Friday, January 18, 2008

Required Reading

Krugman on how we became a borrower nation and did it badly.
In other words, the United States was not, in fact, uniquely well-suited to make use of the world’s surplus funds. It was, instead, a place where large sums could be and were invested very badly. Directly or indirectly, capital flowing into America from global investors ended up financing a housing-and-credit bubble that has now burst, with painful consequences.
And the recession was the number one story on NPR this morning, as predicted.

No comments: