Sunday, October 12, 2008

Shape Up or Be Shipped into the Next Great Depression


Paul Krugman, an op-ed columnist for the New York Times, discusses the current market crisis and Henry Paulson's failure to act when Lehman Brothers fell. He finds that the original bailout plan was not explained the public successfully. And left the United States' chance for economic redemption out of reach. (photo from sanfransicosentinel.com.)

In the article, "Moment of Truth," Krugman explains how the U.S. economy ended up where it is today. He believes that we as a country need to act immediately. "And when Mr. Paulson announced his plan for a huge bailout, there was a temporary surge of optimism. But it soon became clear that the plan suffered from a fatal lack of intellectual clarity."

He also explains that this is now a global problem and a global rescue plan needs to be embraced. "... we have a globalized financial system in which a crisis that began with a bubble in Florida condos and California McMansions has caused monetary catastrophe in Iceland. We're all in this together, we need a shared solution."

This was one of the first opinion articles on our economic position that was focused more on finding a solution than finding individuals to blame. Krugman explains how everything is connected and brings up the fact that this is now a global issue. I related to his feeling of disillusionment with the situation. I am tired of hearing who is at fault. I would rather hear about who is going to fix the problem at hand.

4 comments:

Stacy Spaulding said...

This is a good example of the basic blog post pattern given in our textbook.

Katie Hopper said...

Catchy headline with a good use of a summary, quotes, links and opinion! Good job.

Cait said...

You followed the blog post pattern to a "T." I especially like your opinion at the end.

Christina Gunther said...

I agree, pointing fingers and blaming people doesn't accomplish anything. It's nice to see someone out there trying to do something other than that.