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

[Mav88]

yes but what a lot of you 'live at home so called adults' dont realise is that the monthly cost of living is just so high....in that article other than the beach house holiday(which seemed cheap anyway)there wasnt any expenditure too out of the ordinary,that is what life with kids and living out of home is like boys and girls

oh just wait until they go to college, then the real bills come rolling in. When people start talking about necessities like Xmas presents from the GAP, they lose me.

Homes are not an investment mostly, the costs are enormous. Crap will hit you out of nowhere all the time. It's a lifestyle choice.

 

[TorontoTrader2]

Looks like this couple need everything on this site lol.

Is this the end of an era for white, 'liberal', intellectual, upper middle class do-nothings? He'll be out of a job soon anyway, with the state of the newspaper industry.

http://stuffwhitepeoplelike.com/

 

[Mike Morrison]

Looks like his mortgage might be paid afterall. As big of a dope as he may be you have to love good ole American ingenuity.

Edmund L. Andrews is an economics reporter for The Times and the author of “Busted: Life Inside the Great Mortgage Meltdown,” which will be published next month by W.W. Norton and from which this article is adapted.

 

[ByLoSellHi]

Fixed, recurring costs are the mortal enemy of financial security.

Remember that, boys and girls.

 

[TGregg]

Quote from Some Moron from the New York Times:
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.

Damn, that's the funniest thing I've read in a month! The guy is a reporter for a far left rag and thinks he has some sort of objective view of reality! Then he buys a half million dollar house with his unemployed girlfiend and her two kids when he can't even bring home 3 grand a month. But oh, it's the agent's fault for being willing to lend him.

If you read more of the article, you'll see the author is a typical liberal an unencumbered by such burdensome concepts as thought and planning for the future. He's shelling out for overdrawn checking, financing his high life style on credit cards. He racks up 50 large on plastic(!) but claims to be an economics reporter.

 

[Compulsive]

Quote from 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.

She is not bad looking, I nail her

 

[zuccol45]

let me get this straight. I am being responsible and paying my mortgage. I Live in a way smaller condo without beach house vacations. I drive a honda 02 car. Every single dime I save i put away for my son college education and my own education (I want to pursue a MS in Accounting).
I make close to half the money this yahoo does. Yet, my taxes are bailing this guy out . He's not paying his mortgage but I am. Unbelievable!!! I thought in socialist countries the rich guy was supposed to provide for the poor one. Welcome to America, we bail out a family making 180K/year.

 

[saxon22]

Quote from random flyer:

yes but what a lot of you 'live at home so called adults' dont realise is that the monthly cost of living is just so high....in that article other than the beach house holiday(which seemed cheap anyway)there wasnt any expenditure too out of the ordinary,that is what life with kids and living out of home is like boys and girls

it was not out of the ordinary??????


Let's quote from the article.......

"
she refused to scrimp on top-quality produce, Starbucks coffee, bottled juices, fresh cheeses and clothing for the children and for me. She regularly bought me new shirts and ties to replace the frayed and drab ones in my closet. She thought it wasn’t worth agonizing over nickels and dimes. "

I do not drink starbucks coffee, bottled juices, and that $ 20/pound "fresh" cheese is not on my list either.(funny since fresh cheese is usually cheap, it is that stinky and well aged cheeses that people pay big bucks for, but when you are trying to impress people, it is not the taste you are after). Owning a house especially one where ownership is shared with a bank, requires discipline. Apparently, that is one of the skills they have not acquired.

 

[saxon22]

Between humongous loan balances and high rates, we had hung ourselves with the rope they gave us. In the previous December alone, we charged $2,845 on the Chase card for Christmas gifts, food, gasoline, clothing and other expenses. The charges included almost $350 for groceries, $700 in clothes from J. Crew, $179 at GapKids and $700 for airplane tickets for two of Patty’s children to visit their father in Los Angeles. Our balance climbed from $14,118 to $17,135, and in January 2006 we maxed out at our $19,000 credit limit. And there were other expenses on other cards: $1,200 in dental work for Patty’s son Ben; $1,600 to rent a beach house the previous year for us and all the children. Granted, the beach house was an embarrassing mistake. But given that Patty had landed a solid job, it seemed like an indulgence we could work off later.



Sounds like poor uneducated people in distress. This guy could be making three times as much and it would not be enough.

 

[ipatent]

A lot of their expenses were because of their divorced status.