?Do you think China?s gonna forget??

It's amazing what a few beers and a trip to New York City can get you these days.  In a recent conversation with an unnamed employee of an unnamed big NYC firm that is huge in the mortgage backed securities game I got a feel of just how bad it is on Wall Street.  This person worked on the front lines - packaging and selling CDOs (collateralized debt obligations) to big-time investors.  How big you ask?  How about China, Austria, and a ton of other countries as regular customers? His take seems to me to be right on.  When asked if the housing market is going to "come back" he frankly said, "never."  The reason?  "Do you think China's gonna forget [how screwed they got]?"  As he tells the story he could get anything he wanted rated AAA by the agencies