EDMUND L. ANDREWS writes in the New York Times about his own personal economic catastrophe (May 14, 2009) and the blogosphere finds him guilty. He explains:
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 mortgage...Mangan and his friends find it reprobable his divorcing his wife of two decades (at a cost of 4,000 dollars per month) to marry the girl (now 50 y.o.) he desired in high school. They presume that the exploitative bitch drove him to the fall. On the other hand, risk manager Falkenblog judges him morally guilty of failing to pay back his mortgage to the bank and feeling no shame. What these Americans dont know is that Andrews and 2nd wife are behaving in the typical worryless Argentine way. Dios es Argentino, we used to say, God will provide. Only an Argentine can live without a worry for months and years and be surprised by the cash machine telling him that he is broke.
But the bloggers are missing the most relevant part of Mr Andrews's saga. Which is that we all have been consuming economic reporting produced by a person who was, and is, it is so obvious, a total economic moron. The fact that this person could "pass" as an economic guru means that we all are morons. Sad.