Pop! Housing Bubble Burst is Real, and Consequential
Economist and N.Y. Times columnist Paul Krugman writes that the downturn in the housing market is "a recipe for a major bust, not a soft landing," and that it will likely drag the entire economy down with it. As evidence, check out this Cincinnati Enquirer article about consumers tightening their belts in the face of the housing slump and high gas prices.
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If the global swoon in stock prices were to turn into something more serious, which candidates would benefit?
Republicans and the financial sector sequester the economic surplus in their own hands, price their economic rents to squeeze incomes, and then criminalize poverty as if the poor vote to be poor as a matter of choice!
Danny Schechter's new movie, "Plunder: The Crime of Our Time," tells the story of the economic collapse as "a crime narrative as opposed to a mistakes narrative."
The New York Times columnist brings his liberal conscience and economic expertise to bear on the housing crisis and sheds light on the dirty secret behind many political victories by conservatives: "The consistent source of [Republican] success has been race."
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