More Wall Street Propaganda

All one has to do is visit an investing website like Seeking Alpha and read the articles there from financial professionals and other investors to see one of the major problems facing America.

People refuse to look in the mirror and face the fact that indeed all is not well with America's economy and that other nations are doing better than we are currently.

There are a good number of articles on Seeking Alpha from the same handful of authors that are constantly bashing our main economic competitor, China. All the articles read the same - lots of flag-waving, calling the Chinese evil and other unflattering adjectives - but never any hard facts.

These articles mouth the US government line that says that Americans and Wall Street aren't to blame for the economic crisis. It was all caused by "global imbalances" - too much saving and not enough spending by those "clever" Chinese who are doing this solely to bring down the US.

So there is a lot of table-pounding about "global imbalances" and anyone who brings up the fact that Chinese consumption is growing nicely is obviously a communist sympathizer.

For all of those flag-wavers, here are some hard economic FACTS for you:

During the past 30 years, personal spending has accounted for 60% of China's aggregate growth in GDP. Recently, spending has accelerated further - between 2006 and 2008 consumption grew at more than 8% a year - Asia's highest rate.

Compared to the US, China's consumption is still relatively small at only 41% of GDP. But consider the trend. China's incremental consumption of tradable goods last year, at about $275 billion, was nine times as great as the US's.

But, go ahead, ignore the facts and continue blaming other countries for the US's problems.....