The Foreclosure Problem in America Essay

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Today the economy is in the middle of reenacting the movie Titanic. Once it was strong, sailing onwards, seemingly unstoppable. But recently it has seemingly smashed into the iceberg of failure. This iceberg, however, is not made of frozen water but something far more threatening, as its consequences literally threaten the entire country and impact us globally. Our economy has hit the iceberg of mismanagement and irresponsibility, and now requires many necessary corrective actions to save it from collapse. Only a few years ago, homes were selling at exorbitant prices. People were buying them and consistently moving upwardly as access to money didn’t seem to be a problem. All seemed well and good, as the economy was seen to be in …show more content…
This was true across the consuming world, and was first evident in the housing market, as the air in the real estate market filled the proverbial balloon too much and forced it to burst.

Our parents and grandparents in the boom years following World War II lived in a world in which our economy boomed through scientific, industrial and technological expansion. The American standard of living correspondingly increased as the people reaped the benefits of such a boom. Such unprecedented economic growth benefited the average American, who prospered and shared in the rewards, partially attributed to his work ethic and also to an undeniable sense of personal fiscal responsibility. The banking industry also flourished because it recognized these attributes and encouraged the stimulus that came from the working and industrial populations. There was a sense of accomplishment and pride between one another and for each other, complete without a drive motivated by greed, and though this was a simpler time, America’s investment in itself paid off. The manufacturing industries became true world class leaders, employers thrived and businesses grew.

Things have changed substantially with this latest generation since the times described above. While economists can argue over the manufacturing, housing and business decisions that have brought us to today’s

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