Wednesday, January 11, 2012

Howl

By Allen Ginsberg (1926-1997)

Howl

For Carl Solomon

I saw the best minds of my generation destroyed by madness, starving hysterical naked,
dragging themselves through the negro streets at dawn looking for an angry fix,
angelheaded hipsters burning for the ancient heavenly connection to the starry dynamo in the machinery of night,
who poverty and tatters and hollow-eyed and high sat up smoking in the supernatural darkness of cold-water flats floating across the tops of cities contemplating jazz,
who bared their brains to Heaven under the El and saw Mohammedan angels staggering on tenement roofs illuminated,
who passed through universities with radiant eyes hallucinating Arkansas and Blake-light tragedy among the scholars of war,
who were expelled from the academies for crazy & publishing obscene odes on the windows of the skull,
who cowered in unshaven rooms in underwear, burning their money in wastebaskets and listening to the Terror through the wall,
who got busted in their pubic beards returning through Laredo with a belt of marijuana for New York,
who ate fire in paint hotels or drank turpentine in Paradise Alley, death, or purgatoried their torsos night after night
with dreams, with drugs, with waking nightmares, alcohol and cock and endless balls,
incomparable blind streets of shuddering cloud and lightning in the mind leaping towards poles of Canada & Paterson, illuminating all the motionless world of Time between,
Peyote solidities of halls, backyard green tree cemetery dawns, wine drunkenness over the rooftops, storefront boroughs of teahead joyride neon blinking traffic light, sun and moon and tree vibrations in the roaring winter dusks of Brooklyn, ashcan rantings and kind king light of mind,
who chained themselves to subways for the endless ride from Battery to holy Bronx on benzedrine until the noise of wheels and children brought them down shuddering mouth-wracked and battered bleak of brain all drained of brilliance in the drear light of Zoo,
who sank all night in submarine light of Bickford's floated out and sat through the stale beer afternoon in desolate Fugazzi's, listening to the crack of doom on the hydrogen jukebox,
who talked continuously seventy hours from park to pad to bar to Bellevue to museum to the Brooklyn Bridge,
a lost batallion of platonic conversationalists jumping down the stoops off fire escapes off windowsills off Empire State out of the moon
yacketayakking screaming vomiting whispering facts and memories and anecdotes and eyeball kicks and shocks of hospitals and jails and wars,
whole intellects disgorged in total recall for seven days and nights with brilliant eyes, meat for the Synagogue cast on the pavement,
who vanished into nowhere Zen New Jersey leaving a trail of ambiguous picture postcards of Atlantic City Hall,
suffering Eastern sweats and Tangerian bone-grindings and migraines of China under junk-withdrawal in Newark's bleak furnished room,
who wandered around and around at midnight in the railway yard wondering where to go, and went, leaving no broken hearts,
who lit cigarettes in boxcars boxcars boxcars racketing through snow toward lonesome farms in grandfather night,
who studied Plotinus Poe St John of the Cross telepathy and bop kabbalah because the universe instinctively vibrated at their feet in Kansas,
who loned it through the streets of Idaho seeking visionary indian angels who were visionary indian angels,
who thought they were only mad when Baltimore gleamed in supernatural ecstasy,
who jumped in limousines with the Chinaman of Oklahoma on the impulse of winter midnight streetlight smalltown rain,
who lounged hungry and lonesome through Houston seeking jazz or sex or soup, and followed the brilliant Spaniard to converse about America and Eternity, a hopeless task, and so took ship to Africa,
who disappeared into the volcanoes of Mexico leaving nothing behind but the shadow of dungarees and the larva and ash of poetry scattered in fireplace Chicago,
who reappeared on the West Coast investigating the FBI in beards and shorts with big pacifist eyes sexy in their dark skin passing out incomprehensible leaflets,
who burned cigarette holes in their arms protesting the narcotic tobacco haze of Capitalism, who distributed Supercommunist pamphlets in Union Square weeping and undressing while the sirens of Los Alamos wailed them down, and wailed down Wall, and the Staten Island ferry also wailed,
who broke down crying in white gymnasiums naked and trembling before the machinery of other skeletons,
who bit detectives in the neck and shrieked with delight in policecars for committing no crime but their own wild cooking pederasty and intoxication,
who howled on their knees in the subway and were dragged off the roof waving genitals and manuscripts,
who let themselves be fucked in the ass by saintly motorcyclists, and screamed with joy,
who blew and were blown by those human seraphim, the sailors, caresses of Atlantic and Caribbean love,
who balled in the morning in the evenings in rosegardens and the grass of public parks and cemeteries scattering their semen freely to whomever come who may,
who hiccuped endlessly trying to giggle but wound up with a sob behind a partition in a Turkish Bath when the blond & naked angel came to pierce them with a sword,
who lost their loveboys to the three old shrews of fate the one eyed shrew of the heterosexual dollar the one eyed shrew that winks out of the womb and the one eyed shrew that does nothing but sit on her ass and snip the intellectual golden threads of the craftsman's loom,
who copulated ecstatic and insatiate and fell off the bed, and continued along the floor and down the hall and ended fainting on the wall with a vision of ultimate cunt and come eluding the last gyzym of consciousness,
who sweetened the snatches of a million girls trembling in the sunset, and were red eyed in the morning but were prepared to sweeten the snatch of the sunrise, flashing buttocks under barns and naked in the lake,
who went out whoring through Colorado in myriad stolen night-cars, N.C., secret hero of these poems, cocksman and Adonis of Denver—joy to the memory of his innumerable lays of girls in empty lots & diner backyards, moviehouses' rickety rows, on mountaintops in caves or with gaunt waitresses in familiar roadside lonely petticoat upliftings & especially secret gas-station solipsisms of johns, & hometown alleys too,
