China Bad Debt May Reach 60% of Bank Equity, Credit Suisse Says
As we have said quite a few times here China's penchant for central control and opacity would eventualy chip away at the Chinese "miracle." And frankly it HAS been a miracle. However, the ride is about to get bumpy we think.
Protestors love sunny weather. Yesterday there wasn’t a cloud in the sky, so there were a lot of protesters in Freedom Plaza for the Occupy DC rally.
As I walked up the first thing I saw was a girl holding a sign that said “Love not hate.” OK, I’m for love, I can definitely go with that. I crossed the street to the main shindig.
At the end of the plaza a stage had been erected where people who seemed more inclined toward hanging out in sociology department lounges than working ranted about Wall Street and it’s greed, the wars, and the death penalty.
Frankly, the beefs most of the people had seemed at least somewhat legitimate. But almost all of the speakers I heard identified “capitalism” as the cause of their problems. It was to be expected but was nonetheless frustrating. As Michael Moore said earlier this week, and I am paraphrasing, “We don’t need to end the Fed, we need to end capitalism.”
Most of the people I saw yesterday probably agreed with that statement.