People Power Party leader Jang Dong-hyeok criticized the widening volatility in the stock market.
At the supreme council meeting held at the National Assembly on the morning of the 9th, Jang said, "The Lee Jae-myung administration and the Democratic Party tried to turn the whole country blue, and now even the stock market has turned blue with fear," adding, "Black Tuesday, Wednesday—at this rate I worry it will become Black Every Day."
Jang noted, "Yesterday, sell-sidecars were triggered on both the KOSPI and KOSDAQ, and stock prices on both sides plunged more than 5%," adding, "The Wall Street Journal warned that when the party is over, most of the losses fall on individual investors, saying the Korean stock market is becoming 'Squid Game.'"
He continued, "President Lee Jae-myung bragged every time stock prices rose. He even mocked people, saying they took leveraged inverse ETFs and plummeted, but now insists he never did," adding, "In the end, the biggest victims are retail investors who believed the Lee Jae-myung government and borrowed to invest."
Jang said, "The main culprit that turned our stock market into a gambling den is single-stock leveraged index funds (ETFs)," adding, "From the start, many experts warned of the risks."
He went on, "Given the characteristics of our market, money would flock to semiconductors and volatility would grow—anyone could see that," adding, "Even so, Kim Yong-beom at the presidential office took the lead pushing it ahead of the local elections, and the Financial Services Commission (FSC) allowed it immediately."
Han Byeong-do, acting leader and floor leader of the Democratic Party of Korea, countered at a policy coordination meeting on the morning of the same day, saying, "Korea's economic recovery is continuing at a record pace."
Han said, "The current account posted a record surplus of $38.61 billion in May, and the cumulative current account from January to May this year was $141.28 billion, more than quadruple last year."
Han said, "The average forecast for Korea's economic growth this year presented by eight major overseas investment banks, including Goldman Sachs, has been revised up to 3%," adding, "Our task is to ensure the warmth of the recovery reaches people's lives."
Han said, "We plan to create a future response fund with excess tax revenues secured by the semiconductor boom and use it for investments for future generations, such as youth education, balanced regional development, and easing polarization," adding, "The Democratic Party will not be complacent about favorable economic indicators."