"Revenge of the Glut" was an article written by Paul Krugman for The New York Times, whose audience is usually pretty politically liberal. It was surprising that this article seemed to support the idea that Asia is mostly to blame for the economic crisis we are facing today instead of the policies that deregulated businesses and banking. Let's not forget those who made these regulations obsolete created the path for this to happen, let's also not forget that greed was a factor and you can find that on both sides of the political fence.
Mr. Krugman explains how even though a small portion of the country experienced a great deal of growth, now that it has busted, the whole country gets to share in the experience of feeling the effects.
He quotes and uses the logic of Ben Bernanke, the Federal Reserve chairman, who lays the blame on Asia who invested heavily in our country after their own economic crisis in the late 1990's. Asia made growing beyond our means too easy with their influx of money.
His theory is acceptable to me to a point, but I wish more authors were interviewing economic experts and succesful business men to find an answer and writing about how to fix this mess - I mean really, who at this point cares how it happened? It's time to do something about it.
