Worst Recession in 60 Years?...Where were the alarm bells in Japan? - Part 2
Part 2 of excerpt of article from Edward J. Lincoln, Clinical Economics Professor at New York University, Stern School of Business and Director of the Center for Japan-U.S. Business and Economic Studies. ______________________________________________________________
Trade data for December was available, showing that exports were plummeting and in February, 4th quarter GDP data showed a stunning 12% annualized contraction—much worse than the contraction in the United States.
So, just at the point when the economy was entering a gloomy period the likes of which no one under the age of about 70 could remember in their lifetime, the newspapers stopped asking as many questions.
In April, two major newspapers asked only one economics question—"whether people approved or
disapproved of Prime Minister Aso’s proposed stimulus package."
One would think that as the evidence mounted concerning a very serious downturn in the economy, the newspapers would want to ask many questions about public experiences and opinions. One possible explanation may be that casual observation suggests the recession is just not getting as much attention in the media on a daily basis as it is in the United States.
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