Sunday, March 8, 2009
Assignment#6 J. Tripp
Revenge of the Glut is the name of the article that appeared in the New York Times. The article was written by Paul Krugman and was directed towrd anyont who is aware of the financial crisis the world is in. The article goes on to explain how one day a nation can be on top of the world (in financial terms) but within a few years everything can change. In this article it explains that it was a number of things that caused our national debt, not just bad home loans and subprime lending. The article also says that what we thought were crisises back in the day are nothing compared to what we are going through today. America has a huge trade deficit with the economies of Asia. This deficit does not help out the debt situation of America. America has dug itself into a deep hole that is going to take a while to get out of and there is no definite way to get out of it.
Assignment # 6 A.Huddleston
The article "Revenge of the Glut" was published on March 1, 2009 in the New York Times. The author Paul Krugman is an opinion columnist for the New York Times. This article talks about what might have led our economy into a downward spiral it is in now. Mr. Krugman is an American economist and professor of economics and international affairs. Krugman is a recent winner of the Nobel Prize in Economic Science for his take on trade patterns and economic activity. So Mr. Krugman is no stranger to watching the economy, and is educated enough in this subject to make his opinion valid.
Krugman helped predicted; before the crisis happened; that the housing market was going to soon fall. He predicted that it would soon fall to 25% over all and 50% in high populated areas like Miami and Los Angeles. He also blamed the economic fall on two people and they would be Greenspan and Gramm. As Krugman thinks that the housing market was a part of the economic downfall; it was not the only thing. There were several things that got rolled into a ball causing the downhill snowball effect.
Home loans, interest rates, borrowers of money, the account deficit, US currency rate, plus more problems helped our economy be thrown out of whack. In turn the whole world's economy has seen a huge drop. The greed of many people on the political level and else where also did not help our economy. Bankers, Wall Street investors, and many other trading company investors are now having to reap what they have sown. Also, large capital flows ended up flowing into the Untied States placing all the burden on us. It was almost as a tornado came down and hit our economy; causing a catastrophic mess.
If you ask me it was bound to happen almost putting the saying to use. That history repeats itself. Mr. Krugman is trying to inform everyone on how this happened, and argue that we should have seen this coming. I mean how could we have not seen this coming. People buying houses they could not afford, and banks deceiving them into thinking they could. Credit card companies giving credit to those who have already has bad credit. Also the federal government bailing out companies like Bear Stearns in an already overloaded deficit. This then obligated the federal government to help other failing companies; thus making other companies cry wolf. There were several things the government could have done to help stop this but were obviously blinded by other things that seemed more important than this. So now thanks to greed and other things us as Americans now have to face huge inflation, joblessness, and homelessness. Even though we are in a resection if something is not done soon then we are going to slip back into history and go back into another depression.
Krugman helped predicted; before the crisis happened; that the housing market was going to soon fall. He predicted that it would soon fall to 25% over all and 50% in high populated areas like Miami and Los Angeles. He also blamed the economic fall on two people and they would be Greenspan and Gramm. As Krugman thinks that the housing market was a part of the economic downfall; it was not the only thing. There were several things that got rolled into a ball causing the downhill snowball effect.
Home loans, interest rates, borrowers of money, the account deficit, US currency rate, plus more problems helped our economy be thrown out of whack. In turn the whole world's economy has seen a huge drop. The greed of many people on the political level and else where also did not help our economy. Bankers, Wall Street investors, and many other trading company investors are now having to reap what they have sown. Also, large capital flows ended up flowing into the Untied States placing all the burden on us. It was almost as a tornado came down and hit our economy; causing a catastrophic mess.
If you ask me it was bound to happen almost putting the saying to use. That history repeats itself. Mr. Krugman is trying to inform everyone on how this happened, and argue that we should have seen this coming. I mean how could we have not seen this coming. People buying houses they could not afford, and banks deceiving them into thinking they could. Credit card companies giving credit to those who have already has bad credit. Also the federal government bailing out companies like Bear Stearns in an already overloaded deficit. This then obligated the federal government to help other failing companies; thus making other companies cry wolf. There were several things the government could have done to help stop this but were obviously blinded by other things that seemed more important than this. So now thanks to greed and other things us as Americans now have to face huge inflation, joblessness, and homelessness. Even though we are in a resection if something is not done soon then we are going to slip back into history and go back into another depression.
Assignment #6 C. Slough
The article “Revenge of the Glut” was written by Paul Krugman of the The New York Times and was published on March 1st, 2009. Paul Krugman has a B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics. He has been writing for the New York Times since 1990.
The purpose for the article was for anyone interested in knowing why the United States is in a hole and why economics works and anyone that doesn’t understand how it works and how we got in this glut. It also describes how many European markets have failed, such as the Iceland, Ireland, and Estonia. For awhile these three were on top of there game with the inrush of capital money that created the illusion of wealth and in the last two to three years the capital bubble has burst. Recently this year Iceland went bankrupt. Also talk about the Asian financial crisis of 1997-98 which back then, twelve years ago seemed like a big deal at the time but no it looks like nothing compared to the crisis now. The other thing it describes is how our money is spread all over the world and now we must get it back somehow. But the basic point of this article is how the United States got into the financial mess it’s in right now. But in the end I believe our country can prevail from this crisis. It was an interesting article the read about.
