Readers of this space know that economist David H. Wang, a colleague and friend of yours truly, approaches the economic scene from a unique perspective.

Wang was born and raised in Communist China for 22 years, before moving permanently to the United States in 1989 for graduate school, completing his Ph.D. in economics in 1995.

Of course Wang still talks with family and friends in China, and right now there's this joke making the rounds in the great centers in Beijing and Shanghai.

Question: What's the difference between U.S. President George W. Bush and Chairman Mao?

Answer: Chairman Mao actually put some bankers in jail.

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As officials and citizens in China, India, Russia, Brazil, and many other developing nations look on, the United States is attempting to end a financial crisis that threatens to severely damage economies worldwide.

In the process, Wang and other economists agree, a number of myths and misnomers -- some promoted by the current U.S. administration, are being dispelled, and we'll review each in the months ahead.

Continue reading Is the market always right?

Is the market always right? originally appeared on BloggingStocks on Sat, 11 Oct 2008 18:10:00 EST. Please see our terms for use of feeds.