Showing posts with label economic crisis. Show all posts
Showing posts with label economic crisis. Show all posts

Thursday, March 19, 2009

What's that so called Sub-Prime Crisis?

The sub-prime crisis, started in 2007 in the US seemed to have nothing to do with us here in Singapore. But the debacle has taken its toll on us today. Everyone's livelihood in the world today is affected. So what on earth is Sub-Prime??

It looks like we can never get away with the saying: "When Uncle US sneezes, the world catches a cold".

Nonetheless, here is a good video clip which has made a complex story very simple to understand:

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Monday, March 2, 2009

Stay Sane Amidst the Gloom

This crisis came like a tsunami, in the midst when everyone was enjoying a prosperous time. It is unimaginable that just a year ago, stock market was still vibrant, people were enjoying their year end bonuses and retail shops enjoying their ringing sales. Everything seems to come to almost a standstill now. In the 5 stages of Grief; Denial, Anger, Bargaining, Depression and Acceptance. After last October's financial debacle and stock market going into a tailspin, most people were in the state of Denial and Anger. Whatever happened in the US seemed only distant news to many people who still hoped things would not overflow to Asia. The full impact of the financial fallout was not felt immediately because most of us were still not out of job. At the back of people's mind, they say to themselves "This won't happen here and won't happen to me". That's called Bargaining. Today, people are feeling the real impact of the economic crisis. People are losing jobs, stock market value has gone down more than 50% from its peak. People have come to terms that the crisis is real and present. I have known of some people who have slipped into depression because of the stress to keep their jobs or the financial burden in their lives. My advice is, to stay sane amidst this crisis. Only the right mind can help you manage things. The most powerful part of a person is the mind. There's a saying: "What the mind perceive is what you will conceive". It is only from a sane and clear mind, you will then be able to think and manage problems.