US professors lose it on CNBC over China real estate
March 9, 2013 Leave a comment
US professors lose it on CNBC over China real estate
- Staff Reporter
2013-03-09
Professors Peter Navarro and Lee Ann show off their letters. (Internet Photo)
What was supposed to be civilized debate turned into an indecipherable cacophony of egos in a live show on CNBC. Peter Navarro, a professor at University of California at Irvine, and Ann Lee, a professor at the New York University, came to an impasse on the topic of the impact of the Chinese housing bubble on the global economy, reports Shanghai-based Xinmin Evening News. China released recently new regulations to curb China’s rising real estate prices, including an increase in down payments and loan rates for buyers of a second piece of property in cities. These policy measures worry investors and generate fears of a bubble building in China’s property market.
CNBC invited Navarro and Lee to share their perspectives over the concern, which kicked off well until Ann Lee started speaking. Before finishing her first sentence, Navarro began and kept up a string of snide comments about her affiliation with Beijing, and continously cut off Ann’s every attempt at an argument. The brawl boiled over when she said, “I don’t think there was a bubble at all. The Chinese government has been trying to slow and cool this part of the economy for years.” Navarro, a seasoned academic at a respectable university, came back with an extraordinary rebuttal in the middle of Ann’s sentence, “This is the most bullshit I have ever heard,” and “shame on you, Ann.” Eventually the hostess Michelle Caruso-Cabrera gave up trying to exact something viewers could understand and cut short the show.
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