Stupid people always get hired

Here I relate in full an entry from the New York Times' "Metropolitan Diary" section (March 9, 2009):

Dear Diary:

Anybody who wants a simple economic explanation of why our major banks are in distress from holding sour loans may be interested in the following conversation.

I called the company in Florida holding my home equity loan with a routine question. Before answering, the prson on the other end dutifully took down my loan number, Social Security number, etc, and then asked me to verify my address. I did so.

She replied: "I see no such city as New York in our records, sir." To my amazed "What!" she said, "New York is the state listed for your loan, sir." I explained that New York City was in New York State. Again: "I see no such city, sir. I have you listed as living in Manhattan." I patiently explained that Manhattan was a borough of New York City.

"Thank you, sir; now what was your question about your loan?"

--Irwin Wall