Reporter relives housing nightmare

Image courtesy of W.W. Norton & Co.

Mea culpa.

So, in essence, begins "Busted: Life Inside the Great Mortgage Meltdown," by New York Times economics reporter Edmund Andrews. The entire book is succinctly summed up by its first sentence: "If there is anybody who should have avoided the mortgage catastrophe, it is me." Andrews goes on to inform the reader that he has covered the economy journalistically, including the Asian and Russian recession of the 1990s, the dot-com bomb of 2000, and the goings on at the Federal Reserve since 2003 -- yet in 2004 "joined millions of otherwise sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages."

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