Time to change spending habits

With the economic crisis looming in USA that started from subprime mortgage loan problems, it is time to herald new austerity measures and change our spending habits. Singapore is in a technical recession with many other countries following suit. US has been in a recession months ago and just last month, 160,000 jobs were cut with thousands being jobless. The financial carnage and rot is just getting worse and won't recover until at least 2010 or beyond. Wall street executives are jobless and resorted to performing tricks on the roads to earn money. Shares take a dip and tumble successively for the last few days. It is now bear run and the mood is sombre. But some opportunists are buying up cheap shares in the hope to make a quick buck when the share market starts to pick up. There is always a silver lining in every dark cloud.