The purpose for the article was for anyone interested in knowing why the United States is in a hole and why economics works and anyone that doesn’t understand how it works and how we got in this glut. It also describes how many European markets have failed, such as the Iceland, Ireland, and Estonia. For awhile these three were on top of there game with the inrush of capital money that created the illusion of wealth and in the last two to three years the capital bubble has burst. Recently this year Iceland went bankrupt. Also talk about the Asian financial crisis of 1997-98 which back then, twelve years ago seemed like a big deal at the time but no it looks like nothing compared to the crisis now. The other thing it describes is how our money is spread all over the world and now we must get it back somehow. But the basic point of this article is how the United States got into the financial mess it’s in right now. But in the end I believe our country can prevail from this crisis. It was an interesting article the read about.
Saturday, March 7, 2009
Assignment # 6 M. Gardner
On March 1st, 2009, in the Opinion section of the New York Times, the article Revenge of the Glut was published. The article was written by Paul Krugman. Krugman has taught at widely known schools such as Yale, MIT and Stanford. Krugman has received degrees from Yale and MIT.
As more time passes on people are asking more about how America got into such a bad situation. This article helps explain how the economy got into the situation it is in. Another topic in the article is how the economy works. In the beginning of the article it explains how the house loans were only a small problem to start with but along with other problems have lead to debt crisis. Into the article Krugman explains how a speech four years ago by Ben Bernanke can be linked to America today. Ben Bernanke is the Federal Reserve chairman. Mr. Bernanke cited “the depth and sophistication of the country’s financial markets (which, among other things, have allowed households easy access to housing wealth).” Krugman explains in the article that this was the revenge of glut.
America has put a good bit of money into other countries but little flow of money is being returned into America. America was more focused on money going to other countries it was too late by the time America realized there was not enough coming back. America bankers ran the world by finding certain ways to enrich themselves. By enriching themselves they were hiding risk and fooling investors. Assets prices were rising, and money was strong and everything was looking fine. Until those investors knew things were wrong but continued till it was kind of too late. As the author states “bubbles always burst sooner or later.” Those asset prices that was rising vanished leaving nothing but debt and a crisis. It’s not like America has only had a crisis like this many countries have. Like any person goes through a rough time so do countries. If Asia made it through a rough time for a year then America should be able to. It’s not understood how much time America needs but the author makes a point we can do it like others. At the end of the article the author states “global paradox of thrift: around the world, desired saving exceeds the amount businesses are willing to invest.” The result in this glut is the global slump American and some other countries are in.
The audience of this article is geared toward anyone who cares and wants to understand why America is in this glut. As stated before this article was in the Opinion section of the New York Times. Krugman wrote this article to express his feelings toward American and the global slump it is in. Krugman also wrote this article to help people understand his feelings and the global slump of America. The overall argument of the article is that America is not the only countries to be in a slump and how it happens and how countries can get out the global slump.
As more time passes on people are asking more about how America got into such a bad situation. This article helps explain how the economy got into the situation it is in. Another topic in the article is how the economy works. In the beginning of the article it explains how the house loans were only a small problem to start with but along with other problems have lead to debt crisis. Into the article Krugman explains how a speech four years ago by Ben Bernanke can be linked to America today. Ben Bernanke is the Federal Reserve chairman. Mr. Bernanke cited “the depth and sophistication of the country’s financial markets (which, among other things, have allowed households easy access to housing wealth).” Krugman explains in the article that this was the revenge of glut.
America has put a good bit of money into other countries but little flow of money is being returned into America. America was more focused on money going to other countries it was too late by the time America realized there was not enough coming back. America bankers ran the world by finding certain ways to enrich themselves. By enriching themselves they were hiding risk and fooling investors. Assets prices were rising, and money was strong and everything was looking fine. Until those investors knew things were wrong but continued till it was kind of too late. As the author states “bubbles always burst sooner or later.” Those asset prices that was rising vanished leaving nothing but debt and a crisis. It’s not like America has only had a crisis like this many countries have. Like any person goes through a rough time so do countries. If Asia made it through a rough time for a year then America should be able to. It’s not understood how much time America needs but the author makes a point we can do it like others. At the end of the article the author states “global paradox of thrift: around the world, desired saving exceeds the amount businesses are willing to invest.” The result in this glut is the global slump American and some other countries are in.
The audience of this article is geared toward anyone who cares and wants to understand why America is in this glut. As stated before this article was in the Opinion section of the New York Times. Krugman wrote this article to express his feelings toward American and the global slump it is in. Krugman also wrote this article to help people understand his feelings and the global slump of America. The overall argument of the article is that America is not the only countries to be in a slump and how it happens and how countries can get out the global slump.
