For one property alone, the new market value of the property was 326,000 less than what he originally paid. Overnight he lost several hundred thousand dollars and is still paying the mortgage of the original value, not the new market value.
For me this was disheartening, seeing how this guy was the typical American Dream story, an immigrant who worked hard, pulled himself up from his bootstraps and went from rags to riches. He believed, I mean, believes in this system whole heartedly. He says, you win some you lose some. But to me, I see it as ideas, words, and numbers are not fixed. They are determined by a stronger force--in this case, an economic one: the decline in the housing market that resulted from the Wall Street Bailout and the subprime mortgage crisis. Uncle Scrooge is paying the price for it, but he still hold on to his American Dream.
What should the dreams of the younger generations look like? Do we dream that one day we too can have our OWN home without some entity dictating its worth? or is that dream never possible?
I dream of owning a home but it feels impossible at the rate I'm going with the debt I'm in as I'm pushing 30. It does feel impossible.
ReplyDeleteBeing poor - a result of bad capitalism?
The divide between the haves and the have nots is growing wider.