This is John Bachelor, conversation with my good friend Gordon Chang and Anne Stevenson Yang, our

colleague, about what are the choices for China's broken economy, especially the broken housing economy, and takes some remarks seriously and asks if

she was Queen of the World, what would she do? There's very little to be done. She bemoans the fact that iron was taken out of the

ground to build what is essentially abandoned buildings. Here's Anne Stevenson Yang,

commenting on the collapse of the Chinese housing market,

the speculation, the bubble, the collapse.

An old story made new again especially ironic given that the Chinese Communist

Party won't acknowledge what they did was foolish and wrong-headed and

needs to be reversed.

And Stevenson Yang, author of the new book,

Wild Ride, about the rise and fall of the Chinese miracle

these last decades.

More of this tonight.

I mean, it's a very sad thing because, you know,

they could have had a bond bubble or a financial bubble,

but instead they had to go and dig all that iron ore out of the ground and ship it up to China and build all this useless stuff.

What did they do? You know, there are things that I would do if I were Queen of the world, but is China going to do any of those things?

No. So what's going to happen to China, just, you know, more empty buildings that are occupied by

pigeons and more impoverishment of the public?