by Peter Latona

Created on: April 15, 2009

The American Dream Turns into a Nightmare

Thomas Blankenship, auctioneer extraordinaire, surveys the crowd of over 1400 people. His four lieutenants dressed in black tuxedos assume their positions amongst the people. Everyone is anxious in anticipation for there are 137 homes to be sold at auction today. The wind dies down creating a brief silence, which is soon shattered by the booming voice of Mr. Blankenship shouting out in the rapid fire language of auctioneers. "Our first property today is located in Roselle, New Jersey, at 1401 Rose Lane" he cries, "valued at $565,000; I am looking for a beginning bid of only $125,000." "Who will give me $125,000" he asks and the auction begins.

Not everyone will find their dream house today. Most will leave empty handed, but they will have many other opportunities because auctions like these have become common place. Banks are saddled with homes they cannot sell through the more standard real estate sales methods, so they turn to auctioneers to at least get what they can. The collapse of the housing market has turned the American dream of owning a home into a nightmare! In February 2009, over 290,000 properties one in every 440 housing units, were slapped with foreclosures.

What is happening here and should we be at all surprised? America has always been the land of the free, who welcomes immigrants from foreign shores, who then by their individual sweat and hard work obtain a piece of the American pie, which owning your own home is a huge part. Did it all begin with the fall of the Soviet Union and the USA lost it global competitor giving us the freedom to expand our financial worldwide? The united front we created to win in WWII son eroded into the individual pursuit of power, fame and money. We no longer are a "Band of Brother's" united against a common enemy. Our band is now "Me, myself and I".

Noted author and New York Times senior journalist, Tom Friedman stated, individualism and the pursuit of personal profit have become the tool with which the Americans created the foundations of the current financial crisis on their own. In his book, "The World is Flat" he repeatedly emphasizes that we have become a global villages and that there is an integral connection between all beings on this planet. This is a new event and new rules apply. We can no longer afford the old me first individualistic way of thinking because all of our actions affect each other and ultimately affect our self as well. We must adopt a new paradigm.

Think

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