I think it is way too early to call it anything but an experiment in government sponsored and subsidized capitalism. Everything at the end of the day is an ongoing experiment, really. I mean, Americans didn't necessarily invent capitalism. We can date that back to the Amsterdam Stock Exchange which sold shares in the Dutch East India Company in 1602. But certainly we've massively improved on it, and I think made it a very successful economic system. We've been around as a country for 234 years. China's been around much longer, but their economic growth has only been for the last 10+ years or so, so in comparison they are babies when it comes to their economic system and their approach.
In the case of this idea or concept I think it really is a wait and see type of a deal. I say that China should try what it feels is the right way for its country to go. Now if anyone sees problems in that, or think something is underhanded or unfair, well people will speak out and apply pressure—just like often happens to us as well. It'll allow them to shape and reshape and form and reform their system—just like we did.
Just an example is after the crash of 1929 we instituted curbs, which basically stalls the market when we have a specified drop in points in the market to sort of slow down the damage and let things cool off a little bit, which is also known as the 'uptick downtick rule.' This is a learned behavior. We took a lesson from a mistake. We identified something in our stock system that was problematic. We're doing much the same thing now during the recession, trying to right what we perceive to be faulty parts in the system or the process.
These too are all experiments. Curbs proved to help. We'll see about the measures we take today and how they affect tomorrow. We'll too see how the Chinese economy proves to be effective or not.
The short answer is yes, it is too early to call it a success. But equally, it is too early to call it a failure.