Tuesday, December 02, 2008

Recession soon?

America is in recession!

Singapore is in recession!

Korea, Hong Kong, New Zealand and Australia and most of Europe is in recession.

Malaysian government and Bank Negara said we will not be in recession.

I hope so; I truly hope so.

But it isn't going to be convincing ...

Watch out for your job ...

22 comments:

pancaroba said...

i dont truly believe what the govt says.but i accept their statement as "to calm us down".well,nice try.but fact is still fact.i dont blame them though.

we must work together to go through in times of hardship.there's no room for being macho and ego anymore.stay together as one and hopefully we'll be just fine.as cliche as it might sounds..keep your mind in a postive mood!.

Mberenis said...

In a recession, it isn't always bad. Most people don't realize how much money there is out there. During economic times like this, there is more money to be had than ever. Because of the bailouts and economy, lenders are bending over backwards to bail you out too. Believe it or not, there is people getting tons of cheap money nowdays to start businesses, buy homes, pay off debt, and more. Recession Bailouts for YOU

Anonymous said...

Just look around you, are we in recession?
Look all over the world, are they in recession?

If its happened throughout the world, doesn't meant that it will happened to us if we took precautionary action. But if you wished that it will happened here in Malaysia, it will. So which one do you want.

Hiao Uncle. said...
This comment has been removed by the author.
malaya007 said...

Latest Christmas carol for 2008 J

You'd better watch out
You'd better not cry
You'd better keep cash
I'm telling you why:
Recession is coming to town.

It's hitting you once,
It's hitting you twice
It doesn't care if you've been careful and wise
Recession is coming to town

It's worthless if you've got shares
It's worthless if you've got bonds
It's safe when you've got cash in hand
So keep cash for goodness sake, HEY

You'd better watch out
You'd better not cry
You'd better keep cash
I'm telling you why:
Recession is coming to town!

Finance products are confusing
Finance products are so vague
The banks make you bear the cost of risk
So keep out for goodness sake, OH

You'd better watch out
You'd better not cry
You'd better keep cash
I'm telling you why:
Recession is coming to town

hasilox said...

What is statistic if it's twisted and no longer reflect the actual situation? It's perception. lol

gongkaukau said...

By repeating over and over that we can waether the recession, the government is not helping people to prepare themselves for the pain that will come. I spoke to an HR consultant today and she pointed to the restaurants that are always full. How can there be a recssion? I told her that it will hit us like no other recession some time in March/April next year and she laughed at me.

I want to see if she is going to have the last laugh or is it going to be me?

Anonymous said...

no, no recession

we will get good prestation



our politicians are nincompoops

Maverick SM said...

Pancaroba,

We all must be prepared for the crisis as it could be painful for many who may lose their job and those who are in business may face collection problems and bank's foreclosure.

malaya007,

Thanks for a nice poem.

Hasilox,

Don't bother about statistics; there's plenty of online news to understand the global scenario.

gongkaukau,

Presently, many of us are still unaffected. However, many of those in the semi-conductor and MNCs are being retrenched and paycuts. It looks like we will be hit soon; I'm not sure about March or April but it seems to be drawing near.

moo_t said...

gongkaukau,
The cup can be either half empty or half full.

If the HR consultant laugh in disbelief, too bad for her. If she laugh for opportunities, then it is another story.

Believe it or not, there is a group of people laughing because abundance supplies of human resource waiting for their recruitment.

---------------
Those employed under industrial that prone to recession will hit hard. Layoff is just matter of time. OTH, layoff,VSS, will send many knowledge worker to the street that eventually start compete work in the paper, Internet, off-shore. "Cheaper" knowledge work might get done now, because previously, many knowledge worker are still having a "secure job" and don't bother about moonlighting. Now they have all the time, without moonlighting. ;)

IMHO, people will still buy Ipods, buy mobile phone, pay for their mobile as necessity, even they lost the job.

The worrisome part are the blue collar worker in Malaysia, they don't possess other skill. Slowly, they will spend all their saving. In addition, foreign labour in Malaysia being layoff, will become social cost to ALL Malaysian.

Alas, unlike industrial country, Malaysia SHOULD NOT spend big money on infra to stimulate the economy. It will WORSEN our economy, when the blue collar worker stay unemployed. In fact, Malaysia need to retrain those worker, but problem awaiting : BN government lack the idea. Just look at the syllabus and "unemployable graduate" that the education department flood the society.

artchan said...

In malaysia cows can fly..that is if you believe theBN govt.

moo_t said...

BTW, I don't know whether BNM try to save the Bank profit or lame? BNM cannot just sit and wait more and more company close down.

Indeed, the world government trying to make most company stay a float as possible, while in Malaysia, Bank Negara still want to save guard the bank profit.

It is plain common sense : high rates will make more company close down, Bank will face bad debts. If too many company declare bankruptcy, it will WIPE off all the bank profit due to 6.5% BLR that BNM try to defend. When company close, it will cause a domino effect, eventually a tsunami that create by none other than Bank Negara it self.

A 2% rate cut will prolong many company lifeline for a period. But again, common sense doesn't come common. :(

Anonymous said...

Not in recession? Malaysia's 2009 GDP growth will be only 2%...

Yan said...

I have learned to intepret our BN government's statement negatively. i.e. the reverse of what they said is always true. There will be a recession!

They have also said our crime rate is lower than Tokyo & Hong Kong. But we don't feel safe to venture out at night. Even daytime isn't safe. So, don't blame me for taking government's statement negatively or think negatively because they have made me so. That's right, it is the perception of our government. (like what that idiot Najib has said "perception").

toolan said...

It is good to always be pessimistic but one must also be realistic!
My sister's IT firm(International) just closed off their Malaysia office(for SEA region). She is working in the Shanghai office and they are told come end Dec, more lay offs or worst case scenario, close off Shanghai office.
Here's a reality checked for all of you guys out there that still believes in what Bank Negara or our government tells you!
Another issue for you to ponder about, Europe and US are the 2 biggest market for China and also Malaysia, they are in deep shit now, so they will cut down on importing from China and us, so think.......will this or won;t this effect us? China also buys and sells to us, now if their market is effected, will or won;t we be effected?
My partner just manage to secure a big stock of "cheap" DVD players cos Europe just canceled their PO from this particular factory in China and forgo the deposit. Hundreds of factory go under in China everyday........a lot of cheap goods to buy if you are cash rich......
Now, will we be effected, PEOPLE BRACE YOURSELF! THE GOVERNMENT WON'T BE ABLE TO HELP US....
I still remember a few weeks back, Najib just declare that we are in for a tough time, now they say we are ok.......please lah!

toolan said...

I mean optimistic in my comments above......see what stress can do to you!

MikeLing said...

During the previous recession, many of us jump ship oversea. This time ..... help us GOD !!!!

Anonymous said...

HELLO

AUSTRALIA IS NOT IN RECESSION

CHEERS

Anonymous said...

The only place where humans have set foot on and not in recession is THE MOON

GobloKing said...

This is for all the cynics of our education system:

Do you now not believe that it's due to our own fine supply of world class economists that ONLY Malaysia can avoid a global recession?

Someone said "Seperti Katak dibawah Tempurung" here?

Kenny Ng said...

FYI, Dubai in recession tsunami.

June.W said...

I like de new version of the x'mas carol... cool...

but no doubt... recession is coming no matter what the govt said, no harm to prepare ourself right???