who faded out in vast sordid movies, were shifted in dreams, woke on a sudden Manhattan, and picked themselves up out of basements hungover with heartless Tokay and horrors of Third Avenue iron dreams & stumbled to unemployment offices,
who walked all night with their shoes full of blood on the snowbank docks waiting for a door in the East River to open full of steamheat and opium,
who created great suicidal dramas on the appartment cliff-banks of the Hudson under the wartime blue floodlight of the moon & their heads shall be crowned with laurel in oblivion,
who ate the lamb stew of the imagination or digested the crab at the muddy bottom of the rivers of the Bowery,
who wept at the romance of the streets with their pushcarts full of onions and bad music,
who sat in boxes breathing in the darkness under the bridge, and rose up to build harpsichords in their lofts, who coughed on the sixth floor of Harlem crowned with flame under the tubercular sky surrounded by orange crates of theology,
who scribbled all night rocking and rolling over lofty incantations which in the yellow morning were stanzas of gibberish,
who cooked rotten animals lung heart feet tail borsht & tortillas dreaming of the pure vegetable kingdom,
who plunged themselves under meat trucks looking for an egg,
who threw their watches off the roof to cast their ballot for an Eternity outside of Time, & alarm clocks fell on their heads every day for the next decade,
who cut their wrists three times successively unsuccessfully, gave up and were forced to open antique stores where they thought they were growing old and cried,
who were burned alive in their innocent flannel suits on Madison Avenue amid blasts of leaden verse & the tanked-up clatter of the iron regiments of fashion & the nitroglycerine shrieks of the fairies of advertising & the mustard gas of sinister intelligent editors, or were run down by the drunken taxicabs of Absolute Reality,
who jumped off the Brooklyn Bridge this actually happened and walked away unknown and forgotten into the ghostly daze of Chinatown soup alleyways & firetrucks, not even one free beer,
who sang out of their windows in despair, fell out of the subway window, jumped in the filthy Passaic, leaped on negroes, cried all over the street, danced on broken wineglasses barefoot smashed phonograph records of nostalgic European 1930s German jazz finished the whiskey and threw up groaning into the bloody toilet, moans in their ears and the blast of colossal steamwhistles,
who barreled down the highways of the past journeying to each other's hotrod-Golgotha jail-solitude watch Birmingham jazz incarnation,
who drove crosscountry seventytwo hours to find out if I had a vision or you had a vision or he had a vision to find out Eternity,
who journeyed to Denver, who died in Denver, who came back to Denver & waited in vain, who watched over Denver & brooded & loned in Denver and finally went away to find out the Time, & now Denver is lonesome for her heroes,
who fell on their knees in hopeless cathedrals praying for each other's salvation and light and breasts, until the soul illuminated its hair for a second,
who crashed through their minds in jail waiting for impossible criminals with golden heads and the charm of reality in their hearts who sang sweet blues to Alcatraz,
who retired to Mexico to cultivate a habit, or Rocky Mount to tender Buddha or Tangiers to boys or Southern Pacific to the black locomotive or Harvard to Narcissus to Woodlawn to the daisychain or grave,
who demanded sanity trials accusing the radio of hypnotism & were left with their insanity & their hands & a hung jury,
who threw potato salad at CCNY lecturerson Dadaism and subsequently presented themselves on the granite steps of the madhouse with the shaven heads and harlequin speech of suicide, demanding instantaneous lobotomy,
and who were given instead the concrete void of insulin Metrazol electricity hydrotherapy psychotherapy occupational therapy pingpong & amnesia,
who in humorless protest overturned only one symbolic pingpong table, resting briefly in catatonia,
returning years later truly bald except for a wig of blood, and tears and fingers, to the visible madman doom of the wards of the madtowns of the East,
Pilgrim State's Rockland's and Greystone's foetid halls, bickering with the echoes of the soul, rocking and rolling in the midnight solitude-bench dolmen-realms of love, dream of life a nightmare, bodies turned to stone as heavy as the moon,
with mother finally *****, and the last fantastic book flung out of the tenement window, and the last door closed at 4 A.M. and the last telephone slammed at the wall in reply and the last furnished room emptied down to the last piece of mental furniture, a yellow paper rose twisted on a wire hanger on the closet, and even that imaginary, nothing but a hopeful little bit of hallucination—
ah, Carl, while you are not safe I am not safe, and now you're really in the total animal soup of time—
and who therefore ran through the icy streets obsessed with a sudden flash of the alchemy of the use of the ellipse the catalog the meter & the vibrating plane,
who dreamt and made incarnate gaps in Time & Space through images juxtaposed, and trapped the archangel of the soulbetween 2 visual images and joined the elemental verbs and set the noun and dash of consciousness together jumping with sensation of Pater Omnipotens Aeterna Deus
to recreate the syntax and measure of poor human prose and stand before you speechless and intelligent and shaking with shame, rejected yet confessing out the soul to conform to the rhythm of thought in his naked and endless head,
the madman bum and angel beat in Time, unknown, yet putting down here what might be left to say in time come after death,
and rose incarnate in the ghostly clothes of jazz in the goldhorn shadow of the band and blew the suffering of America's naked mind for love into an eli eli lamma lamma sabacthani saxophone cry that shivered the cities down to the last radio
with the absolute heart of the poem butchered out of their own bodies good to eat a thousand years.

