Financial Turmoil and Meltdown

The day my dad stopped giving me pocket money was the day I went into currency crisis way before the Asian Currency Crisis hit us or the US of A financial meltdown. A massive USD700 billion bailout by the Fed seems the way to go or how else to get back and yet bailing out those who got us into this excessive exuberance is an irony. The alternative of not doing so could be a lot worse and as days passed, the wild fire would spread and many other businesses would worsen making it more difficult, painful and taking a longer time to recover. I'm no expert but it is always better to take the bitter pill sooner rather than later to get a faster recovery. To this end, I must say that Western style capitalism has failed - big time! Having ten people with different opinions and no decision while the fire is spreading rapidly is no can do so give me China's or Singapore's more autocratic and authoritarian approach anytime.

I mean opinions are like ass holes, everybody has one.

Even AIG was not spared, I mean everybody was into all kinds of investments so why not? The entire system has gone bonkers. Right here at our door steps, we get people from banks enticing grandmothers and grandfathers to put their life savings into products they do not understand and even for the banking staffs, I am sure they do not many of the things they sell. But heck, their livelihood and commission depends on it.

The primary function of a bank is to serve us the customers to keep our money safe, give us some token interest over a period of time while they use our money. When we need to know something, they should tell us and when we need it they must make it available in the simplest ways possible.

Then they could lend us some when we want to buy a house, car or starting a business venture, etc. Clean and clear cut services. These days, banks are making us pay to be in touch with them or to use our own money. Life can become difficult for ordinary folks who are not out to cheat them but to genuinely use the required services as customers. Haven't you often notice that the smaller but genuine customers are denied honest loans and the big crooks con them of millions?

When products are simply just too complex, they should not be allowed or just show no interest in them otherwise you will be like driving a bulldozer for the first time.

And don't go scrambling to AIA to try to make a recovery from your policies, it would be too late if they can't pay you. Even if they could, you are still a loser when your policies are cashed out. Do not spread the fear. Singapore has a statutory requirement for them to keep a certain sum for such purposes. All these are always about greed and fear - for as long as there are humans.

When the stock market was hot, even some aunties at hair salons were advocating to buy certain stocks but never knowing what they were all about since everyone is making $$$.

Similarly, precisely during this period of uncertainty, the general herd feeling is to cut back on everything. It is understandable since the mood ahead is gloomy. But life must go on.

If you could still afford it, please go and spend some money. Spread the love. This is to ensure the the economy is still moving, so that an uncle, aunt, family member or friends working somewhere out there in a restaurant, office, shops, etc. can be gainfully employed.

This will bring a smile and the sunshine back sooner than later.

Meanwhile, with AIG taken over by the Fed, Manchester United shirt proclaiming "AIG" needed a change. May be it should now show as "FED" replacing "AIG". Or get UPS as co-sponsors and then the shirt will show: "FED UPS".