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The Chinese actually don't have the capital and solvency to purchase based on the ties they currently have with a mutually assured destruction based on US/Foreign owned factories that are the basis of their capital. They too are on shaky ground.
I do understand that someone has to want those balance sheets. The part that you're forgetting is that US banks are currently picking up those balance sheets by government intervention. They are picking up that bad balance sheet with pennies on the dollar. So what makes this different?
As far as people using cash, well the Chinese are king with that. Walk in your local Chinatown and see just how many of the small businesses take credit cards. You'll find that the ones that do are restaurants...anything else that does, knows that they don't have much of a choice, but will always give a cash discount to the buyer because they don't want to pay those pesky credit fees.
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