Again, we looked at places that had gone crazy in terms of credit extension on the back of real estate. At the peak, new residential construction in the US was 6 percent of GDP — it is normally 2 or 3 percent. It was a big driver. In China, by the way, the official number is 12 but the real number is closer to 20 percent. To put the current China bubble in in perspective, it dwarfs what happened in the West.
quote="behappyalways"]A pretty long article.....a good read
An interview with Jim Chanos
http://cdn1.valuewalk.com/wp-content/up ... Chanos.pdf[/quote]