II

What sphinx of cement and aluminium bashed open their skulls and ate up their brains and imagination?
Moloch! Solitude! Filth! Ugliness! Ashcans and unobtainable dollars! Children screaming under the stairways! Boys sobbing in armies! Old men weeping in the parks!
Moloch! Moloch! Nightmare of Moloch! Moloch the loveless! Mental Moloch! Moloch the heavy judger of men!
Moloch the incomprehensible prison! Moloch the crossbone soulless jailhouse and Congress of sorrows! Moloch whose buildings are judgement! Moloch the vast stone of war! Moloch the stunned governments!
Moloch whose mind is pure machinery! Moloch whose blood is running money! Moloch whose fingers are ten armies! Moloch whose breast is a cannibal dynamo! Moloch whose ear is a smoking tomb!
Moloch whose eyes are a thousand blind windows! Moloch whose skyscrapers stand in the long streets like endless Jehovas! Moloch whose factories dream and choke in the fog! Moloch whose smokestacks and antennae crown the cities!
Moloch whose love is endless oil and stone! Moloch whose soul is electricity and banks! Moloch whose poverty is the specter of genius! Moloch whose fate is a cloud of sexless hydrogen! Moloch whose name is the Mind!
Moloch in whom I sit lonely! Moloch in whom I dream angels! Crazy in Moloch! Cocksucker in Moloch! Lacklove and manless in Moloch!
Moloch who entered my soul early! Moloch in whom I am a consciousness without a body! Moloch who frightened me out of my natural ecstasy! Moloch whom I abandon! Wake up in Moloch! Light streaming out of the sky!
Moloch! Moloch! Robot apartments! invisable suburbs! skeleton treasuries! blind capitals! demonic industries! spectral nations! invincible madhouses! granite cocks! monstrous bombs!
They broke their backs lifting Moloch to Heaven! Pavements, trees, radios, tons! lifting the city to Heaven which exists and is everywhere about us!
Visions! omens! hallucinations! miracles! ecstacies! gone down the American river!
Dreams! adorations! illuminations! religions! the whole boatload of sensitive bullshit!
Breakthroughs! over the river! flips and crucifixions! gone down the flood! Highs! Epiphanies! Despairs! Ten years' animal screams and suicides! Minds! New loves! Mad generation! down on the rocks of Time!
Real holy laughter in the river! They saw it all! the wild eyes! the holy yells! They bade farewell! They jumped off the roof! to solitude! waving! carrying flowers! Down to the river! into the street!

