We've been discussing here the saga of the mortgage deadbeat Edmund Andrews who writes for the New York Times. The story's still making it around the blogosphere with the advent of his new book: Busted: Life Inside the Great Mortgage Meltdown.
The Amazon "Product Description" reads thusly:
"The fiasco that sank millions of Americans, including one journalist, who thought he knew better. A veteran New York Times economics reporter, Edmund L. Andrews was intimately aware of the dangers posed by easy mortgages from fast-buck lenders. But, eager to buy a home and start a new life, he gave in to temptation and began a surreal adventure into the mortgage mayhem that nearly wrecked our economy".The Atlantic's Megan McArdle last week wrote a sympathetic article about hard times for writers. But after reading the book, she blogs:
"Andrews spends a lot of time defending not feeling bad, because after all, the banks shouldn't have lent him money. This is true, they shouldn't, and anyone who did should be profusely apologizing to their shareholders. But when you read the book, what you discover is that while the book is ostensibly about our Great National Borrowing Binge, for Andrews, the debt is really a sideshow. He couldn't afford to get married. At all.
. . .
Andrews took on the obligation to support two adult women and, by my count, six children. Middle class people can't do that. That's something that's only ever been possible for very rich men".