assignment # 6 Mperez

The article "Revenge of the Gult" was written by Paul Krugman in the New York Times. It was directed to the american people in the country showing them that we could have prevented all that happened in the country. Paul Krugman talked about the "Subprime Crisis" and how it was such a worry. He also say that subprime was nothing to worry about. Kurgman answers the question "How did this global debt crisis happen?", with a speech given by Ben Bernanke. Bernanke's speech, titled “The Global Saving Glut and the U.S. Current Account Deficit",foreshadowed what is happening to our economy four years ago. He points out the mid-1990's emerging economies of Asia had been major importers of capital, borrowing abroad to finance their development. Krugman explains how we got into what we are in now. I think this was written to have the american realize that there were so many different ways that we could have avoided aleast some of the situation that were in and no one did anything to try and stop them. So basically were paying the consequence for our actions.