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Krugman on the U.S. Economy |
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Written by Stumo
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Friday, 23 November 2007 |
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Krugman comments
on the housing credit problems today. He pulled a quote from a
piece he wrote in 2005, which sums up the U.S. economy pretty well.
“These days,” I wrote in August 2005, “Americans make a living
selling each other houses, paid for with money borrowed from the
Chinese. Somehow, that doesn’t seem like a sustainable lifestyle.” It
wasn’t.
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