Saturday, October 11, 2008

Asian investors voice anger

Asian investors counted the cost as the region's stock markets were poised for their worst week in at least two decades, wiping out billions of dollars of savings and retirement funds. -- PHOTO: REUTERS
'It's not fair that we have to take the pain of what rich people have done to get richer,' said Mr Takashi Yamada, 75, who lives on a pension of 160,000 yen ($2,387) a month in Tokyo.
'We will be the biggest loser of this financial turmoil because the economy will shrink and we don't have money like bankers.'

Ms Tiong, a 25-year-old management consultant, said she is trying to 'summon up the guts' to cancel a US$ 13,500 purchase of a painting by Argentine artist Guillermo Kuitca.
'I was buying art, which is, like, the worst thing - why did I do that?' said Ms Tiong, at a Starbucks cafe in the financial district. 'I feel incredibly anxious and nervous. Now is the time to hold cash.
'Don't tell my wife what I got for that, it was devastating,' said Mr Tallon. He summarised his other assets, including UK property - 'Pension fund is absolutely atrocious; share options the same; house prices not good.'