It does illustrate what led us to today: way too many people who should have known better getting themselves in way over their heads. It’s not so much the sub-prime mortgage I’m thinking of here. It’s that someone who clearly should have had a clue about compound interest still ran up more credit card charges than he could pay off in full every month. Not, as far as I can tell from this, as a matter of dealing with an emergency; just living beyond his means (to use an ancient phrase which seems to have been out of style lately).
Ambiance 
chickenlittle said,
May 15, 2009 at 6:07 pm
I’ll bet his ex-wife gets a chuckle out of this. And people still read this guy?
amba12 said,
May 16, 2009 at 5:29 am
Whew! No wonder that’s the most e-mailed.
Now he’ll have a bestselling confessional book, in which he humiliates himself and millions identify, and his troubles will be over.
wj said,
May 16, 2009 at 10:51 am
It does illustrate what led us to today: way too many people who should have known better getting themselves in way over their heads. It’s not so much the sub-prime mortgage I’m thinking of here. It’s that someone who clearly should have had a clue about compound interest still ran up more credit card charges than he could pay off in full every month. Not, as far as I can tell from this, as a matter of dealing with an emergency; just living beyond his means (to use an ancient phrase which seems to have been out of style lately).
Randy said,
May 19, 2009 at 3:08 pm
Now he’ll have a bestselling confessional book, in which he humiliates himself and millions identify, and his troubles will be over.
That appears to have been goal and it looks like he will succeed. Having now read the book itself, McArdle has posted an update. I agree with her.