Chinais a world class if not the world class property bubble, primarily high-rise buildings, offices and condos.

What American people and what the markets want is a fair and level playing-field, where the rules are clearly elucidated, where the referees are competent, and where we know that the game is not rigged.

It's very difficult in the technology space when you have been leapfrogged to prosper again.

Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.

What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

Chinais a world class if not the world class property bubble, primarily high-rise buildings, offices and condos.

Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.