Economic crisis, will it happen again like 1997?

With the current economic instability looming in Malaysia (just after the March 8th General election), the world economic has been very volatile as well. Market fluctuation can be seen world wide as US is heading towards recession (YES, US is heading for recession). This is due to more unemployed workers in US as well as REIT prices hit its lowest so far.

Meanwhile, US imports 20% of Malaysia goods. Meaning to say, US is number 1 importer for Malaysia goods. With the current situation in US, a recession might be possible in Malaysia, in fact world wide I expect. Not yet, but soon.

The KLCI has shown opposite trend comparing with Asia main index especially the Nikkei 225 index, Hang Seng and Straight Times Index. Malaysian KLCI increases but other country decreases. It's the same as US index as well. Why is it that it opposes the world trend? Is our economic index overpriced?

Oil prices have been soaring up lately. I wonder how long can the government subsidies the petrol in our country. Sooner or later, they’ll have to increase the price. But when? Meanwhile, buying oil&gas counters might be a good option, providing the current increase trend of crude oil.
Forex trading can be very interesting as well. With the devaluation of US currency to as low as USD/MYR 3.1865, it hits its lowest since our 1997 economic crisis. Back then, USD/MYR is around 2.5000 only. Buying goods from US would be cheaper, but with the current situation, will it benefit our country or otherwise?

Today's (10/4/08) KLCI rose 20.6 points meanwhile we see mix reaction in the Asia region.
So, USD prices are so low now. Probably I’ll get myself an iPhone 8gb? Good thinking, but how can I find that much money? Someone sponsor me? Hehe..