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Hoping for a recession? Be sensitive. Don’t say it out loud.

Singapore is facing a technical recession and some people are starting to say things like ‘I hope for a recession so that I can buy more stocks/properties/cars on the cheap’. That is being insensitive. There are workers who depend on their jobs to put food on the table. They are living from hand to mouth. They will be in dire straits if they are retrenched. Saying out loud that you are wishing for a recession so that you can benefit from it is just plain insensitive.

Don’t get me wrong. Economically speaking, corrections are healthy and recessions are actually necessary in a capitalistic world. They do happen within intervals of a few years. In fact, they are inevitable. However, we do not need to go around trumpeting that we want a recession. I admit that I also wish to buy stocks at fire-sale prices but I do not talk about recession in front of my friends, relatives and colleagues as I know they need to feed their families. Retrenchment will be horrific for them.

Humans tend to be greedy and selfish. This is something that I observed a few years back before the Singapore government started to implement a slew of property cooling measures to stop the property values from skyrocketing. When I spoke to some friends and relatives, they have very different views. Those who already owned a property did not like the cooling measures because the value of their houses are not increasing fast enough. Those who are looking to buy their first property were supportive of the new measures because they want to buy affordable flats. From their own perspectives, both camps were right.

So, it is alright to have your own agenda and plans to benefit yourself. But please try to be sensitive to the people around you. Have more empathy and spare a thought for others.


DK


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Hoping for a recession? Be sensitive. Don’t say it out loud.

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