this article was written in the NY Times by Paul Krugman. the audience of this article was to everyone whom does not quite understand where are current economic troubles are coming from, i.e. the orientation of the recession. It was written to basically trace back the steps of the recession and state why it is happening.
The argument the writer is making is that the recession is a result of Asian and European economies exploding along with the U.S. housing boom and burst near the coastal states.
I believe that the writer is spot on for the most part. There are tons of things we can attribute the current recession to. I believe that the combination of dulling out credit to those that aren't credit worthy for homes they never could afford in this country and the explosion of modern competing markets in Asia and India are the main issues of all this, along with just general history. History when it comes to recessions especially, generally recessions seem to come around about every 10 or so years. The last recession was back in 2000-2001 era and now we are near the bend of another decade so historically, its a bit early but its close enough. This recession seems to be alot worse than any we have had in almost 80 years so I guess we can only be hopeful and pray that for one time in our existence we learn from our mistakes once this is over.
