This is

is CBS Eye on the World.

Here's John Bachelor.

With my colleague and friend and co-host Gordon Chang at Gordon G Chang. The

Chinese have a stock market you've heard. The question is who's playing that and

who's getting who is holding the bag

because the market goes up and down mostly down

we welcome our colleague long-standing Fraser Howe

a co-author of Red Capitalism, to help me keep through this segment without saying,

gee, what's new here?

Fraser, I read from a recent Bloomberg report.

This is a quote by BCA Researches Marco Papage.

China's been unloved for three years. There's a reason for that. It's because most people think China is

uninvestable. And this market reaction right now is perfectly rational. A lot of people who got kind of panicked because of fear of missing out are going to say

to themselves after it crashes, oh my God, what did I do? Is there something new in the Chinese market that we haven't seen before in a

New York market about panic and fear and greed? Good evening to you.

Fraser.

Hello John. Hello John. Hello, John.

No, as you know, that it is very seldom anything to you under the sun.

And China has, as much as the regulators and the exchanges tell you when you meet them, we're trying

to avoid boom and bust. They just recycle through boom and bus cycles, which are largely driven by government policy which the and in this case the government

comes out with a monetary policy part of which is saying we're going to pump all this money into

...