Even if the stock market dives, there is always a good chance of rebound no matter where is the basement. BUT when the financial sector collapses, it's worse than a stock market drop. It is no longer a liquidity issue but one of solvency and confidence. Take away these 2 factors, all other industries which depend on finance will sink.Banks and other financial entities will need the government to bail them out, to recapitalise or to guarantee customer deposits. If all these are gone, then you enter a severe recession or depression which ever way you call it.Jobs will be lost but those associated with the financial sector will be the hardest hit as in the case of Singapore (or elsewhere). Take away base salary, take away bonuses and if one is committed to expensive and big-dollar assets ($1,500/sq ft real estate, Sentosa Cove, Keppel Marina uachts, Porsches, Audis, Vacheron Constantin, Dempsey Hill), u r in for a hard time. Those high salaried employees (>$250K/year and above) who finance their purchases with loans will be hardest hit