Post-Gazette: It is hard to miss all of the Western hand-wringing over China and its equity markets on the 24/?7 financial news channels. Where was it written that the rest of the world was entitled to a double-digit rate of return out of China, year after year, in perpetuity? Investing 101 tells us that past performance is no guarantee of future results.
And yet, incredibly, the American business media that are diagnosing what China's regulators should do are the same outlets that missed the great mortgage-backed...