Opponent parties mount criticism on Lee's 'naive, off-target' economic views

By Shin Hae-in
SEOUL, Oct. 27 (Yonhap) -- Hardly moved by President Lee Myung-bak's parliamentary address Monday seeking to calm South Koreans amid a mounting financial crisis, opposition parties pressed him to immediately replace his "incompetent" economy policymakers.

In an urgently arranged speech at the National Assembly, President Lee attempted
to assure leglisators that the country is capable of overcoming the global credit
crunch via a "combination of appropriate measures," also stressing the country's
US$240 billion in foreign reserves are enough to tackle the foreign currency
liquidity problem.
Despite the relatively bright outlook propagated by the government, analysts have
been warning of a grim situation similar to that of the 1997-98 financial
meltdown, as local stock and currency markets continue to amid the Wall
Street-triggered credit crunch.
"We seriously wonder whether President Lee has a proper understanding of the
current circumstances," said Choi Jae-sung, spokesman of the main opposition
Democratic Party. "There is no other solution but for the president to change his
economy policymaking team to recover public trust."
The parliament has been widely split over the conservative Lee administration's
recent economic measures -- including deregulation and tax cuts -- with
opposition parties questioning the ability of economic policymakers, led by
Finance Minister Kang Man-soo, to tackle the current crisis and demanding their
replacement.
President Lee, a former CEO who won the December election on the back of his
flagship pledge to reinvigorate the faltering economy, has been suffering from
low approval ratings in the low-20 percent range since April, when he made the
unpopular decision to resume imports of U.S. beef.
The left-leaning Democratic Labor Party accused Lee of "debasing the people and
the legislature."
"How dare he attempt to lure people into believing his rosy views without once
offering a sincere apology for aggravating the economic crisis?" the party's
spokesman Park Sung-hup said.
The minority Liberty Forward Party said Lee "simply lacks the ability" to
properly see the reality.
"President Lee still has something to do for his people -- replace every single
one of his economic policymakers immediately," said the party's spokeswoman Park
Sun-young.
The ruling Grand National Party strove to tone down the criticisms, claiming
Lee's speech shed light on "possible solutions" to the ongoing crisis.
"President Lee has earned new faith from the people via his sincere request
calling for bipartisan cooperation in overcoming the current crisis," said its
spokeswoman Cho Yoon-sun.
There are growing signs, however, that some within Lee's own party are calling
for replacement of the finance policymakers.
"Although we have been warned not to say anything on an official basis, voices
are growing within the party that the economic policymakers must be replaced by
the end of this year," a ruling party lawmaker said, declining to be named.
hayney@yna.co.kr