Krugman Speech Today

I just finished attending the Paul Krugman (far left) speech today in TUC's Great Hall at the University of Cincinnati. He recently won the Nobel Prize in economics, and his talk today centered around the current economic crisis (an obvious choice).

He made some interesting points, but you could tell he had to watch his words as he did not want to get too political as he does in his New York Times Column. He did a wonderful job staying focused on economics and had a pessimistic but honest outlook as he said of the future, "it will be a long, and difficult haul." His main worry was unemployment could remain high for the next decade.

Attending the lecture was 200+ composed of Economic faculty across the coutnry, Trustees of the University of Cincinnati, and some other local big-whigs.

One of Krugmans best points was our neglect in remembering history and the problems that occur when we as Americans become complacent. The question is, how many students really understand or are attempting to understand what is happening now? If we are not students of the current problem, what will the future hold in store and how bad could it be if we are to get out of this mess?

What is the answer? Is big business (too big to fail) the main problem? Or did politics go too far in selling thier votes to companies? Krugman even mentioned the "off with the heads," attitude has been very mellow. Perhaps it is due to the fact many politicians were in the pockets of these CEO's so everything has been kept quiet.

Will government spending move us forward or should small business be the way out? Instead of 20 huge conglomerate financial banks, how would it be if bank owners had to conduct due dilligence in handing out loans becasue if they failed to do so they would receive no gov't help (like small banks for instance)?

All I can say is someone (probably my generation) will have to pay for this mess. And someone (my gen. again) will have to "starve" or not receive lovely health/monetary benefits until the age of 100. Hopefully the most educated generation in American history (again, my genereation) can make some decisions and force the older gens to understand its not their game and its not their rules anymore when it comes to our tax dollars going to their benefits and foul-ups. But then again, we will also have to realize, the dream of retirement is over and the American dream of a huge house is finally reverting back to the American dream of a steady job and a loving family. It will get better, but it will not be short and sweet.