Check out Slate for a nice animated graphic on unemployment by county in the US.
The graph shows something that apparently Paul Krugman has forgotten: the real estate bubble actually did cause important economic distortions, which are now manifesting in real job losses.
Krugman argues that the real estate bubble isn't what's behind job losses now; I agree insofar as the real estate bubble is an intermediate rather than primary cause. The primary cause is the explosion of money created by the fractional reserve banking system, overseen by the Federal Reserve and the Federal government.
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