In the Philippines we have a chorus of companies extolling the assertion that because one call center agent position in the states pays for 5 here the downturn only means more jobs. I don’t think so. The real economy is down, and when that happens some companies do dumb things, those dumb things that companies do, they mean lost jobs for countries like the Philippines.

Wal Mart has always had a pay-check related shopping spike – with a substantial number of customers living (as I did when a student) from pay stubb to pay stubb.

But for the first time they are having pay-check driven spikes in the sales of baby formula suggesting the economic pressure is more widespread.

It is about the real economy now.

Bronte Capital: It’s about the real economy now.