Shocking! Global Financial Crisis hit home !

[neddy]

A well-to-do friend of mine who used to post in the old SAM Forum attempted suicide on Chinese New Year after losing big in US and Australia stocks.

He also invested in Singapore bank stocks (MiniBond? Hi5?)

His wife left him some time ago to return to China. He just found another job (at 2/3 his former salary)

Scary.

We can talk about all these financial crisis as if it is someone else's problem. But it is not.

The British government will most likely default on its debt which will expand to 4x the GDP by end 2009. Its resonance will be felt throughout the OPEC countries and the emerging economies.

 

[neddy]

Business cycles are nowadays so close, it's getting scary. It was not too long ago that SG was recovering from the quadruple whammy recessions of SARS, 911, Dot-Com and Asian Financial Crisis.

Now, within 5 years, the entire world is reeling from the excesses of the banking industry.

Seems like the banks, of which their traditional role was to facilitate the growth of capital and order in the money market, did the world no favors when they started packaging and reselling ever ballooning assets that had greater risks but lower value every time it changed hands.

It is time to shoot the bankers. It all started with the US Big 5 Investment banks - the ones Singapore govt thought will bring in the miracle money.

These top 5 are the unregulated banks that caused all the problems.
The good news is that all of them are gone.

But they left behind all the shits.

US, UK, Europe, NZ, Japan, Korea, Singapore are in recession. Australia is in technical recession.

(visiting him at SJOG hospital)

 

[neddy]

Hey QXD,
I think you are new to Perth. Look, Perth is a laid back place controlled by unions.
We do not allow kelings to do the cheap labour.

I think you are going thru' a stage after the initial migration honeymoon and settling in. During this window period, you will learn either you will learn to like Perth or not. My Kiwi colleague decided to move to QLD, that is his choice. An Adelaide lady find Perth people more friendly and humourous than South Australians. A banana-bender hate the 1980s restricted shooping hours, but stay because his Sydneysider girlfriend love Perth.

I have already gone through that period long ago. At least you never experience Redbull time when Telstra is the only phone company and the phone service is non-existent. :

Otherwise, you can return to Singapore Some people regret. It is like returning to your previous job you quit because you are unhappy.

 

[imperialarms]

the aussies and their uneducated yobs must udnerstand that their future is in asia and no longer the west