Sunday, May 17, 2009

NYT Trivializes People With Real Problems Yet Again


The New York Times has done it again - they have managed to publish yet another puff piece on "victims" of the credit crunch that actually only makes the editors at the NYT look like pompous douchebags who have no idea what's going on out in the world. 

The author of this most recent embarrassment is a so-called expert on economics - he's covered economics for the Times for many years and is the author of a forthcoming book on the mortgage crisis, seen from an insider's point of view.  He's an insider because, even though he's trained to see and report on economics and stupid consumer behavior, he nonetheless took out a jumbo loan on a house he couldn't afford, racked up over $50,000 in credit card debt in a matter of months, and is currently more than 8 months behind on his house payment!!  That he still has a roof over his vacuous head is only due to the fact that his bank is too busy to kick him out.

He knowingly signed up for a loan he couldn't afford, he didn't have the balls to tell his wife to stop spending thousands at J. Crew (Omg, if you're gonna break the bank, at least do it at Bloomie's - not J. Crew!), and now he has the gall to gripe about how he couldn't make it all work on a $120,000 salary.   And as I mentioned before, this epic pinhead has a new book coming out where he can, no doubt, cry some more about the plight of the secretly broke upper middle class.  

I may not be a fancy New York Times economics reporter, but I did go to kindergarten - and we pretty much learned that if you have $3, and you want something that costs $5, you can't have it.  You are still short $2.  I don't understand why consumers and morons don't understand simple arithmetic.  If expenses exceed revenues you are only going to get one outcome, and unfortunately, that outcome doesn't involve debtor's prison.  Maybe if the punishment for maxing out your credit cards involved forced relocation to Australia, we'd have a higher national savings rate.     

3 comments:

  1. This article is very informative I got enlightened by this particular topic. I'll look up for this blog for updates. Thank you for sharing.

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  2. Did you read about how the NY Times writer decided not to disclose his wife's two previous bankruptcies prior to him taking out the mortgage that ruined hi life?

    http://meganmcardle.theatlantic.com/archives/2009/05/edmund_andrews_has_responded_t.php

    It's kinda fascinating that he didn't think this was relevant to the discussion about their financial life.

    I'm not going to help him save his house.

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  3. Australia has subsidized higher education and subsidized healthcare. I think there'd be a line to get in. Try Outer Mongolia.

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