Seoul Mayor Oh Se-hoon criticized President Lee Jae-myung on Facebook for the recent stock market crash. He questioned why the government increased the domestic stock target for the National Pension Service ahead of local elections and allowed the launch of products that double daily losses when stock prices fall. He noted that while the government boasted about rising stock prices, it has been silent as citizens face losses and demand accountability.
First, the government has touted the KOSPI 8000 as a success. Last Friday, the KOSPI fell below the 5000 mark, causing trading to halt temporarily, influenced by declines in U.S. semiconductor stocks. Oh argued that the government should explain how much its policies contributed to the rise and how much external markets affected the decline. If the two recent decisions were truly in the public's interest, the government should disclose the materials reviewed at that time. Citizens have the right to know how their retirement funds are being managed.
Second, the government's real estate policies have overly simplified the circumstances of homebuyers. In October 2022, the government designated all of Seoul and 12 areas in Gyeonggi Province as land transaction permission zones. Oh pointed out that not all neighborhoods in Seoul have the same housing prices; some areas are overheated while others are not. The government needs to explain why it has restricted movement for those who must relocate for work or find homes for their children’s schooling. It should clarify where the effectiveness of these policies has been seen and what criteria will be used to ease regulations.
Third, the 'Special Prosecutor Law' passed by the Democratic Party on November 6 raises concerns about the integrity of investigations, particularly as it includes cases involving the sitting president. Oh questioned what safeguards would prevent the special prosecutor from making decisions favorable to the president. Citizens are directly asking President Lee about this issue. He challenged whether lawmakers would still support this law if the roles were reversed and a president from the opposition party was implicated.
People's Power Party leader Jang Dong-hyuk took to the streets following the law's passage. He participated in a protest in front of Gyeongbokgung Station on November 7 and announced plans for a Supreme Council meeting and a one-person protest in front of the Blue House on November 9. Observers see Jang's appeal for direct resistance as a starting point for competition among opposition presidential candidates. While holding a rally as a party leader is one thing, convincing citizens outside his support base about the importance of this fight is another. If Jang can bridge that gap, he could elevate his status as a presidential contender.
Citizens also have a message for Mayor Oh. They urge him to move beyond Facebook politics and engage directly with the public. If he holds the government accountable in his writings, he should also address citizens face-to-face. He should join Jang at the protests against the special prosecutor law and articulate the principles that should guide investigations involving the sitting president. The moment both leaders present their judgments on the same issue to the public, the competition among opposition candidates will begin. Simply standing under a persimmon tree does not guarantee ripe fruit will fall.
Lee Jae-myung also took to the streets during the impeachment of former President Park Geun-hye in 2016 when he was the mayor of Seongnam. Although he did not become president that day, it was then that voters nationwide began to see him as a presidential candidate. Oh should reflect on that moment. Citizens can read his writings and understand his thoughts, but they will judge how accountable he is based on where he stands when it matters most.
Journalists do not expect that a single article will open the president's ears. Nevertheless, it is their duty to write, as it reflects the facts. The phrase 'the president's ears are like those of a deaf person' arises because citizens feel that their repeated questions are ignored while power listens only to what it wants to hear. If the president only appears before the public when stock prices are high and disregards questions about the struggles of homebuyers or legislation affecting his own cases, it feels like talking to a wall. The president should start by answering the most uncomfortable questions. The opposition must remain vigilant until they receive those answers.
* This article has been translated by AI.
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