The American Dream And The Mortgage Crisis Essay

The idea of the American dream revolves around attaining happiness, success and equality. For higher wealth classes obtaining these components aren't a concern; but for many, the American Dream has become a nightmare. For the poor being able to obtain simple necessities such as food, clothing and shelter is a daily struggle. The price of being poor is a lot costlier then those in the realm of the wealthy. Based on the current economic and social systems in America it does not provide everyone with a fair chance to achieve the “American Dream”. In todays society many Americans believe money is the only way to happiness. True or not true, money certainly isn't a hindrance to obtaining the necessary components for survival. But if the American Dream is no longer about happiness and freedom it becomes solely about wealth and possession. "Money cannot buy happiness." (Anonymous, Spring Board pg.81) represents the concept that money doesn't necessarily play apart in your emotional well-being. Today, materialism is more important than character. Money isn't everything; you don't need it to be happy and certainly not to achieve "The American Dream". In addition to that, although money can jump-start your future it can also drive you into the ground. Dana Gioia, the author of "Money", says "...Money holds heads above water..." Implying money plays a crucial part in keeping your dreams alive while America demands so much. Although finances are a building block to ones version of the

Despite working hard to achieve the American Dream and to have a prosperous and successful life in America the rising costs of college and housing as well as lower pay in some states creates debt for many Americans. Although other people around the world come to America to reach the American dream, but are halted by all of the costs that reside to become a part of it.

Too many Americans have fallen victim to the crisis that has become the norm for our citizens these days. Lenders no longer want to work with individuals who have gone through the foreclosure process and for many it is not only their homes they lose. Some have lost their jobs and/or families, others fall into a deep depression and worst of all some have taken their own lives.

Through everybody’s eyes is their own version of the American Dream. Whether it’s the stereotypical dream with a good job, a family, and a house with a white picket fence, or it could be just getting by at the end of the month financially. The American Dream doesn’t have a specific image but rather a particular mindset. Lots of people have a goal in their life that they have to work hard to be successful towards that goal, but in most cases that goal may be unrealistic.

For many years, the idea that ones’ home being the largest investment was said as a complete sentence when in fact, it was only an incomplete sentence. Any duly licensed financial planner would finish that sentence by saying all investments are subject to market conditions, the value that investment could increase or decrease and other similar cautionary statements that their attorneys wrote to protect them. The American public only heard that their home was the largest investment and had never experienced, nor had their parents seen the value of their personal homes drop like they did in the past few years. They had never experienced the financial pain and although only a few years have passed, many have forgotten and are ready to jump right back into homeownership.

It is evident that the housing deficit is just a layer of the many problems we are suffering from during the hard times in our economy. Foreclosure is indeed a horrific word that is haunting homeowners across the US. Because of the situation in the current economy, millions of Americans have been plagued by foreclosing on their homes and are left to find new location for themselves and their families to live.

The American dream has many meanings but only one that matters, which is having a job that you enjoy and appreciate and for your freedom to be known. The Public Broadcast Service published videos that explored the daily realities of the New York working class. One video followed the experiences of Walid Abdelwahab. He is a well known cart vendor working on the streets of New York city he traveled all the way from Egypt to succeed and have a better lifestyle. Walid has been vending all of his life to help support his family; however, he has faced many rigor moments but he still continues to work with a smile on his face, no matter what happens. This supports the existence of the American dream because he moved from a different country leaving everything behind so that him and his family can live a happy life.

Among many Americans, a common misconception exists. This misconception is the belief that all Americans can achieve anything, no matter where they started from. This belief can be considered the American Dream. I have personally perceived that the American Dream is a malleable belief that changes with every person who wields it. For some, it might be living the high life at the end of Wall Street, finally receiving the job as a lawyer they always wanted, or lounging on a front porch of a country barn, watching the sun slowly creep over the horizon. In reality, only those fortunate enough to be born in a wealthy family with no ethnic oppression can really achieve the American Dream.

America is seen as the land of opportunity in that there are endless possibilities for an individual. In this land of opportunity, Americans strive to obtain the ideal known as the American dream. The American Dream is seen as the accomplishment of an ambition achieved while challenged by adversity.1 Americans often associate this success with the ownership of a home. The home is not simply a place of basic protection; there is a much deeper connection to the individual. Ownership of a home grants freedom and security that establishes a sense permanency for the individual. In contrast, renting a living space possesses a semblance of instability and dependence.2 The desire to improve ones’ position in life inspires one to

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.

The American dream is all but a figment of the imagination that is unrealistic to attain since it is becoming harder and harder for any middle class to sustain itself in the middle or the poor society to prosper to the intermediate class. What once was possible is almost impossible to achieve success and wealth through hard work, persistence, and action. The top one percent of the American society is making it impossible for the lower class to hold on to hope for a better future. The richer are getting richer by remarkably increase profits. Yet, the lower class wages have either decrease in some sectors of employment or have remained stationary resulting in “income inequality. That is “…the extent to which income is distributed in an uneven manner among a population” (inequality.org). Today it is even more evident that the lower class is stuck, unable to go nowhere. Savings is almost none existence to the middle and poor classes yet, they are working harder than ever before. Fortunately by having a free democratic society take control over “wealth inequality” the economic difference can stabilize through unionization for all low-wage labor.

America historically owns the reputation of being the land of opportunity, and for generations immigrants have fled to the United States to experience the freedom and equality our government lays claim to. At the root of this reputation is the American Dream, the belief that with hard work anyone can succeed based solely on his or her merits. While definitions of success vary, the American Dream defines it as the ability to become a "self-made man," thereby rising to a more-than-comfortable state of living. The American Dream is believed to be blind to race, sex, or socio-economic status and at a first glance, seems to be almost Utopian. Conversely, repeated examples and statistics of the lower-classes, those continually facing the harsh

The U.S. subprime mortgage crisis was a set of events that led to the 2008 financial crisis, characterized by a rise in subprime mortgage defaults and foreclosures. This paper seeks to explain the causes of the U.S. subprime mortgage crisis and how this has led to a generalized credit crisis in other financial sectors that ultimately affects the real economy. In recent decades, financial industry has developed quickly and various financial innovation techniques have been abused widely, which is the main cause of this international financial crisis. In addition, deregulation, loose monetary policies of the Federal Reserve, shadow banking system also play

Some people who became American didn't always have the perfect life, especially when it is taking place by individuals who struggled their whole life in a disadvantaged society. As a matter of fact they migrate to the United States so they can live their dream and to be able to acquire being called an American. Not only do they move, but also abandon everything in their old home, and move to the United States to start a new life. Sometimes children are left behind so their parents can come to the land of dreams. Due to that the many children are left without their parents in their life's. Therefore, the American dream is necessary for them because they don't have many things in their hands, such as clothing, wealth, an opportunity in life and a different lifestyle. They also look at many Americans in some countries and assume everything is simpler in the United States. Therefore, the desire of being an American can provoke into having various emotions. Occasionally when they don’t feel like they have reached their target, they may receive it in as their way of life is gone and turnover on their dream. But that’s not what an American is, an American is someone who is hardworking, shows patriotism to their country and freedom.

The current real estate crisis that America finds itself in is one of the greatest challenges America has ever faced. America’s troubles are further compounded by increasing unemployment of American citizens and environmental problems like global warming. Solving any one of these problems would be a Herculean task, yet they must each be addressed in order to protect American families from disaster. However, it is possible to find a solution to the problems of the real estate crisis that can also be used to improve the problems of the unemployment and environmental destruction. The first part of the solution involves the United States government purchasing the homes that have been foreclosed and using them to offer temporary housing to