III

Carl Solomon! I'm with you in Rockland
where you're madder than I am
I'm with you in Rockland
where you must feel strange
I'm with you in Rockland
where you imitate the shade of my mother
I'm with you in Rockland
where you've murdered your twelve secretaries
I'm with you in Rockland
where you laugh at this invisible humour
I'm with you in Rockland
where we are great writers on the same dreadful typewriter
I'm with you in Rockland
where your condition has become serious and is reported on the radio
I'm with you in Rockland
where the faculties of the skull no longer admit the worms of the senses
I'm with you in Rockland
where you drink the tea of the breasts of the spinsters of Utica
I'm with you in Rockland
where you pun on the bodies of your nurses the harpies of the Bronx
I'm with you in Rockland
where you scream in a straightjacket that you're losing the game of actual pingpong of the abyss
I'm with you in Rockland
where you bang on the catatonic piano the soul is innocent and immortal it should never die ungodly in an armed madhouse
I'm with you in Rockland
where fifty more shocks will never return your soul to its body again from its pilgrimage to a cross in the void
I'm with you in Rockland
where you accuse your doctors of insanity and plot the Hebrew socialist revolution against the fascist national Golgotha
I'm with you in Rockland
where you will split the heavens of Long Island and resurrect your living human Jesus from the superhuman tomb
I'm with you in Rockland
where there are twentyfive thousand mad comrades all together singing the final stanzas of the Internationale
I'm with you in Rockland
where we hug and kiss the United States under our bedsheets the United States that coughs all night and won't let us sleep
I'm with you in Rockland
where we wake up electrified out of the coma by our own souls' airplanes roaring over the roof they've come to drop angelic bombs the hospital illuminates itself imaginary walls collapse O skinny legions run outside O starry-spangled shock of mercy the eternal war is here O victory forget your underwear we're free
I'm with you in Rockland
in my dreams you walk dripping from a sea-journey on the highway across America in tears to the door of my cottage in the Western night

Saturday, December 17, 2011

The case for a new policy framework - by R B Bhattacharjee, The Edge Malaysia (week of Dec 19-Dec 25, 2011)

Re-produced from his "My Say" column by The Edge associate editor R B Bhattacharjee which was published in the Edge Malaysia, week of Dec 19 - Dec 25, 2011:-

A key lesson of the eurozone crises that is relevant to Malaysia related to the problem of mismanagement of government budgets and the ability to hide this bad practice. The Greek budget deficit, for example, was twice the amount that was reported in official records, for which the country was duly punished by the market.

A second issue is moral hazard, in the form of incentives that promote misbehaviour, such as the generous bailout of businesses. In particular, it is the idea that a financial institution could be "too big to fail" since if it were allowed to go under, it could bring about the collapse of the system because of the interlinkages with other banks.

These were among the points made by Professor Woo Wing Thye, the incoming executive director of the Penang Institute, in his discussion of the Penang in Asia lecture that was delivered by Nobel Laureate Professor Sir James A Mirrlees at the launch of the state-funded think tank earlier this month.

In a brutally frank synopsis of Malaysia's economic malaise, Woo outlined several factors that need to be addressed to steer the country away from a downward trajectory. His message is a sobering one that bears being paid careful attention to.

