Sunday, May 17, 2009

Read This, Then Talk Amongst Yourselves

I urge you, dear reader, to read this series of links. First is the subject of our cautionary tale, a 48 year old New York Times economics writer who painfully reveals the depth of his own bad decision-making in leaving him and his (new) wife a cliche of debt-financing and sub-prime mortgages. This fellow lays it all out there, and he isn't asking for our pity. But the decisions he made along the way beg credulity, and he is where he is as a result.

Next is Megan McArdle's blog entry introducing us to the fellow above. McArdle does a riff on David Brooks' nearly famous "status-income disequilibrium" in which people in certain professions (generally with significant educations) grow dismayed at the paucity of their incomes compared to those with whom the consort. Where I part with McArdle on this front is that our friend above wasn't some kins of free-lancer, surviving day to day on the next check to come from someone who buys his writing. This guy was making $120,000 a year as a salaried reporter.

Finally, we've got Tigerhawk from whom I picked up this threat to being with. I am particularly drawn to his thinking on the subject of the widening gap between reporters/writers/academics and those in the business world as a possible contributor to those occupations increasing identification with the political left.


Tom de Plume said...

The Times ought to fire Andrews for his demonstrated incompetence.

Anonymous said...

One may have the highest quality education, the most perceptive ideas and a position that pays well above the norm, but none of the above necessitates living beyond one's means.

We have had numerous well educated, insightful, well paid people who saw a home for what it is, protection form the elements, not as an investment vehicle.

the education, intellect and money are of little use if they are not interspersed with a modicum of common sense. In other words, live within your means.

bbauer said...

Just reading his story made me immediately transfer $600 from my checking to my savings account instead of what I was going to do, which was buy some new golf clubs.

PS. Tom, we need a ruthless bastard like you hunting terrorists. Please go do so immediately.

Tom de Plume said...

No need to go off hunting terrorists; I'll just wait 'til Barack Hussein starts relocating them from Gitmo into northern Virginia.

The article did clear up something I have been wondering about since a conversation with three of my neighbors about refinancing indicated that they all held second mortgages. I assumed they were home equity loans, used to buy Ethan Allen for the crib and some adult toys to fill the garage.

But I'm guessing now that the second mortgage was just part of the original loan.

Mudge said...

Tom - Last Saturday was the last day of Spring Turkey season here on the Eastern Shore of VA. That also marks the last of the 2009 hunting season overall. I tend not to shoot things I am not going to eat but could make an exception if the Administration was willing to turn a herd of those detainees lose in the woods over here as a sort of bridge until next season. You are welcome to come join me. And don't listen to CW about how he spent all day looking for deer that never materialized. He wasn't looking in the right direction.

Tom de Plume said...


The CW's problem was that for too many years he had an executive officer doin' the lookin' for him. He's still getting the hang of doing things for himself.

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