Global Recession - are we affected?

There are lots of talks around the world about the major recession that going to hit globally which will cause rough years ahead for all of us. The United States of America has officially announced on Tuesday that they are officially in recession and to date, the largest banking group - Citigroup has laid-off close to 52, 000 of their employees around the world. A friend of mine just told me that her dad, who has been the CFO of a non-profit organization in Connecticut for over 25 years was laid-off in August 2008! Can you imagine that - 25 years of service and you're thrown away like a worthless garbage - used and unappreciated!
With all the tension in the global economy, it is really a wonder if we in Malaysia will ever get affected by this. Globally, its evident that this is a serious issue. But in Malaysia, I still notice people shopping like there's no tomorrow, partying as though life is one big balloon and we are secure just coz we're in it and going for holidays to exotic places as though they found a stack of hundred bills under their bed that they didn't know about!

It's scary really coz we have been told that Malaysia will be least affected because we are independantly regulated and we have alot of natural resources! As true as it may be, but many of our corporate spendings rely on international investment and without this and with big MNC's slashing budgets and head counts, we will be affected to some extent.

I worry for our fellow Malaysian's and hope that we will all wake up one day and realize that $$ in hand is alot better than $$ on paper!