Busted is a book about a person — a NYTimes finance reporter — who bought a house he shouldn’t have in 2006. It was too expensive, he was recently divorced (and freshly remarried to a woman who had just declared her second bankruptcy), and he thought he could beat the market. He uses his story as a springboard to talk about the current economic debacle and he wants to use it to put a personal face on the stress that foreclosure can put on families.*
It doesn’t really work.
Busted is mostly about the generalities. His personal story is shoehorned in, supposedly enriching the whole. The two stories never mesh and as a result, neither is done well. Anyone who regularly listens to Marketplace already knows the broad strokes of what happened to the economy (though I had to keep checking dates – were mortgage brokerages really failing by August 2007? why did it take until September 2008 for the bottom to fall out?), and he never really gets into the interesting questions about the personal one. Why didn’t he and his wife talk more about their financial differences before they got married? Why didn’t they sell the house when they could? Why didn’t they sell everything they had? Why did they take a don’t-talk-about-it attitude for so long? Why did they still have cable when they couldn’t pay their bills? He never answers any of those questions. He keeps saying how much he loves her, but also saying how unfathomable she is to him (but that’s why her loves her! it’s the challenge!). It smacks of someone who’s gone through couples counseling who’s just realized that what he says matters.
I don’t feel like Busted made anything clearer to me, and I’m a little bit frustrated that it could have been a great cautionary tale about what financial pressures can do to a marriage. That was its hook — books about What Happened To The Economy are going to be a dime a dozen soon. Too bad it didn’t deliver.
Busted: Not Recommended
* It’s the book this article from May 2009 was exerpted from. I think the article was better pulled together than the book was.
