'Amusing that the newspapers became hysterical earlier this week about a market sell-off of 2%. Perhaps these journalists weren't yet born during sell-offs of 10% and even 20%. Then things got really scary.
Meanwhile the VIX is at a ho-hum 20%: typical for a stock index.
If, however, the real truth emerges about the failing Chinese economy, 20% looks like a buy.
The folks out East are still novices at capitalism - they don't understand the consequences of economic bubbles. My hunch is that things over there will get a lot worse before they get better, and all the propping up will only slow the descent.
But hey, what better way to spend our money?'