An interesting story of how even those who follow the financial system intimately on a daily basis can get pulled into the mess.
From the 5/14 edition of the New York Times: My Personal Credit Crisis by Edmund Andrews
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I think that this says a great deal about the qualifications/capabilities of people who write on economics. Further, a continuing thread through the article is that “they” made it so easy! What about personal responsibility and the even more dreaded word “accountability”
Mr. Andrews sounds like a recovering (let’s hope) drug addict. The thought that he has written a book and that people might actually buy it is extremely depressing.
I don’t usually read NYT (who has the time for that ?!) but I read the whole article and I must say it was a very well written one.
Still, I fully share the sentiments of the above reviewer.
Nobody forced people to take credits they couldn’t afford. I’d say nobody has tricked them either…they had tricked themselves.
That said, I must say I moved out of NYC after having lived there for one year because it seemed to me the enviornment and community were mad.
It’s a fast paced life beyond extremens that you either adjust to and become irresponsible or leave the scene like I did.