Although the American tradition of “spending money you don’t have” has already passed, the savings rate in January of this year was 5% (the highest since 1995, a commendable savings rate triggered by unemployment and pay cuts).
A few of my Chinese friends cast votes for Obama in the election, hoping he would bring change. They have not been disappointed, for he has brought a series of changes, the biggest of which involves Wall Street. Of course, stock market reforms were absolutely not the change my friends were hoping for - they expected [Read more]
Has the world turned upside down? America, the capital of capitalism, is pondering nationalizing a handful of banks.