Economics Reporter @ NYT Nearly Gets Foreclosed - He "Should Have Seen It Coming"'

[ByLoSellHi]

My Personal Credit Crisis

By EDMUND L. ANDREWS
Published: May 14, 2009

Edmund L. Andrews, his wife, Patricia Barreiro, and her daughter, Emily, at their Silver Spring, Md., home.

If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us....

...continued...


http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=1&hp

 

[spades434]

Hasn't made a payment in 8 months???? JP must be completely overwhelmed with foreclosures.

Really sad story, kinda. But there comes a time when you have to face reality and stop living above your means. I know the feeling, to a much lesser degree, and it hurts. But it's been the American way for so long now. Just buy, buy,buy..charge everything. Don't worry, it'll be fine....... then the day of reckoning comes and it feels like the end of the world.

Now, lets role play.....put the US govt in this guys shoes, steadily spending and borrowing. Playing out much the same way. Only question is, how bad will the day of reckoning be ??? Time will tell.

 

[EMRGLOBAL]

that is the kicker.....not paying the mortagage. Fuck it, if your laid off right now......not making the payments is fine.

I don't care if all those bastards walked away from their houses.
This country needs to get a solid Washing....

 

[MohdSalleh]

whats the pt ?Living is so unaffordable....tts why many just decide to end it all> life is suffering no doubt abt it

 

[trendy]

Typical "I deserve it all, and I want it now" middle-aged American couple. Well, guess what? You don't deserve it. You don't deserve a house you can't afford. You don't deserve a beach-house vacation. You don't deserve shopping as a recreational activity. Live within your friggin' means. Oh, and you think this is the worst? Wait until the NYT goes bankrupt. I give it less than 2 years.

 

[NYC212]

downgrading my lifestyle may happen pretty soon here, but It is just me, no kids, wife, dog, no mtge.

I will trade in my sports car for a honda, get a roommate...

hoping it doesnt come to that but it might.

 

[jd7419]

Quote from trendy:

Typical "I deserve it all, and I want it now" middle-aged American couple. Well, guess what? You don't deserve it. You don't deserve a house you can't afford. You don't deserve a beach-house vacation. You don't deserve shopping as a recreational activity. Live within your friggin' means. Oh, and you think this is the worst? Wait until the NYT goes bankrupt. I give it less than 2 years.

This guy don't deserve shit. He should be so lucky that the soon to be extinct NYT pays him $120,000 a year. I usually feel bad for people who marry women like this but this guy clearly deserves his misfortune. The level of personal financial stupidity of a so called economics reporter seems so just right for the Times.

 

[Illum]

I hate reporters who want to be the news. CNN is full of them.

 

[ByLoSellHi]

Jobs.

This is why we're headed for the kind of times most of us only associate with black and white films.

 

[Illum]

Quote from ByLoSellHi:

Jobs.

This is why we're headed for the kind of times most of us only associate with black and white films.

Yea, its not the lagging indicator these bulls think it is