Assignment #6 S.Nelson

Revenge of the Glut was published in the New York Times by author Paul Krugman. This article os for all Americans wondering about the financial crisis that we are in. In this article Krugman talks about the reasons we are having the economic crisis we are. He states that sub-prime lending wasn't the only cause. We are living in a world of troubled borrowers. Another problem is the trade deficit with Asis. Our problems range from the housing market, automobile market, and all other manufactured goods. It is hard to get people back spending in our economy because no one can gaurantee that they will have a job tommorrow. Krugman goes on to say how we are going to be in this mess for a while. Hopefully creditors and banks can get thier acts together and stop lending money to those who are not capable of making the payments. It is terrible to think that so many people have lost everything because our financial market was greedy and was trying to make a dollar. This problem is not only affecting the United States but countries all over our world.