The Cnooc bid, and the many other Chinese bids for American firms that will follow, are the predictable result of the huge trade imbalance. All those dollars we're giving them have to go somewhere.
The trade imbalance, in turn, is the result of an out-of-control American consumer, egged on by Alan "easy credit" Greenspan.
China's boom, and America's indebtedness, is the American consumer's doing. Let's hope China doesn't use its new prosperity to fund military aggression.
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