Asian Economy !

[ladymkz]

It has been observed that things are looking more positive recently regarding the global financial crisis. However, how has it been affecting us Asians during the lowest peak of the crisis?

Any information? or experiences?

[ksl]

It has been observed that things are looking more positive recently regarding the global financial crisis. However, how has it been affecting us Asians during the lowest peak of the crisis?

Any information? or experiences?

Well I think many Asians have cut back on spending, that we can see, sales have been down around 20 to 25% .

The economy is showing signs though, with banks again making ludicrous profits.

I believe that every consumer is yet to feel the full brunt of the bad economy one way or another. Guaranteed the banks and insurance rates will increase significantly to claw back their losses, there is no way a bank will lose, so it's the consumers! The ball starts rolling again until next time Although many have learnt a very hard lesson, not to trust banks, or any other financial service play around with your money. When you can do that yourself, and probably get more return on it if you are careful.

[sundaymorningstaple]

The economy is showing signs though, with banks again making ludicrous profits.

Although many have learnt a very hard lesson, not to trust banks, or any other financial service play around with your money.

Conflict of statements? Obviously somebody is trusting the banks or they couldn't be making ludicrous profits again.

[ladymkz]

hmm...i guess the bank in general will not have any problems if they managed to overcome the worst part of the crisis...the retrenched people are the ones who are suffering.

However, anyone know what are the differences in the impacts to Asians as compared to the rest of the world??

[bigfilsing]

The whole ( or at least biggest problem) of the banking industry is there is no real downside as you're effectivly playing with other peoples money therefore you need not really take absolute responsibility for your actions.

Please stop using the media hype term "retrenched" anyone with half a brian cell knows it's a BS term for fired. It's actually disrespectful to those unfortunate souls that have been fired, caned, axed !!!

Asia i think will fair quite well..at least in comparison to the rest of the developed world. Singaqpore needs to be a bit more careful than most as it has no natural resources ( and fer chrisakes dont say the labour force or we'll spiral off on that tangent again) and all the investment and creation of a safe haven for foreign talent and companies aint worth a damn if they can't afford to come here.
Day to day life here? I reckon if food and public transport/taxi prices doubled tomorrow then it would still be cheaper than most developed countries. Normally i would be wary of services ( gas water electricity) increases or hikes ( another pet hate media word of mine) but heh what can you do in this democracy

[ksl]

hmm...i guess the bank in general will not have any problems if they managed to overcome the worst part of the crisis...the retrenched people are the ones who are suffering.

However, anyone know what are the differences in the impacts to Asians as compared to the rest of the world??

My 2 cents is what i expressed early, everything will be more expensive in terms of financial services, the ploy will be to lock in with very cheap interest rates with terminology the majority do not understand, or cannot be bothered to read the small print, because of the complexity of it, they will be hit hard, as usual. Cockroaches have this ability to survive, but is a parasite a cockroach? If ever i had a wish, it would be to destroy the cockroach, creepy little bastards that walk in the night to steal or pollute everything they cannot take with them, In fact I was watching my cat tonight play with one big mother...and i was thinking you are in gods hands now, I've been there and done that, more than once and one time I was alone, I was also not in a position to defend myself. That is when it hit's home about survival. Always make sure you have a plan, and you may escape the big bad wolf.

[ksl]

The whole ( or at least biggest problem) of the banking industry is there is no real downside as you're effectivly playing with other peoples money therefore you need not really take absolute responsibility for your actions.

Please stop using the media hype term "retrenched" anyone with half a brian cell knows it's a BS term for fired. It's actually disrespectful to those unfortunate souls that have been fired, caned, axed !!!

Asia i think will fair quite well..at least in comparison to the rest of the developed world. Singaqpore needs to be a bit more careful than most as it has no natural resources ( and fer chrisakes dont say the labour force or we'll spiral off on that tangent again) and all the investment and creation of a safe haven for foreign talent and companies aint worth a damn if they can't afford to come here.
Day to day life here? I reckon if food and public transport/taxi prices doubled tomorrow then it would still be cheaper than most developed countries. Normally i would be wary of services ( gas water electricity) increases or hikes ( another pet hate media word of mine) but heh what can you do in this democracy

