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I live in the Philippines and many of the malls' parking lots here are packed from Thursday to Sunday. Restaurants--packed. Malls--packed. Maybe it's just market stratification but this is puzzling given the fact that there's been thousands of layoffs recently in the manufacturing/electronics sector. Either way, I'm sure there's more than meets the eye.
One thing is for sure--when the US catches a cold, many parts of the developing world catches pneumonia. That said, I'll still continue saving up/getting ready for the coming economic tsunami.
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