Phil LaBeau

Maybe it is because NBC has the broadcast rights for the Summer Olympics being held in China, but big gas-guzzling, greenhouse gas-emitting automobiles made by General Motors are seen as a plus for the communist nation's embrace of capitalism.

The August 6 "NBC Nightly News" featured the Chinese people's love of troubled U.S. automaker General Motors (NYSE:GM) - an indicator interpreted as an acceptance of capitalism.

"What would Chairman Mao think?" CNBC correspondent Phil LeBeau asked. "Six decades after the Communist Revolution, China has become the hottest capitalist engine on earth. And ironically, some of the most revered symbols of success in today's China are Cadillac, Buick and Chevrolet."