Saturday, March 8, 2008

REPOST: Who Is At Fault When The American Dream Crumbles?

As of late, there have been a small series of revolving topics amongst my friends discussion list and one of the ones on the top of the list is and probably will be for a while is the subprime mortgage disaster currently taking homes away from many first time homeowners of color in our communities. Monica Potts of PostBourgie wrote an interesting piece about the situation and I think you will all enjoy the read. Please leave all comments there.

"As the subprime mortgage crash and the housing market’s downward spiral pull the rest of the economy with them, there is a lot of talk about “personal responsibility.” President Bush and other “reformers” used the same kind of rhetoric when he modified bankruptcy law in 2005.

The subprime mortgage crash occurred after an unprecedented decade of home ownership growth. Conventional wisdom holds that home ownership is a good thing; it makes people more invested in their communities and in their democracy, and it allows homeowners to build wealth. Politicians and policy makers have long worked to make home ownership easier; encouraging banks to extend credit to those with lower incomes and lowering down payments." Continue reading here

~I stay prime~

1 comment:

Noelle said...

Alright you convinced me so here is what I posted to you privately:
Here's a better question. What is the American Dream and is it truly obtainable? If so what does the obtaining of the dream entail and is it equal among all aspects of society? Sorry I'm taking a social history course titled The American Dream and it has opened a hug can of worms. Such a misused phrase.
Also, on a side note. This recession isn't new any novice historian can tell you this is one of many. yes we all know about the Great depression but consider the affects of post Civil War economy. It was severely abysmal and at that point I believe the American Dream meant a hell of alot more than it does now. if you ask me there isn't an American Dream, there is hope and that can be felt anywhere but this oh so elusive "dream" we have pounded into our head on a continuous basis can really mess a person up. This dream, truly entails contacts being made and follow up. It is not something that happens on a whim because you dreamed it and there will always be someone out there trying to make a dollar off of everyones supposed dream. It's human nature.