Imagine Dow falling 500+ points; Hang Seng peak to trough 1200 points intra-day. STI falling more than 100 points. All this happened the past few days.

A repeat of 2008 Lehman, some say. Perhaps in terms of fear and magnitiude.

But this time round, the monetary stimulus has been spent. Bullets to fight this impending crisis are almost out. That is the scary part. What can be done if say Italy finally catches the contagion ‘bug’ and requires a bailout? Is further money printing by the Federal Reserve sufficient to stem the bloodletting in the markets?

Or will the cash rich private sector come to the rescue when things get so cheap at some point in the future?

This time, it’s different.