Predatory Lending and Inequality Essay

The “American Dream,” according to Truslow Adams, is “being able to grow to the fullest development as man and woman.” This ideal is not based on fame or wealth, but on enough to sustain a family and live comfortably, with a steadily rising income and a decent home. It is to be believed that hard work along with the “great equalizer”, education, allows individuals the freedom to determine their own life path, regardless of their background. The idea of the American dream ensures upward social mobility for those dedicated enough to achieve this lifestyle. In spite of that, recent arguments have said that this dream is either dying, or already dead. In his book “Dream Hoarders,” Richard Reeves counters that the American Dream is in fact alive and well, but simply being hoarded by the upper middles class.

In the articles, “The American Dream: Dead, Alive, or on Hold by Brandon King, the author argues his opinions on the American dream and how it still alive and attainable, although he realizes that the dream is not the same as it was before. At the time King wrote this article, he was a student at the University of Cincinnati in 2011, three years after the stock market crash in 2008. With the timing of the stock market crashing, this gave King the idea of writing about the American dream and how it is today. When the article was published in the college book “They say, I say” we the reader saw that King redefined the American Dream as "the potential to work for an honest, secure way of life and save for the future." Replacing what he described

The American Dream is the idea that financial success, upward social mobility, and overall prosperity can be achieved with perseverance and hard work. It’s the idea that anyone, even the very poor, can make a better life for themselves if they are willing to work for it. It’s an idea that has become integral to American society, encouraging us to put in an effort to see our dreams come to fruition. However, when it comes down to individual experiences, it turns out that accomplishing the traditionally agreed-upon American Dream gets a lot messier than it’s made out to be. Using the books Nickel and Dimed and The Color of Water, as well as the movie Enron- The Smartest Guys in the Room, both similarities and differences can be found when it comes to what achieving the American Dream really means.

For years upon years, we have heard the concept of an “American Dream” repeatedly. In school, at home, and there’s probably several who have mused about it on their own during their time by themselves. It seems that, also, several have concluded that the Dream is dead: gone, disappeared, poof into thin air. Some argue that it’s nothing but a pack of lies our predecessors were fed to believe that perhaps America had a better future lingering just around the corner, or that it’s changed much from what it was ‘back in the day’. The American Dream has remained unchanged since the Great Depression, but the nation we are today may slowly be killing it. In John Steinbeck’s Of Mice and Men, the Dream is to have that equal opportunity for success, the same as in Bobby Jindal’s and Ellen Powell’s articles, but it seems that inequality may be killing the American Dream.

The American Dream is possible, but it’s constantly becoming less available to many Americans. As inferred by David Wallechinsky in his essay, “Is the American Dream Still Possible,” the American Dream has progressively gotten more difficult to achieve for many. In this essay, Wallechinsky describes what he views as the American Dream and provides evidence of why it’s not achievable. As stated in the text, “Almost two-thirds say they live from paycheck to paycheck, and 47% say that no matter how hard they work, they cannot get ahead. More than a third worry about job loss” (65). Wallechinsky not only provides a widespread belief that the American Dream isn’t possible, he supports it with evidence by providing data from the Mark Clements Research Inc. Survey that states the poverty many americans

In the essays “The American Dream: Dead, Alive, or on Hold?” by Brandon King and “Confronting Inequality” by Paul Krugman, the authors discuss a wide variety of ideas that affect or maintain the idea of income inequality in America today. In the essay by Brandon King, he clearly states that the values of the American Dream are still alive today, but are getting harder and harder to achieve for the average person. King argues that the American Dream of today has drastically changed from what it used to be, and that the thought of being successful only lays within having a steady life with little to no struggle. However, in “Confronting Inequality”, Krugman has a different approach on the topic, arguing that the American Dream is no longer alive. Krugman states that the rise of income inequality will also lead heavily to social inequality, and that the rise of income inequality is a huge cause of social inequality as well. The two authors use a majority of viewpoints and methods to explore the same topic of inequality. However, there are also many ways in which both authors offer different sides of the argument and how it should be handled.

