Has China Mortgaged The US Future?

Since I am not one of the great economic thinkers of our time, I will approach this from my small perspective of a situation.

On forums and dicussions I have found many who believe that the US is Mortgaging the future to the Chinese. Why? the usually state the fact of how much consumer products that this country gets from China. They say that companies like Wal-Mart are helping this take over by giving them a massive outlet for their goods. Recently a lot has come to liight about the products being unsafe and being recalled. I hear people say companies like Microsoft, IBM, et al are also part of this, because they are biulding massive production centers in China as well as outsorcing jobs, that are much needed in the US.

All of this accussations may have some merit, but I feel there is some other problem that nneeds to be brought forward. Do tell, Professor. Alrighty then, ever heard of the Bank Of China? It has over 1.5 million depositors and that would mean a least a ba-zillion dollars on call. And your point is, Professor? The Bank Of China owns a bunch of American mortgages. SOOOO! If the market goes south and the Chinese get really nervous it will effect the American economic in a most horrible way. If the Chinese start getting out of the business then look for a massive drop in the markets. And I do mean massive!

This situation is why, IMO, that the Bank Of America just pumped $2 billion into Countrywide the country's largest mortgage company. This is an attempt to stabilize the markets. No matter what you would like to call it, it is still a bail out of the sub-prime market and a bail out of the mortgage industry.

China is slowly taking control of the US economy, and should be watched closely for this situation is postponed and not solved.


CHUQ