Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette

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Fading Dreams

America is becoming more and more a place where a few people have vast amounts of wealth, and the vast majority scrabble for the basics. Lords and peasants, all over again -- without even the old noblesse oblige. It's disgraceful.

Henry A. Giroux | No Bailouts for Youth: Broken Promises and Dashed Hopes
Henry A. Giroux, Truthout: "It appears ever more unlikely that the Obama administration will undo the havoc wrought by the Bush administration (itself the culmination of a decades-long trend toward market deregulation) or reverse the effects of a rampant free-market fundamentalism now unleashed across the globe. As the financial crisis looms large in the lives of the majority of Americans, government funds are used to bail out Wall Street bankers rather than being used to address either the growing impoverishment of the many people who have lost homes, jobs and hope of a better future, or the structural conditions that created such problems. In this scenario, a privileged minority retains the freedom to purchase time, goods, services, and security, while the vast majority of people are relegated to a life without protections, benefits, and safety supports. For those populations considered expendable, redundant and invisible by virtue of their race, class and age, life becomes increasingly precarious."

Art Levine | As Treasury Department Stumbles, Liberals Push Tougher Measures to Stem Foreclosures
Art Levine, Truthout: "With today's scheduled announcement by the Treasury Department of new efforts to pressure lenders to lower mortgage costs, progressive economists, advocacy groups and legislators are pushing for tougher measures to keep homeowners in their homes - and to force banks to take losses on their exploding mortgages. In contrast, the Obama administration's response to a crisis that is causing two million families a year to face the loss of their homes has been widely derided as ineffective."

Housing Meltdown, Ground Zero: The American Home-Owning Dream on Life Support
Andy Kroll, TomDispatch.com: "At the end of a week in mid-October when the Dow Jones soared past 10,000, Goldman Sachs recorded 'just another fantastic quarter' with a $3.2 billion quarterly profit, JPMorgan Chase raked in a cool $3.6 billion, and a New York Times headline declared 'Bailout Helps Revive Banks, And Bonuses,' I spent a Saturday evening with about 100 people camped out in a northern California parking lot ... These people, and thousands more like them who had streamed into the arena all day long from as far away as Los Angeles, Phoenix and Las Vegas, were unemployed, broke, bankrupt or at their wit's end. They were here waiting for help - for their chance to make it inside the warm arena to participate in 'America's Best Mortgage Program.'"
Tags: economics, news, politics
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