President Lee: "Home prices are different from stock prices... Social leaders should not incite people like that"

Financial News reported that President Lee Jae-myung, referring on the 3rd to the Korea Composite Stock Price Index (KOSPI) recovering the 5,000-point level, said, "We must not judge stock prices and home prices as if they were the same," adding, "At the very least, it is wrong for people in positions of social leadership to speak or agitate in that way."
Presiding over the fourth State Council meeting that day, President Lee noted, "The stock index has climbed back to 5,000 points," but continued, "When conditions improve, it is only natural in a community to celebrate, encourage, and join forces so things go even better. Yet there are people who are pleased when stock prices crash. I really do not understand why." He went on to draw a line, saying, "Some say, 'Why try to push up stock prices while suppressing home prices?' but stock prices and home prices are different."
Regarding rising stock prices, President Lee explained, "They help corporate activity, and no one suffers damage simply because stock prices have gone up." In contrast, on housing prices he pointed out, "When they rise, investment capital is locked into housing and cannot be used in productive sectors, which distorts the social and economic structure," adding, "If home prices rise unfairly, people without homes suffer, and the allocation of resources is also distorted."
On the atmosphere within the civil service, he remarked, "I heard that there was a case where employees who worked hard and did a good job were given awards. Other ministries and agencies should do much more of that," and added, "If possible, do it in a very visible way." President Lee said, "If the public sector is too rigid and only scolds people, morale can drop," stressing, "Society advances when public officials work proactively and energetically. Give plenty of rewards and praise."
He also noted, "These days, prices in South Korea are among the highest in the world," and said, "There are many reasons, but real estate is one of them." He added that "abusing a monopolistic position to set excessively high prices is another cause."
Addressing the prosecution service, he said, "You have done a good job cracking down on crimes that affect people’s livelihoods and have produced results. Well done," and urged, "As a capable organization, please continue to rigorously crack down on livelihood-related offenses."

west@fnnews.com Reporter Seong Seok-woo Reporter