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The Crash Of The American Dream Analysis

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The Crash of the American Dream When most people think of the American Dream the first thing that comes to mind is the house with the white picket fence, the 2.5 children, a nice reliable minivan or SUV, and the dog or cat. The American Dream is really not what it used to be, and it is getting harder and harder to obtain. With the effects of the economic crisis still shaping our everyday lifestyle, there is still little to no relief. We are still dealing with no jobs, and the ones you do get don’t pay nearly enough. The price to go back to school to try to improve your work situation has become more and more expensive, and to top it off you can barely get any kind of loans because you don’t make enough. It has become this vicious circle that …show more content…
Even trying to obtain any kind of loan such as a car loan or a house loan is nearly impossible to receive. The main reason of the economic recession was due to bad lending practices and because of this banks are making it harder to obtain a loan. Constance M. Ruzich and A.J Grant the Authors of Predatory Lending and The Devouring of the American Dream asserts “An analysis of subprime mortgage lending practices has revealed complicity between lenders and borrowers that has facilitated the crisis” (143). Basically, people lied on the applications and the banks looked the other way knowing that not all the information was correct. The reason behind the banks letting people get away with lying was because they felt like everyone should have a shot of home ownership. The only problem with that idea is that most people couldn’t afford to make the payments, or had any intention of paying the loans back. Once the recession hit, banks no longer wanted to give out loans and they were being blamed for the economic fall. Since then, to obtain any kind of loan you have to have good credit and a decent wage. The American Dream is slipping away because no one can qualify for loans. Since, many people don’t qualify for loans, then the dream of home ownership is no longer obtainable. If you can’t get a job that pays decently and you can’t afford to go to school in hopes of potentially getting a higher paying job, then there is no hope of the American

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