…eery, disgusting, sad, “omg”, heartwrenching as I am writing now.
All because I had the nerve to read the financial news to know that DOW has fallen below 9,500 now, that Indonesia had to resort to suspending the stock exchange, that the UK banking system might fail soon, that people are pointing fingers at Fed for allowing Lehman to fall, that it is expected that some airline companies are expected to fold next year etc.
RBS has gotten into the negative highlight for its huge drop in stock value. The last time I saw RBS was during F1 where it is a major sponsor.
Property market is going to lag 6 to 12 months behind stock market and so it means, by end 2009, many private homes after TOP, are going to be let out for discounted pricing. Tenants would be difficult to come by, rental yield would drop. The speculated demand driven by IR will crash in the face of reality.
Why all these now? A better question is, why are we going in cycles? Why do we need to go through a major crisis every couple of years? Wasn’t the 1997 Asian financial crisis enough? Wasn’t the Latin American crisis enough? Events like 9/11 attacks and SARS have brought enough economic damage too. Why haven’t we learnt something to put an end to cycles?
A human life is so akin to the economics of the world. An unconscious live goes through cycles, suffers the happiness, sadness, joys and disappointments periodically so much that it’s predictable what’s next. The economics of the world is just as unconscious.
I feel sick in the stomach when I see the current news. There is a sudden wave of sadness as I absorb the negativity. Why do we have to go through all these again? With every quantum leap we take forward, we also take 2 quantum leaps back.
I don’t see it as a step to improvement. Maybe a step to change of platform but I wonder if it is even considered the evolution of the economic system. From a centric system, we have developed the capitalist system and its varying degrees of market competitiveness. With an ongoing cycle of economic crises, at this rate of companies folding, recapitalization by governments, we seem to be going back to the centric system.
Bite the dust…