Woo's opinion carries the weight of a highly distinguished academic career and formidable advisory portfolio. They include concurrent professorial posts at four universities in the US and China, leadership of international economic task forces and projects and advisory positions on government and international panels, including the International Advisory Panel to former Prime Minister Tun Abdullah Ahmad Badawi and the chairmanship of the International Economic Advisory Panel of Penang. He was born and had his early education in Penang.

In relation to the encumbrance of institutions that are "too big to fail", Woo noted that the experience in the US was to strive to remedy this problem. When President Barack Obama had talked about "the change we are waiting for", what he had aimed for, according to his adviser Paul Volcker, was to remove the relevance of the "too big to fail" factor. Basically, by having many more financial institutions, if any one were to fail, it would not matter.

With reference to Malaysia, Woo pointed out that this hazard exists in the key role that Petronas plays in the country's finances. The world's experience with state oil companies is that they would fail in the middle of a boom, he said. Indonesia's Pertamina failed in 1974 in the middle of the Opec boom and PetroMexico collapsed in the midst of the second Opec shock.

"These state oil companies were overextended and not very transparent", Woo said. "They were basically the cash registers of their governments.

"It is a good thing to have more transparency because the balance sheet of Petronas links directly to the government budget. If Petronas is in trouble, the government budget is in trouble," Woo observed.

The great emphasis is on getting the public to accept the goods and services tax, he opined, signals that Petronas may be in weaker shape than we think.

To mitigate the moral hazard, Volcker's response was to make sure that there were not institutions that were "too big to fail" because the banks in the US were too concentrated and had the lobbying power to resist the US Congress's efforts to institute meaningful regulatory reforms and open up the market.

Malaysia's response to the 1998 financial crisis was to reduce the number of financial institutions from 58 to 10 - that is to concentrate them. Tellingly, Woo's comment that "big banks are very useful because they can become a very convenient source of campaign finance" struck a chord with the audience.

The concentration of financial institutions had another insidious effect. "When we grouped these banks into much smaller numbers, it was basically close to a confiscation of private property," said Woo. "I think this contributed to the collapse of private investment in Malaysia after 2001 and is responsible for us being stuck in the middle-income trap."

The reason that the government could concentrate financial power in a few hands is that it is overly strong, resulting in the centralisation of decision-making powers, he said. This is seen in other areas too, such as in transport policy. "For example," said Woo, "which route the bus takes in Penang and where the bus stops are put is decided in Putrajaya."

This is the result of an outdated policy framework that is still being continued, although domestic conditions have changed, he said. For example, Malaysia no longer has cheap labour but has become highly dependent on imported labour for many economic activities.

"The biggest reason we are belly up is that the world has changed," said Woo. "The strong government has put in place policies that systematically drove away domestic capital. This is why Malaysia hasn't run a current account surplus in years, which, in other words, means capital flight."

He noted that a recent report by the Washington-based think tank Global Financial Integrity ranked Malaysia No. 5 in terms of capital outflow. Not only that, there has been a serious occurrence of brain drain.

Although the economy had grown 9% a year previously despite the flight of capital and talent, this was no longer possible because, according to Woo, "the world changed in May 2000". He was referring to the events that led to the collapse of the World Trade Organisation talks and China's entry into the body.

"All the FDI that was brought in to replace the capital that had fled disappeared," said Woo. "That was why our growth rate has gone from 9% to 4% since then. The capital flight and brain drain have systematically undermined the move towards a knowledge-based economy."

Citing the World Bank report entitled "Malaysia Economic Monitors: Smart Cities" that was released last month, Woo pointed to the discussion of the poor state of university education in the country in comparison with our regional peers. He highlighted the case of Universiti Malaya, which was ranked No. 207 in the QS World University Rankings 2010.

"It is a sorry tale of how we have run ourselves into intellectual isolation," said Woo.

"What Malaysia has to do is correct this wrong policy framework. A strong state was the right thing at the founding of the federation but over time, given the changes within the country and outside, we need a new policy climate."

Bitter medicine, indeed, but can we afford to ignore it?    

Wednesday, November 30, 2011

huh? what recession?

