29 Sep 2008 4:26 pm   //   Filed under: Failure, Hard times

Blame real estate

“I used to live next door to a Russian √©migr√©. One day he asked me to explain something that puzzled him about his new country. ‘This place seems very rich,’ he said, ‘but I never see anyone making anything. How does the country earn its money?’ The answer, these days, is that we make a living by selling each other houses.”

Paul Krugman in The New York Times, August 12, 2005.