Tun Mahathir Calling For the End of Financial Industry Boom

This is interesting to me because I have previously blogged about The End of Financial Industry.

Tun Mahathir said that "everyone should go back to producing goods and services although the profits would not be that massive."

I totally agree.

Because I was a victim and survival of the dot-com crashed.

I still remember those days, I was still in college. Everybody was talking about going IT and it was deemed to be a confirmed good future and no regrets. It is the way forward.

Everybody was telling me that there were too many engineers on the street, and engineering is dead.

I remember seeing construction workers wearing construction boots attending night part time courses in APIIT. He told me that IT is the future.

And I remember that I interned for a dot-com hotshot called The StarFire.com (Singaporean based). It was a Java based e-commerce solution provider with many talents in there as well. And the Malaysian office had like about 25 people all cramped into a medium size office at MBF plaza (the Gotham tower of KL).

The reality is that people actually didn't complain about the small office space, because the pay was so good. A typical solution cost about RM 1 million and with 10 sales people, the company had expected to make millions.

The solution was good, most of the core was developed by Java software engineers from the Singapore office and things were really happening.

After my internship, I went back to my final year. Dot-com crashed, the entire industry was almost gone by half and slowly diminished.

And then everybody was telling me that IT is dead.

Back in those days, every company would have at least one or two IT executive, whose jobs varied from doing internal software to looking after the servers.

And for now, there is no IT executive in most of companies out there and servers are managed by freelancers or outsourcing companies. And most of these jobs are done as complementary service.

When I graduated from APIIT in 2002, the financial industry was already booming, and financial graduates were more in demand than IT graduates. You get to see programmers who spent almost 12 hours per day working on software earned less than sales job.

It is a trend... not about intellectual.

The world is now looking for the next industry.


Mt. said…
on the contrary it will NOT end as long as forex trading is still around, it will just move on to the next phase when the worst is over, and then that would probably double the pain today .. tomorrow.