Chapter 1,World's financial mess, as explained by Phua Chu Kang

As you all know, my exam is just around the corner....

But then, I'll still keep my blog updated as usual! =D

Instead of blogging something about me, I'll post up some jokes........ let me talk about bit of the jokes...they jokes, they have like 8 Chapters it's from Wilson btw =) ... 

So, make sure u guys come to my blog and check it out day by day to follow it =D

Enjoy reading it =D

Chapter 1,World's financial mess, as explained by Phua Chu Kang

Preface: Subprime Loan                                                     

                                                                            

In American, just like all the normal human being in the world, when they make any major purchases, they will always ask bank for loan.

However, the sorhai american company always like to retrench people and thus the people there the income not very steady one..

In Malaysia, when your income not steady you will loan money from AhLoong instead of BANK.

But in america, their FBI very power so there is no Ahloong, instead their bank will loan money to all these not steady income people and this type of loan is       

called Subprime Loan.                                                      

                                                                            

                       

                                                     

Chapter One: How it started                                                

                                                                            

About 10 years ago, all the commercial banks in American were promoting their loan with advertisement in all kind of media and since most Ang Mor are very "ada gaya" and "hao-lian" type of people, the bankers came out with special packages for these pokkai fellas. So, Ads like these were flying everywhere: 

 

"No repayment for first 2 years"       

"Want to be rich ? Buy Property!"                      

"Money no enough? Borrow from me!"                     

"Zero down payment"                             

"Low rate guaranteed"                            

"Follow what Robbert Kiyosaki says in his Poor Dad & Rich Dad book"        

                                                                            

Wah! These packages are damn fierce wan!

It basically tell people don't worry for the about repaying the loan because you may strike lottery before payment is due!

In the event you don't strike lottery, you can still sell the house that you bought at higher price and pay everything and keep the gain!

Because of packages like this, many American (especially those who think if Black and become president of USA everything is possible) started to borrow

money and buy house as INVESTMENT !

So, the banks business become very good, the accounts all look damn solid and all the bankers got huge bonus!

But now....got one problem...money all loan out but who can guarantee that these sorhais will be able to pay back when time comes ?

Make sure you guys come back for the Chapter 2

=)