Woo Sang-ho "Idle emergency meeting... Kim Jin-tae, who went to Vietnam unaware of the seriousness, is not in his right mind"

"South Korea's Economic Emergency Crisis Started from 'Kim Jin-tae's Funding Squeeze' but Talks on LTV"
"Told 'Don't Show Off' but Ended Up Showing Off"
"Kim Jin-tae, 'Scheduled' Vietnam Business Trip? I Would Have Canceled"

Woo Sang-ho, Member of the Democratic Party of Korea./Photo by Dongju Yoon doso7@

[Asia Economy Reporter Oh Ju-yeon] Woo Sang-ho, a member of the Democratic Party of Korea, harshly criticized the emergency economic and livelihood meeting presided over by President Yoon Seok-yeol, which was broadcast live for 80 minutes the previous day, saying, "I told them not to put on a show, but they ended up doing just that," and added, "It looks too leisurely."

On the 28th, Woo appeared on CBS Radio's 'Kim Hyun-jung's News Show' and said, "If the emergency economic countermeasure meetings were usually conducted like this, South Korea would be in big trouble."

Woo stated, "The biggest current issues are the freezing of the bond market and the possibility of many companies going bankrupt due to the real estate market downturn," and added, "If you discuss these and come up with measures and conclusions, the president should say, 'Then let's do it that way. Which ministry will handle what?' But yesterday, it was just a presentation of PPTs by each ministry," downplaying the meeting.

Woo said, "For the people who are currently anxious?those investing in stocks or bonds and trying to buy their own homes, wondering 'Will house prices fall or not?' and 'How will I buy a house in the future?'?didn't it look too leisurely?" He emphasized, "If it doesn't look urgent and instead looks leisurely, it's not an emergency meeting."

In particular, Woo criticized the Financial Services Commission's decision during the previous day's meeting to lower the loan-to-value ratio (LTV) to 50% for non-homeowners and one-homeowners and to allow mortgage loans for apartments exceeding 1.5 billion won, saying, "The biggest crisis in South Korea's economy right now is the 'Kim Jin-tae triggered liquidity crunch possibility,'" and questioned, "Then why are they talking about LTV measures?"

He said, "The president doesn't understand the economy, and holding the meeting like this makes me think we're in big trouble; it actually increased my worries."

Woo also strongly criticized Gangwon Province Governor Kim Jin-tae for leaving for Vietnam on the 24th to attend the East Asia Local Government Tourism Federation General Assembly, calling it a 'scheduled' trip amid the chaotic situation caused by the 'Legoland incident.'

Woo sharply said, "This person is out of his mind."

[Image source=Yonhap News]

He added, "He doesn't understand the economy, doesn't realize how serious the crisis is, and leisurely going to Vietnam means he is not qualified to be the governor of Gangwon Province."

Regarding Governor Kim's explanation that it was a 'scheduled business trip,' Woo questioned, "South Korea is in chaos, but didn't he go to Vietnam without understanding the seriousness of the problem?" and asked, "Is this the time to leisurely attend a tourism policy meeting?"

Woo said, "If it were me, I would have canceled it," and pointed out, "Companies that might go bankrupt due to a liquidity crunch any day now, with no money, must have watched yesterday's emergency meeting hoping for some measures, but they must have been disappointed."

This content was produced with the assistance of AI translation services.