There 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 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 WesselIf the government can't get the economy moving again, they have a lot of fundamental problems.
David WesselThe stock market was relieved that the Fed didn't sound tougher, and the stock market seems to figure that everything they like about Donald Trump will come true, and everything they're afraid of about Donald Trump will not come true.
David WesselI think it was seen as a symptom that the Chinese leadership may be really scared about their economy.Why would you want to depend more on exports if you're a country that has a stated policy of relying less on exports and more on consumer spending, domestic spending?
David WesselChina's stock market is not very big. And yet when stock market has a bad day in China, it seems, Europe has a bad day and then we have a bad day.
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 Wessel