December 28, 2007

Krugman on the Financial Crisis

How did it get to be this bad? Krugman explains the origins of the mess that may eventually leave over 20 million American homeowners with negative equity, and invoked [Herbert] Stein's Law of economics in describing why it's all come crashing down: "If something cannot go on forever, it will stop."

(via Blah 3, via the amazing Sideshow)

Posted by natasha at December 28, 2007 07:44 AM | Economy | Technorati links |
Comments

He made a very cogent point at the end that goes beyond the economic impact of the current administration, no matter who is elected come November, not much is likely to change. The economic and social powers that have become king makers in the US are too entrenched for their policy will to be violated.

This should be of so much more concern to Americans that interest rates or celebrity gossip.

Posted by: Thomas at December 29, 2007 03:50 AM

-video of Bhuttos death-

Posted by: ccoaler at December 29, 2007 05:42 AM