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.

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