Depression in China

A $2.7 trillion stock market loss in a ten trillion dollar economy is a depression setting event in China.  While all eyes are on Greece its this cataclysmic event putting China in a Japanese like decades long doldrums that will be remembered.  Its a bad day for Authoritarians who think they can run a country and its economy by pushing a few levers at the top versus a free market of the self organized working at the bottom.