Of the levers that are shifting world economies, the inability of the United States to deal effectively and equitably with it’s housing debt has placed ot squarely beside Japan as two of the 99 bottles of beer on the world’s economic wall that have been taken down and passed around toward obscurity. In the process, countless lives are being recklessly ruined so permit me an emotional outburst in the lull…
At 30,000 feet for those that could (which part of humanity could?) the bombing of Dresden must have appeared a fantastic spectacle of firey light. For most of the men who dropped 700,000 phosphorous bombs on this refugee city, however, they recognized on a deep guttural level the horror of the firestorm below. Official allied estimates put the deaths at 20,000 but some say the number of civilians who perished were as high as a half a million.
The shifting economies of Europe that precipitated WWI, war reparations, the Weimar Republic’s hyperinflation, Germany’s clinging to their answer in a swell of grotesque human behavior and the Allies equally inhumane defense, eventually led to the decision to place thousands of innocents in fourteen hours of 1,600 degrees Fahrenheit of hell. Humans are indeed capable of the greatest of grievances.
By comparison, our country’s inhumane, imprudent, and rash whitewashing of a banking scheme to engorge America through her addiction for debt that placed ten million homes in foreclosure, six million individuals in bankruptcy, countless homeless, mentally and emotionally scarred, and millions more innocents impacted by the destruction of their loved one’s self worth, well from 30,000 feet to the casual observer, it may not have even appeared as a smoldering ember.
Yet, the damage that is being done at ground level from this foolish foray of financial protectionism will harm the psyches of our children and grandchildren for generations. The children of the depression were entrepreneurially and socially scarred. The children of the Great Recession of 2008 are scarring now. We can look at each one of the millions currently being affected and dissect her personal situation as to whether she should or should not lose her home, but in the firestorm, hers is but one small voice in the roar that call for us to rise up as a people and recognize that economic tsunamis must inspire the better nature of humanity.
We can approach this time much differently than the financial cannabalism before us. Millions needn’t lose their homes because of artificially high valuations. Banks that are needed in our communities shouldn’t be gutted leaving us without the necessary financial tools of a free society. False profits that we thought were real shouldn’t keep our economy from recovery for want of equitable unwinding.
Roll the excessive debt into shared equity, give affected parties an option on a low probability potential at housing price recovery and let our nation move on. Our choices, our brothers, our nation…