FOR optimists who had believed that the mayhem in the markets could not get any worse, yesterday's dramatic plunge in global stock markets would have forced them to do some serious rethinking.
Indices in Europe and Asia fell sharply as the United States' Dow Jones Industrial Average dropped 508.39 points (about 5 per cent) to 9,447.11 - its lowest in five years.
From London to Shanghai, Sydney to Seoul, Riyadh to Russia, few main stock exchanges escaped the bloodbath.
Shaken by the global panic, Singapore's Straits Times Industrial Index took a heavy battering. It suffered a sharp 6.6 per cent nosedive.
While traders and financial analysts suffer sleepless nights, what does the ordinary Singaporean think of the financial crisis?
Has the nightmare on Wall Street been felt by the man-on-the-street?
The New Paper asked 100 people, none of whom has invested in the stock market, whether they were concerned.
The response was rather even, with 51per cent saying they were not concerned while 49 per cent said they were.
Most of those unconcerned about the carnage in the global financial markets felt that what was happening would not really affect them, at least not in the short term.
Marketing executive Ng Con Nie, 28, said: 'I'm not an immediate victim because I don't invest.'
Ms Vanessa Ho, 39, a public relations consultant, also felt detached from the situation.
'I don't really feel involved or nervous. I feel more like an outsider looking in,' she said.
For project manager Davina Lai, 28, the ups and downs of the stock market are to be expected.
'It always follows a cycle and this is just one of the periods when the market is down, so I'm not really bothered,' she said.
Others like Mr Lawrence Anthony, a cleaner, expressed faith in the Singapore economy and the Government's handling of the situation.
We'll survive
The 48-year-old said: 'We're quite stable as an economy. I think we'll ride it through like we have in the past.'
Mr Lin Ah Beng, 55, a part-time taxi driver, echoed that view: 'Our Government has got it covered.'
Those who said that they were troubled by the financial meltdown were worried about the possible impact on Singapore's economy and their daily lives.
Mr Greg Chong, 45, who is jobless, believes that 'ultimately, it will affect everything'.
'Property prices go down, inflation goes up. Ordinary people like us will be affected, like it or not,' he said.
Many were concerned by a weaker job market, possible retrenchments, lower bonuses (if any) and the rising cost of living.
Student Diana Tan, 23, who will be graduating in three months' time, is jittery about her employment prospects.
'The state of the economy directly affects my chances of getting a job,' the finance major said.
Engineer Cheng Ying Rui, 28, said: 'A lot of things may no longer be within my means. I'm also worried about my (pay) increment for next year.'
Teacher Debbie Tan, 26, shared similar sentiments.
'I'm not sure how all that's happening will affect Singapore's economy, and it may affect my bonus.'
Ken Ng, 27, who works for a company that trains finance professionals, says he is already feeling the effects of the slowdown.
'This crisis directly affects my bread and butter because there will be less people signing up for training due to budget cuts.
'This year has already been quieter for the company,' he added.
Additional reporting by Benson Ang, Lediati Tan and Eoin Ee.
This article was first published in The New Paper on October 09, 2008.
