People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.
David WesselThere is also a concern that there is a lack of demand of oil. And so when commodity prices fall, it's good if you happen to be a consumer, but it's sometimes seen as symptom of a weakening economy.
David WesselThere is the fact that - people have had a lot of confidence that the Chinese leadership could fix what is wrong with their economy so it wouldn't have ripple effects around the world. I think that confidence is being shaken by how difficult it is for them to manage their stock market and their currency.
David WesselIf you don't have a set of principles that you can explain for what you are doing, then how can anybody know what you're going to do next?
David Wessel