The article is titled, “Revenge of the Glut” was written by Paul Krugman of The New York Times. Krugman is a professor at Princeton University and has received a Nobel Prize.This article is written to all Americans interested and concerned about our current economic crisis. This article was written to explain exactly why this crisis has taken place.
One of the main points that Krugman expresses is how exactly did we get into this situation? He explains that it cant all be blamed on the loans and mortgages but mostly the "cheap" money spent by Asia into countries and also America. However, this created an illusion of wealth in America and eventually it caught up to us. Now when we are in a crisis everyone wants to save and spend no money at all which digs us even deeper into the hole. Overall, it was a very good article that states a lot of our current problems and a lot could be learned from Mr. Krugman.
