The New York Times story on how China is no longer willing to be a “responsible,” i.e. quiescent “stakeholder” in the U.S. economy got me to wondering.
How much of TARP, etc., is even for domestic consumption? Did Henry Paulson and Tim Geithner bail out their old employer, Goldman Sachs, not so much for Wall Street as for Beijing?
But, the Chinese, like the Saudis 15-20 years ago, at the end of the Reagan-Bush deficits run, are stuck.
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