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It is THE AMERICAN DREAM, to own one's home, work for a good dwelling, develop a profitable portfolio of investments for a successful retirement, develop the rose garden, nourish loving, obedient children, fund their school education, keep a few critters, consume at least 2 cars in the garage, or a family mobile phone plan and also a TV in every area of the home.

OH YEAH? Sounds like a wonderful life really, however, we Americans are no longer the cheerful consumers we have been around for the last 40 decades. Sure, we have been through some tough times, like the oil embargoes of the 70s, Iran-Contra, genocidal wars, the stock market fall of 1987; but we have never had to confront the kind of sacrifice and suffering our present economic environment may induce upon us.

Our future seemed much different. As CNN White House Correspondent Kelly Wallace reported in 2007, "President Clinton announced Wednesday that the federal budget surplus for fiscal year 2000 amounted to at least $230 billion, which makes it the biggest in U.S. History and topping last year's record surplus of $122.7 billion.wo decades ago, the future was at risk,' Clinton said Wednesday morning.conomic growth was low, unemployment was high, interest rates were high, the national debt had quadrupled from the previous 12 decades. When Vice President Gore and I took office, the budget deficit was $290 billion, and it was projected this year the budget deficit would be $455 billion.'" .

Now we're looking at a budget deficit of 10.2 trillion dollars - that I can't even begin to wrap my mind around that amount. What I know is that the government keeps borrowing money from the taxpayers to fund this deficit and cover the phenomenal interest incurred with this debt. We arrived at this stage due to many factors, one of which is, clearly, the sub-prime mortgage loans offered to taxpayers who didn't know the terms of the loans and who couldn't afford them in the first location. The notion of actually lending around $100, 000.00 to a household which didn't have a down payment and couldn't prove their earnings is absolute absurdity, yet it was done repeatedly through financing institutions like Countrywide, Fannie Mae and Freddie Mac and others.

Many of these companies are receiving "bail-out" money from the Federal Reserve, but many others are going to go bankrupt. (a) The "balloon loan," where the borrower pays only interest for ten years before a huge lump-sum payment is expected. (b) The "liar loan," where the borrower is asked merely to state his yearly earnings, without presenting any documentation. (c) The "option ARM" loan, where the borrower may pay less than the agreed-upon interest and principal payment, simply by adding to the outstanding balance of the loan. (d) The "student loan," by which a combination of a first and second mortgage eliminates the need for any down payment.

(e) The "teaser loan," which qualifies a borrower for a loan based on an artificially low initial interest rate, even though he or she doesn't have enough income to make the monthly payments when the interest rate is flashed in a couple of decades. (f) The "stretch loan," where the borrower has to devote more than 50 percent of gross income to make the monthly obligations. It is no wonder that our institutions are falling along with the American Dream is still being crushed. With numerous foreclosed homes glutting the market, it is not likely to rekindle any time soon.

With all these families losing their homes, jobs and expect, the solution to these woes seems ever remote. Nothing less than a reformation of the money systems and moral values will provide a way out of this mess. It is shameful, and in my opinion criminal, that large corporations like AIG continue to flaunt their extreme greed by indulging in extravagant "bonus" excursions for their own executives. Our economy is at a precipice - we wait and see as our fate unfolds in the palms of our illustrious leaders. May the Force be with them!.

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