Assignment 6 C.Carolina

"Revenge of the Glut" by Paul Krugman of The New York Times sums up the views of Paul Krugman related to the recession of the American economy. Krugman blames the housing market and the lack of lending by our national banks for the current economic state. As it is true that the housing market fall was directly related to the illusive tactics of bankers and lenders. Basically Krugman states the "revenge of the glut" is the cause of our recession. As a result of imports exceeding exports, the fall of the american dollar, and the fall of the domestic automobile industry we now have concrete examples of this "revenge" Paul Krugman titles his article after. This much is true, we and respectively other powerful countries alike are facing hard economic times for a number of reasons. Although it is necessary to find the cause of the problem, it's even more important to formulate a solution. Regardless of the "how" and the "why" the American people need to know the "when" and the "where". The quicker the better.