Wednesday, February 25, 2009

Japanese exports fall 46%

With all of the buzz around the President's speech and Fed Chairman Bernanke's testimony this story out of Japan kind of fell between the cracks. Asia is really teetering and frankly many of the countries in the Asia Pacific rim have probably slipped into a deep, deep recession if not a depression. It will take many months of data to confirm this shift, but the magnitude of the moves are unprecedented.

"During the last three months of 2008, Japan’s economy shrank a dramatic 12.7 percent from the year-earlier period, and the trade data for January, which was released Wednesday, underpinned economists’ views that the start of 2009 is looking even worse.

Exports plunged 46 percent from a year earlier and imports dropped 32 percent, echoing similarly sharp declines reported recently by China and Taiwan."

The political and economic impact of Asia slipping this far, this fast will only show up over time.

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Finally, in another example that no one on Wall Street can tell the truth...

Banker Support Group was faked.

This article initially garnered a lot of buzz because it seemed so unbelievable. Girlfriends of bankers forming a support group because they're boyfriends were out of work or suffering through lower bonuses. Unfortunately, the whole thing turned out to be another Wall Street lie:)

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