Foreclosures Rise as the Country Falls

Filed in Gather Business News Channel by on June 10, 2011 0 Comments

Despite the President’s Home Affordable Modification Program (HAMP), foreclosures are still on the rise all over the country, effectively shattering the American dream for millions of people. CBS News reports today that only 670,000 out of an estimated 4 million targeted homeowners have actually benefited from HAMP. The program has spent only a small portion of its allocated budget, leaving many wondering if average working class citizens have once again been marginalized and forgotten. Despite major financial institutions having received an estimated 700 billion dollars from the Troubled Asset Relief Program (TARP), plus another 1.5 trillion dollars from the Federal Reserve Bank, very little of the money spent by our public servants seems to have actually gone to the homeowners who needed it most.

While many of the early foreclosures since the 2008 housing crash could be explained by sup-prime and irresponsible borrowers, the current wave of foreclosures can now be attributed to the ravaging of the economy and the loss of millions of jobs that have yet to be recovered. This represents nothing less than a foreclosure on America itself, the dissolution of the responsibility that the government has towards its people.

So many people put their faith and trust in Barak Obama and the change he was supposed to bring, as of yet, though, he and all the others elected to office or who have been appointed to work on the citizens’ behalf have utterly failed to serve the interests of all Americans. Yes, the financial system was likely saved from collapse, but just because economic Armageddon did not come in 2008 does not mean that it will not come in the near future. As history shows us, a strong country is built from the ground up, with all its citizens feeling both the desire and the ability to contribute to the greater good. As the current state of the economy and politics at large shows, though, we have chosen instead the path of weakness and division, where the common man is stripped off both power and responsibility, leaving the destiny of the Republic to be decided by unaccountable elites that are more concerned with personal glory than the greater good. If we consider history, we see that this is not an exception to the traditional rules of politics, but rather the norm.

Time and time again, history presents us with vain and petty individuals in power seeking to maximize their position at the expense of anyone who does not factor into their small-minded ambitions. Yet it was precisely that normalcy of nobles, aristocrats, and kings seeking glory while forcing their subjects to bear the heavy cost in blood and treasure, which the founders rebelled against over two centuries ago. With so much of the people’s resources having gone to those who in many ways helped cause the present situation, and so little to those who suffered the most, we see that the voice of the people is permanently on mute in Washington D.C and that the voice of the powerful is blasted from loudspeakers in every corner of the city.

About the Author ()

Leave a Reply