Comment

Apr 13, 2014StarGladiator rated this title 1.5 out of 5 stars
A problem I had with this book, as I've had many problems with Krugman, who I differ with on many things, [unlike him, I am an authentic liberal and progressive] is Krugman's sentiment, mirrored in the description: [in quotes] Krugman shows how the failure of regulation to keep pace[end of quote]. Legislation was passed at the federal level [Private Securities Litigation Reform Act of 1995] and at the state level [witness Chris Christie as a lobbyist working to excluded securities fraud from New Jersey's crimes legislation] to allow this to happen. Alan Greenspan's Federal Reserve rates corresponded exactly to the housing bubble, so banks could sell endless amounts of debt and financial instruments based upon that debt. All the pseudo economists supported this [exceptions: Michael Hudson and Michael Perelman]. All the government stimulus, which we now know much of went overseas, and all those green jobs have since been offshored, means nothing unless it is directed towards, and focused upon, the American worker.