You may have read this the other day: New York Times economics reporter Edmund L. Andrews is about to lose his house:
(I)n 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds.There are so many statements in the article that set off my BS meter, the least of which is the idea that a reporter who should know better signed on the dotted line for a ticking time bomb.
I saw a comment on a message board somewhere about Andrews that I thought was so good I copied it. My apologies to the person who wrote it, I didn't catch your name.
I'll consider buying his home from the bank. I can pay way more than he ever will because I have been responsible with money. Foreclose, reduce the price, buyers in this area (Greater D.C. area) will flock to a home in that location.I don't believe in karma, and I don't believe in kicking people when they're down. But I am getting a little tired of being kicked around because I live within my means and millions of others don't. Sticking me and my children with enormous future tax burdens is certainly a kick in the face, while the only penalty Andrews and the rest will incur is a ding to their credit rating for a few years.
Ridiculous that bailouts using the future earnings of my 10 month old daughter are keeping zombie banks alive and deadbeats like this guy in his house, when here I am saving 22% of my income a month, and paying $1850 a month in rent in the same area.
So yes he is rewarded for being irresponsible (no housing payment for 8 months!), the banks are being rewarded for being irresponsible (with everyone's future earnings!), and here I am living within my means, paying my obligations, and living in a much worse place and not able to afford a house because prices are artificially high because banks aren't foreclosing in a timely fashion.
To the NYT reporter - you should be ashamed of yourself.
To the banks - you should be ashamed of yourselves.
To my government - you should be ashamed of yourselves.
You are all living off my hard work and the future hard work of my family.
Final note - I'm not buying his book, I hope no one else does either.
(Update: New HatzerzCast.)