Contemplating the American Dream on the Anniversary of 9/11
Ever since I was young, I can remember the American Dream being represented as owning a home. That’s sort of been the standard for quite some time: Anyone can come and get a bit of land to call his or her own, and have a house. So it seems fairly appropriate to consider the American Dream of home ownership on this, the anniversary of 9/11.
Thinking of all things American
I think about the direction America is going all the time, but it seems to get extra attention for me on the anniversary of 9/11. This is because that date represented a crossroads. We could move forward with hope (which we did for about 6 months or so) or we could move forward in fear (which is pretty much what we’ve been doing since).
Another direction we could have gone was in the way of change. I know many people who took a good look at themselves and made substantial changes in their lives as a result of the events of 9/11 — whether present at the sites or not. As an economy, though, we were encouraged to engage in “business as usual,” perpetuating our out of control spending habits and lusts for things that we couldn’t afford.
The rise of interest only and subprime loans
In this climate of loosening credit and a desire to keep the engine of an economy based on debt running after a terrible blow, we threw ourselves into excess. People began achieving the American Dream of home ownership well before they could reasonably expect to afford it. And that Dream was even bigger than it had been: McMansions sprouted from the ground to replace more modest homes. And anyone could “afford” these houses with artificially low rates.
But we are now seeing the effects. The bubble has burst and the American Dream of home ownership has turned into a nightmare for many.
Perhaps instead of encouraging consumerism and debt after 9/11, our government should have encouraged more compassion for others and fiscal responsibility in our individual lives.
Tags: September 11, anniversary, home mortgage loan, interest only loans,
American Dream, subprime loans, consumerism