I am going to look at one of America's most resilient industries. The Predatory lending better known as Payday loans, and even sometimes pass as car lenders and mortgage lenders. One in twenty households have taken one out at some point. And is estimated to be a nine billion dollar industry. With payday loan outlets are all over the place. The ethical question comes into place. When you question whether if receiving one of these loans can be a benefit or drag the person signing into the loan deeper in debt. Im very interested on this subject because I believe that payday loans can be very useful and benefit the general public, if we put in place very specific laws and restrain what lenders can do making sure that there is

The capability of all Americans to achieve the American dream is what many believe to have made this country great. Perhaps this is why more immigrants flock to the United States than any other nation, because they view America as “the land of opportunity”, because here anyone can achieve the American dream. Generally, the American dream is the belief that anyone, even one at a low income level, can achieve success and make themselves content if they work hard enough and are determined. Unfortunately, when looking at certain aspects of society, it’s apparent that nothing can be further from the truth. For example, a person can pursue and live the American dream and still be unhappy. Also, the lifestyle that one may live to pursue the American dream can be dehumanizing. Both of these examples are flaws in the American dream that can be seen in the film Fight Club. Furthermore, rising levels of income inequality and the crushing debt people face also shows flaws in the idea of the American dream. When analyzing the evidence, it’s clear that in the modern United States, the American dream is non-existent.

For years there has been debate over the state of the American Dream. There are many differing opinions over not only its health, but how it is defined. In his essay, The American Dream: Dead, Alive, or on Hold?, Brandon King adds to the ongoing argument by stating that the American dream is alive, but has changed from what it was originally. He states that the American Dream used to be the ability to become wealthy. However it has now become the ability to earn and honest living and to save for the future. He continues to explain to American’s what this information means in the context of the recession of 2009. He also strives to prove that the American Dream has not been destroyed by the economic hardship. King creates an effective argument

In his essay, “The American Dream: Dead, Alive or on Hold?”, Brandon King explores current perceptions of the American Dream. King conveys his reasons as to why the American dream still lives despite the recessions the country has faced. However, the lower class questions the legitimacy of his claim. Although many believe the dream is dead, King argues it still lives going beyond a mere Rags-to Riches idea.

“The American Dream” is advertised as being the act of a person having an idea, goal, or as the saying suggests, a dream, and then them spending time, energy, and money to make it come true. However, if you haven’t realized it yet, there’s a reason they call it a dream because it hardly becomes a reality. More and more people are realizing this so called “dream” is nothing but a hoax, and that the promises America assures and guarantees such as equal opportunity and equal success are nothing but pure manipulation. Furthermore, the American dream no longer stands by the virtue of discrimination and prejudice, overwhelming debt, and failed establishments.

A steady trend in the economy may seem to have minimal effect on the idea of the American dream, but it relates to the financial market. At the moment if people are attempting to seek better wages and lower interest, Americans would have to look at the economic growth. The economic growth in a country is a determinant factor whether citizens would make enough money to afford the American Dream lifestyle, or would be just stay where we are and budge for high rents, low markets, and welfare. Returning to the argument, just minimum light is shed to prove the reality of living the American Dream. It is a brilliant idea for everyone and it has followed since the 1950's era of the perfect America. However, as Shames underlines, “we are beginning to pace our quantity while focusing less on our

Most predatory lending occurs in the sub-prime mortgage market, states the Center for Responsible Lending. Consumers with average or poor credit scores do qualify for sub-prime mortgages that carry high interest rates and closing costs. Predatory lending practices include steering sub-prime borrowers into an adjustable-rate mortgage where the interest rate is locked for the first two or three years and once the initial rate lock expires, the borrowers

Discuss in detail the event, the people involved, and its background and impact of America.

Imagine a world of poverty. A world of dirt, garbage, filth, people who do not care about the planet they live on. One uses a cardboard box to inhabit because it just doesn’t matter anymore. It does not matter, as in the mold infested homes are unsafe to be inhabited. The world has been bulldozed down to flat land. We’ve gone backwards, not forwards. We live like Neanderthals who are in constant competition for natural resources. Philosophers and geniuses’ like Hobbes, Kant, and Einstein never existed. We have nothing but sickness and disease. This may seem far-fetched, but this is how some foreign third world countries live. I can only imagine.