunity to feast their eyes on masterpieces by prominent American artist Edward Sheriff Curtis who is holding an exhibition of fine-art photographs capturing the extraordinary diversity of Native American tribes, at the Central Market here. The 12-day exhibition starting tomorrow, entitled `Sacred Legacy,' will display about 60 masterpieces of Curtis and is themed "The old-time Indian; his dress; his ceremonies; his life and manners". "Basically, this exhibition is held here to mark the 30th anniversary diplomatic ties between the United States (US) and the Asean region," US Ambassador to Malaysia, James Keith told reporters after launching the exhibition here tonight. He said, it was also part of the embassy's effort to share with Malaysians of the actual culture of the Native American tribes. Similar exhibitions will also be held in Sabah and Sarawak soon.