Today, April 4th, 2012, marks the 44th anniversary of Dr. Martin Luther King, Jr.'s assassination. It's a good time to reflect on the state of not only Dr. King's dream, but the American dream at large. After all, Dr. King himself described his own dream as one that was "deeply rooted in the American dream." It was a vision for an American Dream made available to all -- a dream for the many, not just the very few. But nearly five decades after his passing, it behooves us to face a disturbing truth: the dream upon which Dr. King founded his own dream is imperiled.
The ideal that Dr. King worked to extend to all was that ours could be a country in which ordinary people -- not just those with great wealth -- could work hard, play by the rules, and make a better life for themselves and their families. Dr. King, and so many others, devoted his life to making that opportunity available to Americans of all backgrounds. But today, those who work the hardest are falling the furthest behind, while those who break the rules are the ones getting ahead. And make no mistake: we know who today's dream killers are. They are in the financial sector. They are big banks on Wall Street. And they are those in the student loan business -- federal and private -- who look to drain the wealth of individuals who want to further their education.
In short, the two pathways from poverty into the middle class -- striving for a good education and home ownership -- are becoming trap doors from the middle class into poverty.
America's families face a wave of foreclosures and a turbulent mortgage crisis. In the past five years, eight million homes have been foreclosed on. One in four mortgages in America are underwater. Stories of homeowners repeatedly applying for loan modifications only to be denied -- or worse, ignored -- are sickeningly common. Mortgage giants Fannie and Freddie should reassess the value of America's mortgages and cut the principal owed to reasonable levels. But the one man with the authority to say yes -- Ed Demarco, head of the Federal Housing Finance Authority -- refuses to do so. Furthermore, individuals seeking higher education are met with deceptive private loans from big banks, or a government trying to double interest rates on subsidized Stafford loans this July 1st.
The African-American community is especially impacted -- with black families three times more likely to be foreclosed on and more than 50 percent more likely than whites to be steered to a subprime predatory loan. This study gives all the gory details: http://www.peri.umass.edu/681/
The mortgage crisis and the growing numbers of indentured students undermine what's left of the American dream. In the spirit of Dr. King, we cannot allow this to stand. Fortunately, individuals and advocacy organizations are fighting back: groups like Rebuild the Dream and New Bottom Line are going on the offensive to strengthen what's left of America's middle class and to support those who are fighting to get into it.
Together, Rebuild the Dream and New Bottom Line launched AmericaUnderwater.org to draw attention to the wrongdoings of Ed DeMarco, Freddie Mac, Fannie Mae, and the rest of the gang. Americans across the country submitted photos of their homes, depicting the amount their mortgage is underwater (America-Underwater.tumblr.com). -$53,000. -$109,000. -$259,000. It goes on.
We're also working with organizations like U.S. PIRG and CREDO to keep in place the plan that cut the interest rate on subsidized Stafford loans from 6.8 percent to 3.4 percent. Students who need this aid the most could end up paying up to $5,000 more on their loans. How is that acceptable to anyone? We must encourage the pursuit of higher education -- not make it impossible to achieve.
Dr. King's generation had to fight to extend the dream. We have to work twice as hard. We must both extend the dream to all -- and save the dream for everyone.
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Jared Bernstein: Principal Reduction: But One Tool for Home Repair
We don't need loan extensions better mortgage rates, or hand out, we need for the cost of living to drop. Right now 5 sectors of industry which provide the very basics have a monopoly of all our wages: Gas, Petrol, water, Rent/mortgage. Getting these things down to a fair price is the end all solution to our money problems and it is also fair on the rest of the economy, who can't hope to get our money while these 4 sectors take the majority of it. It is a monopoly.
okay, that's 3 by my count where gas = petrol and Rent/mortgage = housing. you appear to be using a unique definition of monopoly, especially when it comes to housing. you almost redeem yourself:
"...while these 4 sectors..."
no wonder we are in such a mess.
I am using the word 'monopoly' in a figurative way.
MLK was a Republican.
Yeah, we should steal money from the actual homeowners (bank stockholders),that will solve the problem. Great idea. Theft is good.
Only the banks and wall street contributed to the mortgage crisis? Is that right Vanny?
Let's see who the other contributors to the mortgage crisis were,
1- Millions of people who bought homes they knew they could not afford.
2- The federal government, which LOWERED mortgage standards four times. (At the urging for Vanny Joes friends such as Dodd and Frank.)
3 - Fannie and Freddie which published false subprime loan percentages. (In other words they told people that the percentage of subprime loans they held was much LOWER than the amount they actually held.) This contributed to the AAA ratings that were used by foolish/evil bankers.
Ooops. Guess there is a lot of blame to go around....
A - Millions of people are in foreclosure. Not just for lack of jobs, because they could never cover the real interest rate that kicked in after the teaser rate. (And, yes, they knew that going in.)
B - As far as the last part of your statement "...not afford or qualify". As far as "qualify", yes, you are right, they did qualify. But only after the foolish government lowered the mortgage requirement to get votes.
So it's the student loans...not the out of control rising college tuition costs?
Many want school choice but are denied by laws that create government monopolies,
The prison systemm at the federal level houses 2.5 million at an average of $30,000
Government waste and overreach.National debt 15.8 trillion , congress mostly at fault.
Supreme ct - United decision , worst decision since Dred Scott, corrupts the whole
political system. Pitiful system only 50% vote.Do we deserve democracy with institutionalized corruption?
-- and the March on Washington, with "I have a dream" depended on the organizing skills of Bayard Rustin, a Gay man
GOD BLESSED THE WORLD WITH DUKE ELLINGTON
-- and his musical partner, co-writer of his great songs, was Billy Strayhorn, a Gay man
James Baldwin
Johnny Mathis
and lots more
ISN'T THE PRETENDING GETTING A LITTLE OLD, FOLKS?
The power of non-violence was perfectly expressed by MLK who suffered greatly yet stayed firmly rooted in that spiritual practice even though they killed him for it.
The power of truth was expressed by Malcolm X who discovered that what he had taught was wrong and wasn't afraid to change his beliefs even though they killed him for it.
The power of courage and commitment was expressed by Muhammed Ali when he put his freedom and title on the line to uphold his conscientious objections and his faith.
This is a sad, sad anniversary. Thank you for remembering, Mr. Jones.
and Martin Luther King.
Van Jones on Trayvon Martin, Racial Violence and Why Obama Ignored Race Issues for Two Years
http://www.democracynow.org/2012/4/3/van_jones_on_trayvon_martin_racial
"Rebuild the Dream": Ex-Obama Adviser Van Jones on Life Inside White House, Right-Wing Smear Attack
http://www.democracynow.org/2012/4/3/rebuild_the_dream_ex_obama_adviser
"Two Sources of Power": Van Jones on Need for Obama Re-election, Building Occupy-Like Mass Movements
http://www.democracynow.org/2012/4/3/two_sources_of_power_van_jones
This nation is what you put into it. I have lived the dream and I won't surrender that great appreciation by teaching my kids they can't make it.
What we are experiencing is a government that funnels money and power to the most inept and corrupt and the least productive segments of society. In the end we will bankrupt ourselves financially and morally, hurting all of society.
“My grandfather, Dr. Martin Luther King, Sr., or ‘Daddy King’, was a Republican and father of Dr. Martin Luther King, Jr. who was a Republican.”