Ahn Cheol-soo: “The public’s accounts have turned blue” ... urges President Lee to take emergency economic measures

[Financial News]  After the KOSPI plunged below the 5,000 mark and a circuit breaker was triggered, Ahn Cheol-soo, a People Power Party lawmaker, urged President Lee Jae Myung to prepare emergency economic measures. Ahn criticized the government for failing to present effective countermeasures even as investors’ losses mounted amid the sharp market decline.
On the 6th, Ahn expressed concern about the situation facing the domestic stock market in a Facebook post, saying, “The fallout from the U.S. midterm elections is hitting South Korea’s economy hard.”
Ahn explained that the sharp decline in U.S. stocks had spread to the domestic market. The Nasdaq fell 5.52% the previous day, while the Philadelphia Semiconductor Index dropped 12%. The KOSPI also fell below the 5,000 mark shortly after opening that day, triggering a circuit breaker.
He also expressed concern about the impact the U.S. midterm election results could have on the domestic semiconductor industry. Ahn said, “With the Democratic Party taking control of both the House and the Senate, concerns are growing over regulation of AI data centers and a decline in investment.” He added, “Just as concerns were mounting over an AI investment bubble reliant on massive borrowing, this is like slapping a child who is already crying. The bigger problem is that our semiconductor industry is now facing an emergency.”
Ahn argued that the crisis in the semiconductor industry could affect not only the economy but also South Korea-U.S. relations. In particular, he raised the possibility of greater uncertainty surrounding key issues between the two countries, including the introduction of nuclear-powered submarines.
In criticizing the government’s economic response, Ahn took issue with President Lee’s recent YouTube activity. He questioned whether the president’s way of communicating was appropriate as the stock market plunged.
Ahn asked what measures the government had prepared for a sharp stock market decline. He said, “What on earth did the government prepare for? Have they done anything other than ‘maintaining monitoring’?” He criticized Lee, adding, “And yet, as if timed to coincide with this grave moment, a video on President Lee’s personal YouTube channel was released.”
Ahn continued to criticize President Lee’s remarks on YouTube. He took issue with Lee naming “the economy improving very rapidly” as the thing that had made him happiest, and responding to questions about his stamina and skin by saying, “I sleep well, so don’t worry.” Ahn said Lee “spoke gleefully about things completely at odds with reality.”
Ahn also argued that people were struggling with falling stock prices and rising home prices. He asked, “Did you mistake the people’s accounts, turned blue by the losses, for a green light for the economy?” He added, “People can’t sleep because they’re worried about home prices rising day after day and stocks falling day after day. Is this something our country’s president should say?”
Finally, Ahn called on President Lee to personally hold an emergency live broadcast and announce economic measures. He said, “I’m making this demand of President Lee, who says communication is a lifeline: You’ve said social media is so important to you and that you’re even considering impromptu live broadcasts from the presidential office, so I urge you to go live with an emergency livestream today and announce emergency economic measures.”


[email protected] Han Seung-gon Reporter