My Personal Credit Crisis - NYTimes.com - Expertise is overrated

We are supposed to feel sorry for this individual…yet The fact that he was advising others on financial matters through such
a prominent newspaper and earning 120k/year tells us a lot on why we
are where we are, and how much the “experts” know or can be relied on.
He knew much better than
most people all the way (wrote articles about it!), he fell for it, he
continued spending (Christmas, vacation…), didn’t sell the
house…and on top of that he writes this article mentioning names and
making himself and his employer look even more incompetent
that you would ever guessed they could be.
I wouldn’t be
surprised if he soon loses his job and his wife.

My Personal Credit Crisis - NYTimes.com

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.

May 19, 2009 · Filed Under Business, Interesting tidbits, Society

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