Foreclosures 101 – Part 1

foreclosures soar

Kwazi Nkrumah: For years the banks, real estate agents and investors in real estate securities on Wall Street were making money hand-over-fist. They did all this while pretending to break from their previous established history of gross discrimination and red-lining against the disproportionately non-white borrowers whose limited financial resources forced them into “sub-prime” status in the first place.

The Big Lie

death panels

Robert Reich: Americans no longer have the purchasing power to keep the economy going at full capacity. Since the debt bubble burst, most Americans have had to reduce their spending; they need to repay their debts, can’t borrow as before, and must save for retirement.

Name That Decade: the ’00s, the Whatever Decade

Hopelessness

Great pessimism during economic busts is as characteristically American as great optimism during boom times. The oh-ohs’ whateverism is less fleeting and thus more dangerous. A culture of denial, disengagement, dissociation is dysfunctional. We need a culture of engagement and responsibility, even with all our traumas, distractions and high-tech toys.

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