Home > Housing > It Happens Where You Least Expect It…

It Happens Where You Least Expect It…

The May 17th Sunday magazine of The New York Times has an story that I think most of us would be surprised to read.  It reminds me of the story of the shoemaker’s children going without shoes.  The article, My Personal Credit Crisis, is the story of an economics reporter for The New York Times.  The reporter’s name is Edmund L. Andrews.  Mr. Andrews who made a series of irrational decisions and ended up buying a home that he could not afford.  His home is currently in foreclosure.  The article can be found here: http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=1&em

This story bewilders me.  Here is someone who reported on the Federal Reserve and financial crises throughout the world.  How did he get himself in this kind of trouble?  Unfortunately, Mr. Andrews’ story is becoming more and more common.  He, along with Bernard Madoff’s victims, is educated with access to a great deal of knowledge and information.  They were all supposed to know better.  How did they fall into these traps?

I think most of us became swept up in the prosperity and high living that we experienced in this last boom.  And it’s not a bad thing to take risk or even gamble a little.  But we shouldn’t be making gambles that we cannot afford to lose.   And no matter what your level of knowledge, let us all remember that we are not invincible.  Mr. Andrews took a risk that his wife would land a job that would allow him to pay his mortgage.  This didn’t happen, things snowballed and his poor decisions caught up with him.  Can you afford for your luck to run out?

Think about your gambles and risks.  Have you made decisions that you know are wrong?  Have you brushed aside that little angel on your shoulder that is saying, this doesn’t seem right?  Now is the time to rethink our decisions and correct them if we can.  For many of us, it’s not too late.

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Categories: Housing
  1. June 13, 2009 at 11:41 pm

    The best information i have found exactly here. Keep going Thank you

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