Subprime what?

Lehman Brothers files for bankrupcy to protect themselves from being sucked deeper into this economic shithole. AIG needs desperate money from the US government to save its ass from going down and possibly saving Manchester United from playing their next games with patched up jerseys.

This subprime mortgage crisis is threatening to push the United States into unparallel economic recession or perhaps, even a depression. The crisis, coupled with the ever increasing fuel prices have literally put a stranglehold on not just the American economy, but their livelihood as well.

Statistics show that America, is the most 'debt-ful' country in the world. Indeed, I believe the subprime mortgage crisis is nothing more but another credit crunch issue hitting back at the Americans after years, decades even, of negligance and ignorance.

This credit problem is going to hit the rest of the world as well if we continue living the way we are in Singapore. It was commonly believed that Americans become in debt the moment they step into college and their debts run on even in their graves. Its almost unimaginable. The sad truth of my perspective is, I believe Singapore is walking towards that direction. With increase in taxes, a never before seen inflation in the SGD and the increase in 'necessary' commodoties. I see us walking towards a more liberal social system of money, where, if we are not careful, might bring us unparallel destruction to our economy.

There is a bit of good news though. Oil dropped below $100 this week. Its still high as hell comparing with the last century, but its a cause of celebration. No doubt, it would be no time before things get out of hand again.

Sadly for the Americans, their lives revolve around oil. American urban communities are built around the idea that every adult drives. From the suburbs to the interstates, its impossible to get around without a car; unless of course, you fly. America has never been very public transport friendly. So kudos to those suburbanites who struggle to drive 10km to work everyday due to the cost of feeding their thirsty car engines.

Lets not even put peak oil into the picture, we still are, no doubt, in an impeccable shit position.

What we need is a new leader. Like him ^