Past Due

Past Due

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How Main Street was hit bya€”and might recover froma€”the financial crisis, by The New York Times's national economics correspondent When the financial crisis struck in 2008, Main Street felt the blow just as hard as Wall Street. The New York Times national economics correspondent Peter S. Goodman takes us behind the headlines and exposes how the flow of capital from Asia and Silicon Valley to the suburbs of the housing bubble perverted America's economy. He follows a real estate entrepreneur who sees endless opportunity in the underdeveloped lots of Floridaa€”until the mortgages for them collapse. And he watches as an Oakland, California-based deliveryman, unable to land a job in the biotech industry, slides into unemployment and a homeless shelter. As Goodman shows, for two decades Americans binged on imports and easy credit, a spending spree abetted by ever-increasing home valuesa€”and then the bill came due. Yet even in a new environment of thrift and pullback, Goodman argues that economic adaptation is possible, through new industries and new safety nets. His tour of new businesses in Michigan, Iowa, South Carolina, and elsewhere and his clear-eyed analysis point the way to the economic promises and risks America now faces.they couldna#39;t find full-time jobsa€” a jump of more than 3 million in a single year. ... He had run up nearly $2, 000 in credit card debt to buy food. ... a€œThata#39;s the first time in my life Ia#39;ve had to do that, a€ he said. ... position at Safeway, a clerka#39;s job at Home Depot, and more than a dozen othersa€” but the market seemed hopeless.

Title:Past Due
Author:Peter S. Goodman
Publisher:Macmillan - 2009-09-15


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