Wednesday, March 4, 2009
assignment 6 h.wilson
The article, Revenge of the Glut, was written by Paul Krugman. This article was published on March 1st, 2009, in the New York times. Krugman received his degrees from Yale and MIT and later went on to teach at those fine universities. He started writing for the New York times in 1990.
The audience for this article is people who don't know much or anything at all about the economy. Therefore, this article is mostly about the economy and how it works. Krugman talks about how every economy rises and falls and that people just have to adapt to the changes.
He talks about how this is the revenge of the glut and there are money issues with America and other countries. I feel that we are America and we can get through anything. Other countries have been through this situation and came out okay, so I have faith that we will too. We just have to figure out how to get our money back. All in all this was a great article and it taught me a few things.
The audience for this article is people who don't know much or anything at all about the economy. Therefore, this article is mostly about the economy and how it works. Krugman talks about how every economy rises and falls and that people just have to adapt to the changes.
He talks about how this is the revenge of the glut and there are money issues with America and other countries. I feel that we are America and we can get through anything. Other countries have been through this situation and came out okay, so I have faith that we will too. We just have to figure out how to get our money back. All in all this was a great article and it taught me a few things.
Assignment #5 R. Wilkerson
In the article “Will: The continuing fall of federalism”, by George F. Will that appeared in The State newspaper was write about the decline of Federalism in the process of electing Senatorial replacements do to the proposal of a new amendment to the Constitution. Russ Feingold (Senator form Wisconsin) with the help from John McCain (Senator form Arizona) wants to amend the 17th Amendment of the Constitution, so that vacant Senate seats are filled by a state election instead of being filled by Governor appointment. Mr. Will’s opinion is that this amendment will effect how the Senate operates. The Senate was designed like the House of Lord to discus and debate the rushed actions of the House of Commands which would be our House of Representatives.
Before the people were give the power to elect Senators they were elected by the Legislature of the States. Which produced some of the most influential Senators in our Country’s history, because the people who where elect were experienced and they knew and understood the Constitution. The process of State elections takes away some of the over lapping Federal and State powers away that were put in the Constitution to be checks and balances. But do to the controversy around the appointment of Senator Burris who filled the seat vacated by Barack Obama, and the Governor of Illinois wanting to sale the seat “because it is golden”. Gives Feingold support in passing the Amendment by say he wants to stop the Senate from being corrupted and it also gives the people the right to vote for their temporary Senate replacement until an official election is held.
Before the people were give the power to elect Senators they were elected by the Legislature of the States. Which produced some of the most influential Senators in our Country’s history, because the people who where elect were experienced and they knew and understood the Constitution. The process of State elections takes away some of the over lapping Federal and State powers away that were put in the Constitution to be checks and balances. But do to the controversy around the appointment of Senator Burris who filled the seat vacated by Barack Obama, and the Governor of Illinois wanting to sale the seat “because it is golden”. Gives Feingold support in passing the Amendment by say he wants to stop the Senate from being corrupted and it also gives the people the right to vote for their temporary Senate replacement until an official election is held.
Tuesday, March 3, 2009
Assignment #5 M.Gardner
George F. Will from the Washington post was the author of the article Will: The continuing fall of federalism. This article was posted on Sunday February 22, 2009 on the South Carolina’s home page. South Carolinas home page is www.state.com. The article is writing about the 17th amendment and how some want to keep the amendment and some want to amend it. The simplest understanding of the 17th amendment is about the states and how they select their legislature.
Senator Russ Feingold does not want the governors to fill senate vacancies but rather by voters. Many reasons can come up for a senate seat to be filled. However, in the case where President Obama’s seat was up for sell shows that something should be done. This day in time people need to worry about more important things then selling a seat knowing its wrong and they are going to get into trouble. You hear about all the abusing of powers while in the senate but there are some good things going on. Every state should be able to pick their senate for many reasons. Letting states pick the senate will help will the same party always getting in the senate. The states and local governments do some much on their own why not add this?
I believe the states can not have enough power. The federal government needs to realize that things to need change now! Look where some Americans are now. Overall, the author is trying to make sure Americans understand what the whole deal is with the 17th Amendment. The author is just showing a point in how no matter what happens there will never be total agreement between states, government, and parties.
Senator Russ Feingold does not want the governors to fill senate vacancies but rather by voters. Many reasons can come up for a senate seat to be filled. However, in the case where President Obama’s seat was up for sell shows that something should be done. This day in time people need to worry about more important things then selling a seat knowing its wrong and they are going to get into trouble. You hear about all the abusing of powers while in the senate but there are some good things going on. Every state should be able to pick their senate for many reasons. Letting states pick the senate will help will the same party always getting in the senate. The states and local governments do some much on their own why not add this?
I believe the states can not have enough power. The federal government needs to realize that things to need change now! Look where some Americans are now. Overall, the author is trying to make sure Americans understand what the whole deal is with the 17th Amendment. The author is just showing a point in how no matter what happens there will never be total agreement between states, government, and parties.
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