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Thread: "For Chinese, US election is entertaining"

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[quote=BITTERSWEET,327826]<<Paulson was nominated by U.S. President George W. Bush to succeed John Snow as the Treasury Secretary on May 30, 2006.>>

<<In Spring 2007, Secretary Paulson told an audience at the Shanghai Futures Exchange that "An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention." >>
<<Paulson has quickly distinguished himself from his two predecessors in the Bush administration by formally identifying the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury.>>
<<Paulson has conceded that chances were slim for agreeing on a method to reform Social Security financing, but said he would keep trying to find bipartisan support for it. >>
<<He also helped to create the Hope Now Alliance to help struggling homeowners during the subprime mortgage financial crisis>>

The above from Wiki

The heat of realestate can be traced back 5-6 years ago when most economic indicators seem good including labor market.  The fiscal deficit became intense, USD depreciated for the sake of balancing fiscal account, the results are crude production cuts that triggers costs of production sored and labor cuts.  Hence The unemployed were not able to feed the houses and the potential unemployed gave up the dreams of home ownership. As a result, land developers failed to pay the loan to bank and bank failed to pay the loan from depositors or their counterparts.

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