US economy and China's economy

Washington Post,Jan.9, 2008 page D5: Wall Street skidded lower in another erratic session as investors worried that the tumbling economy may cripple not only mortgage lenders but also create problems for such firms as AT&T. My comment: As I sent my blogs in the past,Inflationary recession or stagflation would be upcoming. Let us wait and see the empirical evidence in the days to come.

On page D8: The spending choices for China's rich are multiplying as fast as the world's fastest growing major economy can mint new tycoons.
In the latest sigh of China's rising upper crkust and its growing appeal to international marketers. Robb Report, the best of the best for the richest of the rich, is making its pitch with a language edition in Shanghai. Sustained economicgrowth especially a boom in property development and export manufacturing has breated piles of private wealth in recent years, and a class dubbed "Xin Gui" in Pin Yin as New Nobility. Such report is designed to attract wealthy readers to learn the finer points of conspicuous consumption.China had 345,000 people with financial assets of $ 1 million+ in 2006,according to a Merrill Lynch CapGemini report last year.