Professor Lang goes viral; China is in recession, banking system broke

Last week, a friend of mine sent me the YouTube audio of his speech from October 22 in Shenyang. I've been busy and did not have time to listen to the 250 minute (!) speech. However, the Epoch Times, which seems to exist only as an anti-Communist party mouthpiece for the persecuted Falun Gong, has reported on the newsworthy items. Chinese TV Host Says Regime Nearly Bankrupt

Despite Lang’s polished appearance on his high-profile TV shows, he said: “Don’t think that we are living in a peaceful time now. Actually the media cannot report anything at all. Those of us who do TV shows are so miserable and frustrated, because we cannot do any programs. As long as something is related to the government, we cannot report about it.” He said that the regime doesn’t listen to experts, and that Party officials are insufferably arrogant. “If you don’t agree with him, he thinks you are against him,” he said.

Lang’s assessment that the regime is bankrupt was based on five conjectures.

Hat tip to Mish Shedlock, where I first saw the article. Mish's response is similar to mine, "so what else is news?" However, let's look at it from a social mood perspective. His speech is incredibly negative, delivered to a mainland audience (Lang is a professor in Hong Kong) and other Chinese have "jumped the wall" to listen to it on YouTube, which is how I found out about it. Part of Lang's popularity is due to his use of over-the-top language and hyperbole, something that Liu Junluo is fond of and one can find no shortage of on U.S.-centric blogs such as ZeroHedge. The only difference is the Americans think their leaders are bozos and the Chinese are wise technocrats, while Chinese believe their leaders are bozos and the Americans are led by wily masters of realpolitik. Perhaps the former is true in both cases......either way, social mood in China is low and declining.

1000 employee factory cannot earn 1/30 the profits of 1 wife speculating in real estate

温州企业主：开千人大厂利润不及老婆1人炒房所赚1/3

一位不愿具名的企业主向晨报记者介绍，自己的工厂有1000多名员工，然而一年辛苦下来利润不足百万，而老婆在上海投资了10套房产，8年间获利超过3000万。

One factory owner unwilling to be named told the Morning Post, after a hard year's labor, profits don't even reach 1 million yuan, but his wife bought 10 apartments in Shanghai and over 8 years she has earned more than 30 million.