I found this article astonishing in its frankness and folly:
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. But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages.
I also don’t understand how this man can still have a job writing about money. This New York Times financial reporter is divorced and paying alimony at nearly 50 years old, and trying to start over as though his life were all ahead of him. Apparently, we have no more expectation of financial competence from our financial columnists than we expect Sports Illustrated writers to be able to play the sports they write about.
I cannot take credit for my own family’s solvency, but having just returned from a 9th anniversary getaway with my lovely wife, I am very thankful that at age 33, I am only 15 or fewer years from paying off my home, and that I owe no alimony and have no ex-wives to sap my income. That was the poor guy’s biggest mistake right there.