I had heard this a while back and couldn't ind the link but here's a new article confirming the one I had read before ... in a nutshell Asia owns so much of Freddie Mac and Fannie Mae they bitched enough (some say threatened) to get the Treasury to bail them out:

http://market-ticker.denninger.net/

So you think we are still in control of our own destiny and even more horrific are you and I bailing them out so Asia can get their money back out?