Singapore not spared from the inevitable

Looks like it started to hit home in a big way – DBS cuts 900 jobs. Earlier on Chartered Semiconductor implemented temporary salary reductions of 5-20 percent. Elsewhere in the world, AMD lays off 500 staff, Nokia Slashes 600 Jobs, HSBC cuts 1100 and the list goes on.

Central banks are slashing interest rates in the race to zero, but face “an uphill battle as consumers and businesses show greater interest in saving than spending, and banks hoard capital rather than lend it”. The problem can only get worse in a vicious cycle of people losing jobs, cutting back on spending and companies going out of business. My fellow blogger lowem calls it “falling off the cliff”.

On a positive note for home owners, interest rates are falling. SOR has fallen to the lowest levels. In a time like this, perhaps the best, or the only thing you can do, is to hang on to your job (and house), save as much as you can and not forgetting to enjoy life for what it is.

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