Chinese money contributed to the last Price spike too, just less directly. If I'm not mistaken, Chinese were some of the biggest buyers of mortgage backed securities. There was a lot of commentary at that time about how Greenspan made a huge blunder keeping rates so low for so long after the dot com and 9/11 economic downturns. It encourages too much money to be put into speculation, since there was none to be made in treasuries and the like. So much for learning that lesson.