Compare this guy's candor to the lack of candor from American bankers. The CEOs of all the U.S. Ponzi banks that collapsed in 2008 insisted right up until the end that they were healthy. We hear the same thing today from American bankers and only a few big-mouthed people (like me) outside the system are willing to point out that the emperor doesn't have a stitch.
The Chinese folks who bought into wealth management Ponzi products are going to see their dreams dashed. At least they tried to invest for their futures. Most Americans haven't saved jack squat for retirement and have no intention of doing so. Americans would rather place their faith in the one big Ponzi scheme called Social Security than take personal responsibility for themselves.
This news makes me even more glad that I sold out the last of my long China equity position.