It’s the time of the year again where I ask my colleagues around the office if they have any desktop calendars to spare. Yes, it’s been 2 years in a row that I haven’t received a calendar without me having to ask for it.

I still remember those years when businesses and companies would print calendars and diaries and give them away to their customers and business associates. It was a form of advertising for them. However, since the economy slowdown which began last year, businesses have cut down on spending. The first item on the budget that gets cut is always the advertising budget.

Maybe tomorrow I should give my banker a call and ask about a calendar.

The W-shape recovery is gaining traction. By early next year, many unemployed Americans will run out of unemployment benefits. With domestic consumption declining, another round of fresh layoffs is not impossible.

Countries relying on exports to the US market could face demand cuts. The domino effect could be far reaching.

So, the million dollar question is “When’s the stock market going to dip?” If the stock market is 6 months forward looking, then the market should have dipped a couple of months back. But this hasn’t happened. Then,.. is it dipping now?

We are in the midst of the Great Recession, the worst since 1929. This cause of this recession was due to banks making out loans to risky borrowers. These are known as subprime loans.

The FDIC has recommended a program for these banks to loan to people in the lower income group. Isn’t this akin to making out subprime loans? Isn’t this sowing the seeds of the next financial crisis?

It baffles me. The US unemployment rate hits 10.2%, worse than the expected 9.9%. And guess what? The stock markets around the world rally for the second day in a row. What is going on? Has the investor gone mad?

The people have to realize that, more and more consumers are becoming jobless. Consumer spending will reduce. Corporate revenue will reduce. And so will earnings, unless these corporates initiate another round of layoff to save on administration expenses.

Can someone enlighten me as to why the stock markets are rallying in the face of this worse than expected unemployment news?

The introduction in the Budget 2010 of RM50 service fee and RM25 service fee on principal and supplementary credit card holders have attracted strong criticisms from many parties. However, the Government has no plans to revise this proposal.

Previously, a person earning less than RM24,000 will not pay tax after deducting for his personal relief, EPF relief and the RM350 rebate for persons whose taxable income is less than RM35,000.

To apply for a credit card in Malaysia, the requirement is that the person must have a minimum gross salary of RM18,000 a year. Therefore, a principal card holder having an income of RM18,000 will have to pay a RM50 service fee starting from 1st Jan 2010. The Government has found a way to tax those in the income bracket between RM18,000 to RM24,000.

This is only the tip of the iceberg. With the introduction of GST in the near future, the poor and the middle income group will have to pay even more tax.