I am a critic of the de-regulation ideology that helped shape the conditions that led to the asset bubble that has now most decidedly burst. We opened up huge holes in the federal securities laws through which both Main Street CEOs and Wall Street financier were more than happy to drive through over the last two decades.

But Sebastian Mallaby is not wrong about the price we have paid to enjoy the China price – the low cost consumer goods produced by horribly abused sweatshop non-union labor kept in line by a strong arm regime favored by so many American CEO’s and, pathetically, labor leaders like Andy Stern and Jimmy Hoffa.

And it is not just mainstream analysts like Mallaby who agree the China issue is a problem. Radical economist Michael Perelman is worth a read as well.