I was reluctant to comment on the election result immediately. 1. Knee-jerk reactions tend to be the same. 2. Too emotional to be clear. 3. Would be repeating the same old things; tautological. 4. Most likely going to be wrong re venting.
Now that the dust has settled a bit, and after some discussions, there may be some clarity.
Those who think there is going to be a change are obviously disappointed. It takes a lot of force to dislodge an incumbent. I think the results are good, losing the two-thirds. It may be a two-step process, or this may be a dead-end.
Structural issues drive the results. The structure of the constituencies gives undue weight to the rural voters. But, the critical structural issue is the demography of the voters. We are seeing the consequences of the old economic policy of 1970. It ruins the bureaucracy. And one man single-handedly destroys the judiciary, the finance ministry and the private sector. Most of all, we are seeing new voters who have been baptised by the old economic policy - those who have not benefited from it are angry and are coming back with vengeance and those who have benefited from it are now educated and can think for themselves.
The economic problems are serious and requires urgent answers. I don't think one person can solve it. We need to reconstruct our institutions. For a start, give money to the department of statistics so that they can do a proper job of tracking where the economy is. Second, the PM should relinquish the FM post. Third, stop printing money and let the ringgit rise to its proper value. Fourth, manage the asset inflation.
Whoever comes in must solve problems like these. Being honest is good, but not enough.