Sad about the beer prices! the sleeping pills are cheaper, but I've not tried them yet. My problem is that even after 9 months in Sing, I can still be on European time. and I've been here 4 years, even though i leave once or twice a year, I sleep better in Europe in fact i can sleep at 9 pm until 6 the next morning, here I go to bed at 3 a.m or even 5 a.m and i will still be up at 6 a.m, unless I drink 2 strong and 1 normal beer. I tried 1 beer and was tortured all night, 2 beers was just delaying the tiredness, 3 beers, out like a light bulb, but bad for my health, but again, how can it be worse than a bad heart..MJ had the right idea, at least he went out owing a fortune and goes down in history for being the best in his division. Also a conflict of statement, but it doesn't change the effect. Banks are the scumb of the earth in my opinion and will never ever loose their own money, it's just highly unlikely it could happen. Unless there was another crash like this one, and i think highly paid bank officals are now well informed of the risks, yet it could take another couple of decades, so the risk of speculation is well worth it, if its not their money.

[alan.smith]

Hi friends,
My name is Alan Smith. I have no more idea about the Day trading.

can you help me

Sure we can. Seeing you are a slimeball spammer who cannot even use a decent nick. I can help you out. Locked out that is. One more spammer from india gone......

[Vaucluse]

Hi friends,
My name is Alan Smith. I have no more idea about the Day trading.

can you help me

There seems to be an endless supply of real Anglos who can't string together a sentence in English. Odd. Alan Smith eh?!


Exports are up, unemployment is remaining steady, spending is up . . . it could be a minor step towards the crisis having bottomed out.

On the other hand the rise in the stock market could just be people gambling on 15 or 30 earnings ratios.

Not over by a long shot, I'd say

[sylee79]

[Vaucluse]

Brilliant first post. Welcome and enthral us with more of the same.

[ksl]

The economy is showing signs though, with banks again making ludicrous profits.

Although many have learnt a very hard lesson, not to trust banks, or any other financial service play around with your money.

Conflict of statements? Obviously somebody is trusting the banks or they couldn't be making ludicrous profits again.

Fools and their money are soon parted, how to lower the risks should be on the agenda, Red Rat comes to mind, collect assets and not liabilities banks are greedy, and have a double edged sword to cut off your hand, when you least expect it, because it doesn't suit them.

They are not businessmen but bankers, and therefore take every ones money and charge extortionate administration fees, of course business cannot expand without them, though having a foot inside the door and connections makes life a lot more smoother to understand how the banking system policies are applied.

Here in Singapore the banking system is very inefficient because it suits them, a cheque paid in can take 7 to 10 days before getting processed, which means many unsuspecting clients get hit for late payment! They call it business knowing full well the cheque is in the banking system somewhere, because Singtel guarantee next day delivery. My wife was also hit with a late payment fee, so i know it happens. How you manage to get the late fee, dropped is a 50/50 chance. Threats of moving banks do nothing because they are all doing the same, but if you know how the system works, you can try to embarrass them into submission. It also helps knowing someone in the banking system here.

[sundaymorningstaple]

Just felt like having a lunchtime rant did we?

[ksl]

Just felt like having a lunchtime rant did we?

Yes! Actually I'm bored today, although i was just thinking about how safe it is doing business here.

For example, if husband & spouse divorce the dependant is repatriated.
and has very little chance of protecting their rights in Singapore, because one must be in Singapore to sue.

If one is on entrepass, and is screwed by a partner, the company goes bankrupt, and the entrepass is revoked, the foreigner would also be repatriated or forced out, with no redress, right or wrong? If their is no legal protection how does it make Singapore a safe place to do business?

I'm actually just playing with these thoughts, because i have nothing else to do just now Of course international law would override Singapore law, but still, how does that help, if Singapore don't enforce protection, maybe they do

To get back on track Asian economy wasn't built on debt, and credit card, with most Asians dealing in cash, the tighter reigns on credit, soften the blow, for Asia, but are indirectly hit, by the rest of the world, where credit liabilities were ignored. Unfortunately everyone must pay the price, through financial dealings, banks, insurance's, money markets, and so on. The outlook is good in my opinion, though the stock market high is due basically to inventories drying up, a knee jerk reaction on cyclic movements.

The future is still a little uncertain, but areas to consider are biotech, and energy saving for boosting the economy in the future in my opinion.

[ScoobyDoes]

but if you know how the system works, you can try to embarrass them into submission.

Or how a computer works ..... in which case most bills and transfers can be done with the bank online, within a day or two.

I write two checks a month..... one to my kid's day care and one to CitiBank and i only write the cheque to CitiBank to piss them off because it comes from UOB.



On Topic..... The Asian Economy still has some way to fall.