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skibum,
Excellent China analysis. As my parents and their more clear headed friends often lament, the Chinese populace has learnt nothing from history and is repeating all the mistakes of capitalism.
It's hard to say how much of the current arrogant wastefulness could have been curbed if Deng had selected better heirs. Oh well.
OO,
The mindset of the Mainland Chinese bourgeoisie is callous, self-righteous, self centered and WASTEFUL. Even my parents in the States are afflicted. My mom came back from a recent trip to Shanghai speaking of their perfectly nice, centrally located Shanghai flat as if it was unfit for human habitation (even though it is modern, well constructed, quiet, well spaced, well lit, etc). Apparently her friends all disparage of 110 sq meter flats now that some (by no means the majority) live in 200 sq meter duplexes.
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Hedge funds are now upset that banks are changing the terms of mortgages already made. The hedge funds have bought derivatives to bet on (against) the housing market, and find the value of their derivatives is falling as the banks let borrowers off the hook:
This is interesting. Who will win? Enforcement of contracts (hedge funds), or the ability to weasel out of contracts (banks/politicians/FB's)?
Patrick
#housing