Labor Day in the US and I'm envious. Actually, given how easy US markets have been (relative to Asia, specifically China), I think I deserve to be a bit jealous. After all, it's those of us here in Asia that have been having a bit of a mare while the US seems to be chugging along.
Accordingly, Ben Bernanke set everyone up for a restful Labor Day with his benign address at the FOMC meeting in Jackson Hole. While not being specific, he made the case for further easing to help the US economy. Interesting that everyone's so quick to believe Ben. Meanwhile China's governments (both at local and national levels) have earmarked over RMB20T in economic stimulus and the market can't catch a bid. Pretty discouraging as RMB20T is a massive sum - in fact, it's roughly 40% of China's GDP. Tough times for those who subscribe to the theory of 'just throwing money at the problem'. For now, China's acting more like the oft-cited complaint 'mo money, mo problems'.
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