Nicely written article by Robert Reich, former Clinton Secretary of Labor. So China makes stuff, creating manufacturing jobs, and sells to us, who buy it with cash out refi money. In order to have that cash out refi, China buys our Treasuries to keep interest rate low, thereby perpetuating our housing bubble/consumerism. We deindustrialize and consume, while they build an empire. We are sacrificing tomorrows standard of living, for todays consumption. The great wealth machine that is our housing bubble will ultimately make us poor, because business investment is non existent. Our future: No jobs/ just houses???? Alan, when are you going to fix this mess!