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Sliding markets and crumbling corporations.
It's apparent that the credit crunch is biting deeper and taking a good chunk out of the rest of the world as well as the second instalment to the American sub-prime crisis plays out.
But it seems banks aren't soley to blame.
While nervous investors cash out, some think it's time to cash in on battered stocks.
Just how much worse can it get before it gets better?
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Updated: Sat, 21 Nov 2009 17:11:17
SINGAPORE: According to Law Minister K Shanmugam, there are three lessons for Singaporeans to take away from the way the Government, employers and unions responded to the downturn.
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The current global financial crisis does not just lie at the door of irresponsible lending by banks. Massive speculation by short-sellers may have contributed to driving Lehman Brothers into bankruptcy, and even played a role in the failure of Bear Stearns and near collapse of AIG, Fannie Mae and Freddie Mac. |
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The credit crunch in the US hit Singapore's man in the street when crowds thronged AIA, the local subsidiary of AIG. When news broke on the American firm's meltdown many were determined to pull out insurance policies even at a loss, for fear of losing even more in the long run.
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In 1929, while the US stock market was rising, there were few critics. In America, it was a “New Era” when everyone could get rich. But it was a small group of bankers, brokers and speculators who by manipulating the stock market grew fabulously wealthy. The unbounded optimism of the age and the shocking consequences when reality hit on October 29th is captured on Doumentary of the Week.
CNAS & CNAI
Sunday 28 Sep at 7.30pm
Saturday 4 Oct at 8.00am, 1.00pm & 11.30pm Sun, Sep 28 @ 1930hrs Singapore time. |
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