On Erap

I believe Erap was the kenkoy version of Marcos, without a scintilla of the latter's smarts in his evil designs. NO ONE CAN CLAIM HIS PRESIDENCY HAD ANY REDEEMING SOCIAL VALUE. HE APTHEOSIZED IGNORANCE, STUPIDITY, VILENESS, CORRUPTION, GREED, LUST, ABUSE OF WOMEN, THAT IN ONE FELL SWOOP, HE UNDID EVERY SINGLE ACCOMPLISHMENT OF FVR.

THERE WAS NO SACRED COW FREE FROM HIS EVIL AND CORRUPTION INCLUDING PLUNDERING THE RESOURCES OF GSIS AND SSS TO USE FOR THE BENEFIT OF HIS CRONIES (YES HE LITERALLY PLUNDERED GOVERNMENT FUNDS AND THAT IS WELL DOCUMENTED) AND WHEN HE STARTED DESTROYING THE CREDIBILITY OF THE RP FINANCIAL MARKETS WITH MANY INSIDER TRADING DEALS REACHING A SUMMIT WITH THE EXPOSURE OF THE BELL CORP. CRIMINAL MANIPULATION HE SEALED RP'S FATE PRECIPITATING A MASSIVE DECLINE IN THE PHILIPPINE ECONOMY THAT RIPPLED THROUGH THE ENTIRE ECONOMY, INSPITE OF RECORD OFW REMITTANCES YEAR AFTER YEAR DURING HIS REIGN.

His roughly 3 years in power produced such widespread economic devastation which resulted in an over 100% devaluation in the Philippine peso as capital flight flight of scared businessmen ensued bringing down the peso reminiscent of the last years of Marcos' reign. Hot investment money fled the economy out of horror with what was going on and the expats fled the country helping to prescipitate a massive real estate decline which started with the abandonment of the posh Makati village rentals, translating into a plunge in real estate values. Urdaneta Village homes that now sell for P110K per sq meter were selling then for P25K per sq meter; Dasmarinas Village homes selling then for P30K per sq m now sell for P140K per sq m.

As far as Dacer was concerned, Mancao and Lacson pointed to Erap while Erap pointed to Lacson! Only problem was Lacson had no motive and nothing to gain to kill Dacer while Erap was then incensed at the exposes Dacer was making of widespread Erap corruption. Erap was part of the Marcos goons and was supported and surrounded by ex-Marcos people.

The results of Erap's bumbling and stupid plundering were clearly manifest all over the economy which hobbled GMA's efforts to revive the country, which in a large way she did, inspite of her unbelievable corruption. HER GREATEST ACCOMPLISHMENT IN MY OPINION WAS THE PASSAGE OF THE EVAT, WHICH AMELIORATED THE STRUCTURAL NATIONAL BUDGET DEFICITS THAT HAD HOBBLED THE ECONOMY SINCE MARCOS, WHICH VIRTUALLY PRODUCED A BALANCED BUDGET AT ONE POINT, BUT THE 2008 GLOBAL GREAT DEPRESSION REQUIRED DEFICIT SPENDING TO PREVENT A RECESSION ALSO IN THE RP.

As economy after economy went into a recession in Asia, the RP was one of a handful of countries that escaped Recession because of the deficit spending by GMA. Toward the end of GMA's economic stewardship international rating agencies and financial institutions started lauding the Philippines and talk about the RP no longer being the sick man of Asia proliferated. Aquino has built on that legacy because of the credibility of his ani-corruption initiatives. But undoubtedly, she picked up the RP from the gutter of Erap's criminal political and economic racketeering and plunder.

Ricky