It's Recession!

Times are bad, from now on. This is the first recession that somehow seriously concerns me, or most people from my age group, because i was probably too young to have felt the impact during the 1997 Asian financial crisis and the post-911 effect. I didn't need a job, and knowing that someone, particularly dad and mum, would still be home to feed me food was a blessing. This time round, getting a job might be increasingly difficult especially i'm graduating like real soon. From what I see from the papers everyday, i'm skeptical that the economy will make a comeback so soon. The biggest global investment back Lehman Bros has fallen! Many banks and insurance companies have policies that were linked to Lehman, and everybody lost confidence and started surrendering their policies. Monies in the reserves are falling and stock market turns bearish. Everything turns bad now. Real bad. Such things are dominating headlines day by day and scary is the word. Confidence in investors aside, we shall see how much the worldwide govts can do to control the situation. SGD is now fixed and no long paired up with USD, though it weakened against it. Every cent is a dollar from today, and every dollar owed must both be collected back and returned (i owe wengkin $8). I'm saying NO to taxi rides, restaurants, big ticket items, as far as possible. (Hey, HK trip was planned before Lehman collapsed!). Open up income channels but sad to say, I've been idling around for more than 8 weeks due to some 'constraints' LOL. But I guess I won't get a job until semester ends on 1st March so as not to repeat semester. And hope dad won't lose his precious job.

The point is that, I now feel the blessings our gahman gave me a break. I used to hate NS cos it's like a waste of time. Two years to me, back then, is equivilent to $$shingshings so shiny than those stupid rifles. But now, I feel it's a buffer for me to start the engine at the right time. Rifles now sparkles brightly and so green with envy. Otherwise, I might be flying around, hunting for jobs for 365 days after graduation if without NS. Wahahaha. By the time (ORD) I shall see it's time for a good start in life.

Extracted from TODAYonline, today.

Is our Gen Y ready for its first recession?

Loh Chee Kong cheekong@mediacorp.com.sg

THEY are articulate, confident and too young to remember the gloom of
the 1997 Asian financial crisis, or the post-911 and Sars slumps of recent
years. (I was 7 back then.)

Singapore’s youth — aged under 30 — have until now had the world at their
feet ... or so they were told. Faced with their first recession, how will they
cope, should the world slip into a full-scale recession as many experts are
predicting?

Headhunter Christopher Leong, for one, wonders how this group — known
for its high expectations and consumerism — would buckle down and, in
youth-speak, snap back to reality. (I'm back already, luckily)

Mr Leong, a partner with Chris-Allen Executive Search, said: “Some of them
have ridiculous aspirations. Many of them live with their parents and are not in
a hurry to look for any work. They would think, ‘If I can’t find a job, I would
just look for temporary work or go travelling around Europe’.” (True enough, and mine is HK though. Lol)

In recent weeks, various Government officials have warned of tougher times
ahead, with unemployment expected to rise.

Young people do understand the gravity of the situation, especially when
some relatives, or even parents, have lost large sums due to the collapse of the
Lehman Brothers bank in the United States.

But it seems that job worries can wait — there are the examinations and
partying to get through. “I don’t think the media is hyping up the crisis ...
it’s real,” said Ms Denise Goh, 22, a final-year student at the Nanyang
Technological University. “But, our immediate concerns are to get through the
rest of the year — the exams, and things like that.”

And, despite looming job cuts and slower economy, they do not see the need
to tighten their own belts yet.

Said Ms Lin Dongzheng, 20, who is doing temporary work at a bank: “If I get
paid more this month, I’ll spend more.” (dangerous!!)

Unsurprisingly, it is those who have mouths to feed who are contemplating
the worst.

Said Mr Kelvin Kao, a 28-year-old account manager whose wife recently gave
birth to a son:“I started budgeting in greater detail just this month ... I also
started measuring our household’s energy consumption, and I tend to buy more
house-brand stuff nowadays.”

Associate Professor Annie Koh, dean of executive and professional education
at Singapore Management University, feels the recent financial turmoil would
“sieve out the men from the boys” in this age group.

“My advice to students is to be pragmatic and not too choosy,” said Assoc
Prof Koh, adding that students should make use of the growingopportunities to
work with homegrown small and medium entreprises, at a time when some global
firms are stumbling.

Mrs Ruth Chiang, director of SMU’s office of career services, said that
graduating students “may not receive multiple job offers now and have to be
prepared to accept job offers as they come”.

Mr Leong felt it would be several months after graduation before young
job-seekers adjust their expectations.

“After six months, after sending out 50 CVs, going for 10 interviews and
getting no return calls ... then they will realise it’s getting tough — but only
after they see one or two of their friends taking on lousy jobs,” he said.

Undergraduate Leong Fengzhi, 22, told Today she would give herself three
months upon graduation to find her ideal job in the public relations industry.

Said Ms Leong: “I’m willing to settle for lower pay, but it should be a job
in the same industry. If not, I would consider entering a similar industry, like
hospitality.”

Still, entrepreneur Elim Chew, founder of streetwear chain 77th Street, who
is a member of the National Youth Council, believes the recession could have a
positive impact on a restless generation — just as the ’70s oil shock gave rise
to the punk subculture among British youth.

Said Ms Chew: “In fact, this crisis may be their baptism of fire. With the
energy of this generation, this recession will inspire creativity.”