My boss and i were discussing about these topics:
Credit crunch, Financial Meltdown & Recession!

He said that the reason why almost all businesses ae declaring bankruptcy is because no more money is coming in to the Banks... All businesses here are all based on Overdarfts, loans etc... Banks were all willing to give new businesses their start up capitals to set up their businesses... But then again... Not all have the power to repay them... They are all based on overdrawns.
A business sector with a positive bank balance is indeed a good one but a business with a negative balance (depending how big it is) is pretty normal, it is a trend...

It was really surprising when i first worked here as an assistant accountant seeing others bank balances hehe.. i coudnt beleive my eyes... but still, they said the business is pretty much healthy! my thought was, how could it be healthy if there is an OD next to the balance? hehe... but soon i realized & learnt that it is just really normal hehe...

Also, i have a friend in the PI who owns a PC shop... i asked him how is the business? is it pretty hard? he said, nope, not at all... to my surpise i asked why? he said... erm, i do not know, it is just business as usual...

then i think & think & think! NOW I KNOW HEHE...
PI is pretty much CASH system... the money is revolving their in cash, not palstic card, not loans etc... Business their started from a hard-earned capital (which maybe you have saved from your previous employments/went to abroad & saved money, went back to PI and set up a business)... the cash their is pretty healthy... they know what to spend, when & why...

but here, nope... as long as you have CCs in your wallet then you are pretty much a big spender... and some people refuse to pay their debts, so maybe that is also the reason why banks are declaring bankruptcy?

i sometimes thinl (pls correct me if im wrong), people who are in heavy debts are one to be blamed? becuase why did you borrow in the first place if you know you cant afford to pay it? isnt this a form of stealing? spending someones money & wil not pay in the long run? hmmm... im sorry if this will offend you but hehe my Accounting Side is pretty busy running in my mind...

but with Filipinos, you cant just have CC easily... even applying for a Globe/Smart Post Paid Phone Plans, you still need to provide your bank statements, income tax, NBI/police clearances to have a P500/month phone plan!

My boss even said that, PI and other poor countries maybe poor in technologies but they know how to survive in a very little earnings... so meaning hehe PI is indeed rich! lol

im sorry if im blahblahblah mode here...

hmmm? made me really think?

Credit crunch/recession...