Today is a huge day for this country. Not only did the GOP take back a pivotal seat, but the markets are reacting fiercely and appropriately to a horde of economic data. The possibilities from here are unlimited.

Baltimore — Who do you trust more, the Chinese government or the politically connected folks at the helm of Goldman Sachs?

For years, the Street has looked at any Chinese economic data with a weary eye. Without the checks and balances of a democratic government, Beijing had plenty of reasons to manipulate its growth figures.

Baltimore-(TFN):Time to panic? If you are part of the Obama administration the answer is yes. If you are an American investor, hold off on the freaking out for at least another month or so.

The U.S. economy shed 693,000 jobs in December, a showing that was far worse than economists had expected and that may even have been the biggest monthly loss of jobs in more than 30 years, analysts said of a closely watched survey of business employment released yesterday (Tuesday).

Even with the arrival of the much-hyped Beijing Olympics, the Chinese stock market remains on a serious downer.

Yesterday, China’s benchmark Shanghai Composite Index dropped 5.2 percent after economic data revealed wholesale price inflation jumped to its highest level in 12 years in July.

However, Taipan Daily editor Justice Litle says China’s long-term outlook remains strong – and some China plays look more favorable than they have in years. Here are Justice’s six reasons why the China bears are wrong…

‘The economic figures in Spain have deteriorated. Rato proposes reforms, and hopes that the government approves a package of economic measures soon’ says Paola Pecora.

From Bloomberg:

Federal Reserve policy makers, sensing both renewed inflation dangers and a possible economic boost from government rebate checks, may be nearing a pause in interest-rate cuts after the fastest reductions in two decades.In remarks this week, Fed Governor Kevin Warsh, San Francisco Fed President Janet Yellen and three other district- bank presidents voiced concerns about rising prices.