After all, it was this group that lobbied and goaded the fiscal authorities to impose currency regulations that crippled the overall economy and, along with it, the property sector.

They said all was lost if the baht climbed beyond 38 to the US dollar, as exports would dive.

It seems rather odd, months later when the baht has strengthened to well below 35, that calamity has not arrived. Perhaps more amazingly, exports have steadily risen 20 per cent during this period.

To add to the confusion, no one now seems worried as they brace for the baht to trade below 34 to the dollar.

The reason given for imposing the rules that led to the December stock meltdown was that exporters needed them.

Meanwhile the property market, which probably hires and feeds just as many people, if not more, has to struggle with the spillover effects of these restrictions.

Having botched up so spectacularly, it would not hurt for concerned quarters to consider recruiting more able and pragmatic professionals to steer the economy.

Former central banker MR Chatu Mongkol Sonakul, who now engages in property development after retiring from the Bank of Thailand, has a few kind words to say about the rank and file that work at the prestigious institution.

Many of the new recruits were recipients of the bank's scholarships to US and UK schools. Many immediately joined the central bank upon their return. For years, he said, one of the toughest problems for the bank was to locate enough positions for these bright students.

Yet without the balance of street-smart talents and ivory-tower thinkers, there is the tendency to view the market through rose-tented glasses.

Hence, the current dilemma facing developers and property companies. With the exception of more exposed institutions like the Government Housing Bank and state bodies that work closely with the industry, not that many officials and ministers fully appreciate just how globally intertwined and dynamic today's Thai economy has grown in the past 30 years - as has the local real-estate sector.

What is even more scary is the current simplistic belief that "appointing an honest man who may not be bright is preferable to appointing a smart but crafty one". This was used to defend the selection of bumbling officials to positions of responsibility.

This may explain why the property market is having such a tough time getting out of its rut. The fact is, the private sector can neither afford an honest fool nor a scheming genius.

It would not be asking too much, however, to secure a qualified, competent professional who can account for his actions, given that checks and balances are in place.

There is no need to settle for simpletons on the basis they will do less harm or pose less risk, because clearly the economy needs help fast.

The frustration on the real-estate front is dealing with a market where not many locals and foreigners are willing to commit funds in what was once an investment paradise.

Today, the confusion, apprehension and distrust spurred by misguided policies are the greatest obstacles to the market's ability to recover lost ground and move forward.

Words promising new elections and claims of honesty are not enough to persuade investment, where other countries are falling over themselves to tap global funds.

Simple moves, such as scrapping the 30-per-cent withholding fee on money brought in from abroad, allowing 50-year leasehold agreements and a higher ratio of foreign ownership of a condominium building, can foster better conditions for a battered market.

None of these measures carries a negative impact on the Kingdom's sovereignty.

Above all, they generate investment and provide jobs and opportunities for our young work force, professionals and entrepreneurs.

Itthi C Tan

The Nation