Just take a cursory view of the stockmarket lately and you'd be thinking: "when is this blasted recession supposed to be due?" Food and beverage stocks are now pushing the ceiling to new 52-week highs amidst doomy predictions of rising raw materials costs. Analysts can be totally wrong. On the other side of the coin, electronic and electrical exporters are suffering a crush and banking stocks have fallen from last year's highs. Plantation stocks are doing so-so. Anyway, time to sit back and watch as the new plateau take shape. I'd like to sell my Nestle counter for recession seed-money/war chest but it's moving upwards right now so i'll just wait till it settles to its new plateau. Or it might burst its bubble but i doubt it cos all the other food stocks are trending upwards too.

Tuesday, November 22, 2011

have fun will travel

i enjoy taking a trip out of sleepy hollow, out of the country, every once in a while. It really helps me to get a true perspective on life and not succumb to the gold-fish-bowl syndrome. Many a times i have thought to myself how "bad" things are but really after seeing and talking to people elsewhere, you come to the conclusion that life where you are and what you face daily isn 't really that bad after all. People, places elsewhere have got it bad, but not so yourself. Not really. People work longer hours, face all sorts of problems at work and in life, have their own personal tragedies to deal with and still have to turn up at the office each day and do whatever distasteful things that their bosses command them to do. And if you thought that the government was bad, well, it could certainly be better but it's not the pits neither. I'm travelling again over the next few days and i take this opportunity to soak in the sights and open my eyes and my mind to possibilities and get out of this mentality of self-doubt and self-pity.  The world's about to enter into recession again (unless something miraculous happens in Europe) and it's a good time to looksy around at what's happening outside the tanahair. Even more intriguing is travelling with my 2-year old daughter in tow. She's going out of malaysia/singapore and flying on a plane for the first time in her life and this will also be an opportunity for her to soak in the sights and smells of life outside of home.  

Sunday, October 23, 2011

finding happiness in life

In the words of George Bernard Shaw:-

"This is the true joy in life - that being used for a purpose recognized by yourself as a mighty one. That being a force of nature, instead of a feverish, selfish little clod of ailments and grievances complaining that the world will not devote itself to making you happy. I am of the opinion that my life belongs to the whole community and as long as i live it is my privilege to do for it whatever i can. I want to be thoroughly used up when I die. For the harder I work the more I live. I rejoice in life for its own sake. Life is no brief candle to me. It's a sort of splendid torch which I've got to hold up for the moment and I want to make it burn as brightly as possible before handing it on to future generations."

Thursday, October 20, 2011

as the stomach turns

Lately there have been several below-the-belt attempts by neo-conservatives in this country to use the Sultans as justification for clamping down on legitimate free speech. Take the case of the International Islamic University of Malaysia's law lecturer Prof Dr Abdul Aziz Bari who has been issued a show-cause letter from that university's disciplinary board for his remarks published in a news portal regarding the Sultan’s decree that no persons be prosecuted for the Selangor Islamic Religious Department (JAIS) inspection during a thanksgiving dinner by NGO Harapan Komuniti at the Damansara Utama Methodist Church in Petaling Jaya in Aug 3. What was plainly an academic discussion from a learned source on a matter of public importance has been deemed as an assault against the Sultans themselves and an excuse to clamp down on legitimate public discourse and free speech. Such cynical disregard for the right of the public to know and be informed of its rights and the use and abuse of the Sultans as a weapon of choice must be nipped in the bud immediately before the rot is allowed to fester and stew. We have become accustomed to politicians and their minions using the Sultans as and when they see fit to suit their agenda and the trend has only worsened in recent years. We give an inch, they take a mile. Then they take a few hundred more miles. Until one day, we wake up and find that we are stooges to be told what to think and say. If they have forgotten, we have NO lese majesty laws in Malaysia and our freedom from such archaic laws is something that we can be rightfully proud of. Certain countries may have need for lese majesty laws but they are always at best, criticised or at worse, ridiculed outright for it internationally. The Sultans may be the head of Islam in their respective states and that gives them the authority to make proclamations on all matters of Islam. But if an issue affects non-Muslims as well, you can hardly say that it is the sole and exclusive prerogative of the Sultans to comment on such matters which must then immediately be closed off in a vacuum-proofed seal and kill all further discussion or investigation into the truth of the matter. NO WAY. We need to fight tooth and claw against such insidious attempts to stifle our basic right to free speech and fair comment. So STOP using the Sultans to justify your narrow-mindedness. The Sultans don't need you to defend them. Our Sultans are clever enough to speak up for themselves and to join public discourse affecting their non-Muslim subjects. Don't insult their intellect by suggesting that they're not capable of standing up for themselves or backing up what they have said. Stop it. It's disgusting.

