and, yes, the BS hedgie crash will have impact...for one, it will lead to repricing of assets in other funds.

But people need to reminded of the very real risks, or speculation gets out of control. That's why, although I'm not a big fan of the Chinese government, I think their efforts to try to squash their bubbles in real estate and the stock market are smart.

If the US stock market had crashed in 1999, it would have been less painful. If the US real estate market had peaked in 2003 (when it would have except for mortgage "innovations"), it would have been a lot less painful it will be.

--Tony