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