No, China Isn't Having a Lehman Brothers Moment

In the midst of a major global stock market correction following news earlier this week that the U.S. Federal Reserve will likely begin winding down its $85 billion-a-month asset buying program later this year, investors are suddenly fretting about something else – a banking crisis in China. Yesterday, the Chinese intra-bank lending rate soared to an all-time high, as banks suddenly turned off the money spigots that had been gushing for the last several years.