This morning I was riding in a taxi through the Beijing traffic on my way to Tsinghua University to host a Roundtable discussion with a dozen of China’s leading economists and a host of graduate students. My host for the Roundtable, Professor He Weiwen, overheard 2 interesting stories on the driver’s drive-time news radio broadcast:
1) Congress and the White House were approaching agreement on key aspects of the proposed financial rescue package. (Does this tell you how much China is interested in our financial markets?)
2) A poll in that morning’s Global Times newspaper showed that more than 50% of Chinese people believe the US is becoming a more socialist country.
Good for our brand image? I don’t think so.
JR
Dr. Rutledge,
I am interested in your thoughts on the current crisis in the markets.
While the markets were descending, I was averaging in. But after todays huge decline, I am growing very fearful and losing confidence in the market and our elected officials. Some are saying that we are heading not just into a recession, but a depression. I am not an alarmist but I am extremely concerned. Any comments would be appreciated.