: About Me

The credit crisis and recession of 2008 are symptomatic of the underlying problems of the American economy. In my opinion, what has been going on is an overall decrease in Americans' incomes. This is due in large part to the loss of manufacturing jobs in the US. These highly-paid jobs are replaced with either no jobs or poorly-paying jobs. Despite their decreasing earning power, Americans continued to spend at record rates, financing their spending with credit. This was evidenced by the housing bubble, where housing was generating record prices while Americans real earning power was fallin...