Unocal

Shorter Billmon: Pretending that China buying Unocal is a crisis may precipitate a real crisis, since it could convince the Chinese that the billions of dollars they control aren't worth much if they aren't allowed to buy what they want--like oil companies.
Slightly longer Billmon:

It's completely insane (or utterly craven, or both) to obsess over the $18.5 billion purchase of a second-tier oil company, when China is buying up roughly that same amount in U.S. Treasury and agency securities every quarter. China's stockpile of Treasuries ($235 billion at the end of April) already equals almost 12% of all U.S. debt in foreign hands, and is growing nearly twice as fast as the global total.

The full uncut Billmon is here. Billmon is an excellent blogger, but the best thing about Billmon is that he calls the House of Representatives
the "Chamber of People's Deputies."