Wall Street Prospers And 200,000 Homes Are Repossed Month After Month
Gone are the days when the American Dream consisted of owning your own home and watching your children grow up within it. Now, instead of picturesque bungalows surrounded by white picket fences with kids running through the sprinklers, millions of houses now sit vacant. The families that had once inhabited them are forced to seek shelter elsewhere. A majority of Americans today simply want to hold on to their jobs and avoid being evicted from the house that they once called their own. More than 200,000 households receive foreclosure notices each month.The fact that the culprits who are to blame for the current state of things are now free to prosper is truly a disgrace in America.
The major national banks and sectors of Wall Street created an economic downfall that caused a recession the likes of which had not been seen in nearly a century. Yet, as a result of their unethical practices, such as dishonest lending, sub prime mortgatges, and mismanagement of funds, they were rewarded with a government bailout as a punishment for their misdeeds. Rather than being punished and let to fail, as they probably should have been, the powers that be chose to offer them tax payer money to attempt to clean up the vast and far reaching mess that they had provided for themselves.
The term “too big to fail” became part of our everyday lives back in 2008, when congress gave the Treasury Department the go ahead to borrow $700 billion from our Federal Reserve. This money was to be used toward the Toxic Asset Relief Program (TARP), which bailed out many banks on Wall Street, as well as ailing businesses in other sectors. The intent of this program was that the money provided to the banks and institutions would ultimately provide relief for home owners who were unable to pay their mortgages. The money was also suppose to protect the value of homes throughout the nation. However, the Treasury, instead, gave the funds to these institutions without enforcing these original guidelines. Therefore, the companies were able to do, essentially, whatever they liked with the tax payer’s money. And, as a result of this, the lending companies actually increased the amount of foreclosures per month, and now the number of those that have lost their homes ranges in the millions.
It’s not difficult to see why so many Americans today are disillusioned by the financial sector and many governmental bodies. Many politicians have appeared to show support of the financial instutions, such of Bank of America and Freddie Mac, rather than choosing to acknowledge that these companies have placed a tremendous burden upon the American people. Promises were not kept, and the relief that was supposed to be given to homeowners failed to materialize.
The true disgrace in America is that the individuals who make this country what it is, such as the factory workers, teachers, and nurses, just to name a few, are simply left to fend for themselves. Meanwhile, Wall Street is free to do whatever they wish with money that shouldn’t really be theirs in the first place. Written by John F Smalley
Smalley Web Solutions has been involved in Texas website design for over three years. In April of 2009, we moved to Austin, Texas where we have been involved in the Austin web design market for over two years. Our e-form design service just recently became one of our more important and in demand services. Smalley Web Solutions can be reached at URL: www.webwizardonline.net or email: franklinsmalley@yahoo.com