Economy and accounting are not my cup of teas especially when I was a student. I was more inclined towards linguistic although I myself was Science-stream student and later did my Bachelor Of Degree in Microbiology. Nevertheless, having my first job as a banker (unplanned and unintentionally!), my perception towards economy has becoming more positive; accounting, however has still somewhat a distanced alien for my soul to be immersed with. I am actually thankful that I had the experience of working in the bank because it opened up my horizon to the world around me. I used to be so ignorant and nonchalant about the world; but you know what they say, everything happens for reasons!
Yes, I know this is perfectly dimwitted but I cannot help but feeling a little bit ‘down-to-memory-lane’ when I stumbled upon my designation stamp when I was working in the bank 2 years ago in an old drawer in Jitra, Kedah! I do miss the good people there.
Recently, it was announced that the US credit rating has been downgraded from AAA to AA+ by the renowned credit rating agency Standard & Poor (S&P). This is considered as a major backlash blow to the US government led by President Barack Obama which prior to the downgrading, has announced that US would have new debt ceiling after passing the Budget Control Act of 2011 as a conclusion to the debt ceiling crisis. The prolonged conflicts between Republican, Democrats & The White House are also said to drag the financial crisis into its most turbulent state ever; resulting to the downgrading of the credit rating. In conjunction to the downgrading, a statement was issued by Washington saying that S&P apparently has been “deluded & misinformed” as there has been a mistake of nearly US $ 2 TRILLION in the analysis made by S&P; hence the downgrading can be disputed!!! However, S&P has been adamant with its decision and was said to be having “lost confidence” in the administration of Mr. President and his coalition army. Well, who knows the truth? Sigh….
I am certainly no expert in economy but I am afraid if this fiasco will cause domino effect, rippling the effect to our shore in Malaysia. The region has just survived the Credit Crunch (Sub-prime) crisis and Alhamdulillah, not severely effected and now with this crisis? US is undeniably the behemoth player in the global economy; by hook or by crook, whatever that affects US will bound to disperse the smithereens to the whole world! Whatever it is, I hope that the situation will be better in time. We shall see in the next 1 or 2 months for the updates.