Who's Your Daddy?

The United States is deeply in debt to China. A consequence of our profligate spending on war, on tax breaks for the super-rich, on welfare for Halliburton and other buddy companies of the prez and veep is that we've had to borrow billions from China (and Japan and Germany and the Saudi Royal family (friends of G.W. who are making a killing from the higher oil prices), and more of those super-rich, etc.). We must now be willing to pay a price for our profligacy. So here is my response to those who complain that China is starting to use its dollars to buy American assets (rather than just buying our bonds), chill out! Capitalists will be capitalists, whether they are state capitalists or super-rich privo-capitalists. They will accumulate assets and use those assets to accumulate more assets. That's what capitalism's all about, right? You should all be hoping that China starts buying U.S. equity and real estate. It may be the only hope for avoiding a rather rude awakening in U.S. equity markets and keeping the air in the real estate bubble. Anyway, I think it's a bit humorous that people like Lou Dobbs are getting all worried about China's acquisitiveness. Alan Greenspan's not worried (Who's your daddy, Alan?). Secretary of the Treasury Snow is not worried (ditto). G. W. is not worried (triple ditto with oil on top). If these statesmen and patriots are not worried then why are you in such a tizzy?