MEMPHIS, Tenn. — After 9/11 when China sided with the United States in the war on terrorism, Chinese leaders expected a quid pro quo: Perhaps Washington might make some concessions on the "Taiwan issue." But then U.S. Secretary of State Colin Powell emphatically dismissed this idea.

In 2005, the China National Offshore Oil Corporation made a bid to buy the American oil company Unocal. It also looked at Maytag. This created a furor and members of Congress and other national leaders sharply criticized China. China withdrew the offers. In 2008, the media and human rights groups in the U.S. assailed China over events in Tibet while China was getting ready to hold the Olympics. Some American officials even advocated boycotting the Olympic Games. The situation appears very different now. What a difference a day makes — or more accurately a trillion or two dollars!

The U.S. is in deep trouble economically caused by meltdowns in the housing and financial markets. In fact, America is looking recession in the face, perhaps a prolonged and deep one.