Monday, October 17, 2011

My First Home Scheme

Right. The Government announced in the PM's Budget 2012 speech on 7th October, 2011 that, effective from 1st January 2012, the "My First Home Scheme" first launched in March this year to assist young people to buy and own their first homes would increase its present ceiling limit of RM220,000 to RM400,000 (the price of the home). So this means that if you're aged from 18-35, is/are employed in the private sector, is/are a confirmed employee with the same employer for at least 6 months and your combined household income does not exceed RM3,500-00 (i know, they reported it as RM3,000-00 but bankers informed me otherwise - so if you earn RM3,000 a month and your wife earns RM2,000 then as husband and wife jointly you do not qualify unless only one of you apply for the scheme), techinically you MIGHT be eligible for 100% financing in the purchase of your first home. You can buy landed or stratified (condos, apartments, flats) properties it doesn't matter. The government's national mortgage company Cagamas Bhd will guarantee your downpayment of 10% deposit so that the loan covers everything, including even an extra 5% financing to cover fire insurance/takaful. But that's not all. The term of the loan is 30 years' tenure but if  you're a graduate or a professional, the banks can, on a case-to-case basis, stretch your loan tenure to 40 years (elitism? you tell me). Other criteria filtering out loan applicants include the requirement that your savings' reserve be at least 3 times your loan instalment sum and your combined household income is at least 3 times your total monthly commitments (that means your housing loan plus car loan, student loan, etc) or, with the approval of Cagamas Bhd, your combined household income be at least 2 times your total monthly commitments. Contrary to rumours, you DO NOT enjoy 100% exemption off stamp duty (not for the transfer nor the loan) but since this is your first home, and provided that the price of your home is not more than RM350,000-00, you get a 50% discount off stamp duty like any other first-time house buyer. (Eligible buyers of the government's other scheme, the PR1MA in which developers build on land given to them by the govt get to enjoy 100% stamp duty exemption off their loan but not My First Home Scheme). There are no other restrictions, you can sell off your home like other property owners at any time (unlike PR1MA where there is a 10-year moratorium against selling your property) but subject of course to real property gains tax as usual. Details are a bit sketchy but under the old scheme, only husband and wife or siblings are eligible. Friends, business partners, relatives do not qualify. And if you already bought a house previously and sold it off and now you want to buy a new house, you do not qualify neither. Only first-time, VIRGIN house buyer is eligible, geddit?

The following 25 banks/financial institutions are participants in the My First Home Scheme:

  1. Affin Bank Bhd
  2. Affin Islamic Bank Bhd
  3. Alliance Bank Malaysia Bhd
  4. Alliance Islamic Bank Malaysia Bhd
  5. AmBank Bhd
  6. AmIslamic Bank Bhd
  7. Bank Islam Malaysia Bhd
  8. Bank Muamalat Malaysia Bhd
  9. CIMB Bank Bhd
  10. CIMB Islamic Bank Bhd
  11. EON Bank Bhd
  12. EONCAP Islamic Bank Bhd
  13. Hong Leong Bank Bhd
  14. Hong Leong Islamic Bank Bhd.
  15. Maybank Bhd
  16. Maybank Islamic Bank Bhd
  17. OCBC Bank Malaysia Bhd
  18. OCBC Al Amin Bhd
  19. Public Bank Bhd
  20. Public Islamic Bank Bhd
  21. RHB Bank Bhd
  22. RHB Islamic Bank Bhd
  23. United Overseas Bank Malaysia Bhd
  24. Standard Chartered Bank Malaysia Bhd
  25. Standard Chartered Saadiq Bhd
Unfortunately, the interest rate for this scheme will cost more. I am informed by a source at the time of writing that, while the interest rate for housing loans is now BLR - 2.2%, under the My First Home Scheme the interest rate is BLR - 1.8%. So, stretch that over 30 or 40 years and this scheme isn't exactly going to save you money.

At the end of the day, you decide whether this scheme really helps young salary earners to buy their first home or it is just another elections gimmick with precious little to offer in substance.