Since last July, the subprime credit crisis has been like a tornado, wiping out all the growth made during the big bull time, and shaking the world finance down to its foundations. It has not stopped yet. Seems what it brought about to the world is not only homeless Americans, derelict houses and the disappearance of at least two big players (UK Northern Rock, USA Bear Stearns) in the market, but also such wide and long term effect that several drops of rain fell in my reclusive student life.
Rain drop 1: someone earned the life in dollars and planned to buy a dream house with Euros this year ( because the house is in Europe). Now the dollar is so weak and the euro is so strong, his dollar reserve shrunk overnight and he has to put off the plan to ( who knows when?).
Rain drop 2: a newly wed couple just moved in a posh flat. While the freshness of a new life has not faded away yet, the landlord wanted to sell the flat because the housing market is taking the turn from the peak and if now is not the sell time, when would it be?
Rain drop 3: someone was selling softwares to banks. The bull market passed and the banks have to be less generous than before, so not their customers any more and no sales. To maintain a luxury life, he has to find another job to bring quick bucks in.
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