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Asia to the rescue? With Wall Street bleeding billions and booming Asian economies hoarding stacks of cash, it would seem to make sense for Asia to help the U.S. financial industry out of its fix. So far, though, it is not happening.

Burned by the flop of previous investments in U.S. finance, China, the richest new player in Asia, is sitting on the sidelines of the current crisis. Instead of rushing to snap up distressed Wall Street assets, its leaders are looking with growing concern at their own, increasingly troubled economy.