Busted: Life Inside the Great Mortgage Meltdown

Jul 18, 2009

Politics and Prose Bookstore

Edmund Andrews talked about his book Busted: Life Inside the Great Mortgage Meltdown (W.W. Norton and Co.; May 22, 2009). An economics reporter for the New York Times for 16 years, Mr. Andrews reported on the dramatic decline of the housing market, while becoming a part of the story he was covering when he faced foreclosure on his .. Read More
Edmund Andrews talked about his book Busted: Life Inside the Great Mortgage Meltdown (W.W. Norton and Co.; May 22, 2009). An economics reporter for the New York Times for 16 years, Mr. Andrews reported on the dramatic decline of the housing market, while becoming a part of the story he was covering when he faced foreclosure on his own mortgage. Talking about how he obtained a mortgage he could not afford and how he rationalized doing it, Mr. Andrews explored both the psychological factors and the changes in the financial system that resulted in the mortgage crisis. Mr. Andrews also read some passages from the book and responded to questions from members of the audience.

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:05 Guest MY PLEASURE
00:00:22 Unidentified Speaker THANK YOU VERY MUCH. I WAS LIKE TO START BY SAYING, I HAVE BEEN ON A MEDIA TOUR FOR ALMOST TWO MONTHS....
00:33:59 Unidentified Speaker I HAVE TWO QUESTIONS. THE QUESTION ABOUT THE PAST I DON'T UNDERSTAND HOW THE GOVERNMENT MISSED THIS...
00:35:56 Unidentified Speaker DOESN'T THAT SAY THERE'S SOMETHING WRONG WITH OUR CAPITAL ALLOCATION SYSTEM SAID IT IS A FREE CAPITAL...
00:36:10 Unidentified Speaker CLEARLY WE HAVE A HUGE PROBLEM OF CAPITAL ALLOCATION IN THIS COUNTRY HOW YOU TRY TO FIX THAT IS OVER...
00:38:35 Unidentified Speaker THANK YOU FOR YOUR AND/OR THAT IS WHAT MAKES THIS SO COMPELLING FOR MANY REASONS THE QUESTION IS ABOUT...
00:39:58 Unidentified Speaker I WISH. I HAVE TO WOULD FIT I CAN'T DRAW A GOOD ACTOR COMPARISON BETWEEN THESE TIMES THE CONSUMER...
00:44:21 Unidentified Speaker HOW LOW. YOU SAID YOU INTERVIEWED ALAN GREENSPAN? BECAUSE HE DID NOT ACCEPT ANY FAULT FOR WHAT WAS...
00:45:09 Unidentified Speaker ALAN GREENSPAN HAS SAID CREDIT DEFAULT SWAPS AND 86 AND THOSE DERIVATIVES SHOULD HAVE BEEN REGULATED...
00:46:38 Unidentified Speaker SO BASICALLY HE JUST SAID THAT THE SELF-INTEREST DOES NOT WORK?
00:46:44 Unidentified Speaker IN THE NARROW CONTEXT. I STILL DON'T THINK THAT MR. GREENSPAN IS A FAN OF REGULATION I THINK HE WOULD...
00:47:00 Unidentified Speaker .
00:47:06 Unidentified Speaker YOU ARE TO BE CONGRATULATED COMING FORWARD LIKE THIS. YOU SHOULD RUN FOR PRESIDENT.
00:47:12 Unidentified Speaker THERE'S A GOOD IDEA.
00:47:15 Unidentified Speaker THE REASON I SAY THAT IS YOU HAVE NOT MENTIONED THE BUSINESS SCHOOLS. WE HAD A PRESIDENT WHO HAD A...
00:47:37 Unidentified Speaker THAT IS FUNNY. A MONTH AND A HALF AGO I WAS INVITED TO SPEAK TO A CONFERENCE OF BUSINESS SCHOOL DEANS...
00:49:37 Unidentified Speaker I WANT TO TOUCH ON THE IDEA OF THE ANGLE OF LOOKING AT CONSUMER RESPONSIBILITY IN THE COUNTRY PRODUCED...
00:51:05 Unidentified Speaker I COULD NOT AGREE MORE. MY FEELING IS THIS CRISIS WAS NOT AN ISOLATED EVENT IT WAS THE CULMINATION...
00:52:42 Unidentified Speaker THANK YOU FOR YOUR ATTENTIVENESS IN THE BOOK AND FOR BEING SO OPEN ABOUT IT NOW HAVING WRITTEN ABOUT...
00:53:56 Unidentified Speaker IT IS A GOOD QUESTION. IT IS A HARD QUESTION BURGER YOU ARE EXACTLY RIGHT THE PEOPLE WHO ARE TRYING...
00:58:36 Unidentified Speaker EDMUND ANDREWS HAS BEEN A REPORTER FOR "THE NEW YORK TIMES" FOR 16 YEARS. FOR MORE INFORMATION ON...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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