Edmund L. Andrews, New York Times economics reporter, has written about the Federal Reserve, Ben Bernanke and Alan Greenspan for the last six years. Before that, he covered the Asian financial crisis in 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. He knows a little somethng about money, markets, and big time financial meltdowns.
In this week's Times magazine, he writes about his own. And it makes you kind of wonder, if this guy is headed toward financial ruin, is there any hope for the rest of us?
Why? How? In his words:
As for me, I had two utterly compelling reasons for taking the plunge [and buying a house he could not afford]:
the money was there, and I was in love. It was August 2004, just as the
mortgage party was getting really good. I was 48 years old and eager to
start a new chapter in my life with Patricia Barreiro, who was then my
fiancée.
Hindsight being 20-20 and all, you can't help but wave your hands and say, "dude, you take home $2,300 a month ... don't sign the papers!" The fact that his wife keeps buying him new shirts and charging $700 in clothes for the kids at J.Crew is also difficult to overlook when I, myself, fashion the loved ones in clearance goods from Old Navy and Target. Then again, I rent.
But that's all part of his point and actually I'm glad he was willing to share such details.
Now, maybe Andrews can turn his bad money situation around. Out next month is his book: Busted: Life Inside the Great Mortgage Meltdown. I'm sure the whole family is hoping for a bestseller.
I wonder, does this look like your life? Your neighbor's?
More Posts
Photo: NY Times
