Krugman in the New York Times Sunday Magazine

Lions, and Tigers and Debt, oh my...

The global financial crisis of 2008-9 had its roots in more than two decades of growing complacency in wealthy nations, a complacency whose main financial manifestation was ever-growing leverage. Bankers and households alike piled on levels of debt that would have been sustainable only if nothing ever went wrong. Inevitably, something did — and a result was to force much of the advanced world into a harsh process of deleveraging, of slashing spending to pay down debts.

After taking apart the existing order which allowed the failures to occur in the first place through a failure in core regulations of the financial industry.  We racked up debt upon debt upon debt.  He goes on to talk about what America shouldn't do and what she should do.

I’m worried that Ben Bernanke may end up being bullied into raising interest rates when he should do no such thing. There will eventually come a day when the Federal Reserve Board should tighten — but that day is years away.

If we don't raise interest rates, what should we do?

[H]ere in America, we face no dilemma at all: our economic policy should be concerned with jobs, jobs and jobs.

Do you hear that, President Obama? JOBS, JOBS, JOBS!  We need to grow this economy to recovery, not slash it to death. GROW, GROW, GROW!!!!