The article "Revenge of the Gult" was written by Paul Krugman in the New York Times and was directed toward the american people in order to show how there were so many ways we could have avoided the situation that the country is facing now. The article was written toward the public showing that all the warning signs were there and we all refused to listen to them. Krugman arguse that there was so many ways to avoid alot of this but the american people refused, and now we are paying the consequences.
The article also talks about the "Subprime Crisis" and how it was such a worry if it could be contained. He also shares how subprime only contributed just a small fraction to our problem today. Kurgman states the question "How did this global debt crisis happen?", and replys 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 that the emerging economies of Asia in the mid 1990's had been major importers of capital, borrowing abroad to finance their development.
In conclusion, The article brings up key points on how in the past these future events were predicted to happen but we did nothing to try and stop them. Now we have to deal with the consequences of our actions.
