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Tuesday, October 25, 2016

Occupy Our Homes: Shining A Light On Our Great Failure

The housing crisis is America’s most urgent economic problem, but until now, it’s been the farthest from policymakers’ minds.

A recent article on Salon reports that the Occupy movement is planning to begin a nationwide action protesting the foreclosure crisis. Whatever your views of the movement itself, they are casting a bright light on the place where capitalism, our democracy, and our society have all failed: the housing crisis.

The financial crisis effectively started with the housing crisis, and it will not end until we find a way to resolve the housing crisis. Economists who have repeatedly forecast a healing economy have misjudged the need for a healthy housing market as a central component for any type of economic recovery. The administration’s current plans for preventing foreclosures are woefully inadequate and housing prices are likely to decline as much as 20 percent this year, so our nation’s cycle of economic misery will continue.

Since the mortgage meltdown begin in 2007, six million homes have been lost to foreclosure. At present, another four million homes are at some stage of the foreclosure process. As the New York Times recently reported, one of the nation’s leading housing analysts anticipates that a “staggering” total of more than 10 million of the nation’s existing 55 million mortgages are “reasonably likely to default.” Another recent article noted, “If the U.S. foreclosure crisis were a baseball game, we’d probably be in the bottom of the fourth inning.” This national tragedy is a long way from over.

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Copyright 2011 The National Memo
  • hardroc

    these guys should be in jail and not reaping profits off of people and the harm they have caused the american middle class.This is far from over,it is just the start of a huge chande that is comong.

  • durnovo

    Why not ly the blame where it belongs , Govt inaction and Barney Frank

  • ecarolan

    It seems fitting that people that live in tents should argue against home foreclosures. But, if you visit an ‘Occupy’ site you may come away with a different impression. In Washington DC’s McPherson Square (close to the White House)I doubt if many of the protestors ever had a mortgage, or in some cases a care in the world. So while I appreciate that the ‘Occupy’ movement will try to focus on an issue that will give them greater standing with the middle class, Mr. Gingrich may have had it right when he said, take a bath and get a job.

  • DianneLee

    “Living in a tent in increasingly colder weather, with sporadic food supplies, and using a porta potty is miserable. About 90% of our Occupiers in St Louis had a nice warm bed at home. Trust me, there is a point where being miserable overcomes even the most heart felt dedication to saving our country. I know, because I reached it at about hour 40 of no sleep, no medication, and little water in the Saint Louis city jail when they raided our camp on 11/12 at 2am. I think they did us a favor. If we had not been raided, eventually the misery would have closed the Occupy site. Raiding us allowed us to be defiant and undefeated to the end.
    Just surviving in the tents took a lot of our energy and organization. Since we were evicted, we continue to have regular GAs, with well rested, well fed people. The tents allowed us to find thousands- nationwide­ probably millions- of people who were also fed up with the rich owning everything in sight. They will always be our symbol and our Occupy sites will always be our spiritual home, but the tents have served their purpose as an attention getting devise. Now, the plans made in those tents will be implemented by the Occupiers-­- and you ain’t seen nothing yet.”

  • ed Clemensen

    I can see that some of the morons just excaped from faux news, the fact free news media of the nation. When these two loose their hinnies they will be cutting in line screaming, (I won’t say blues, cause I play the blues) about how anybody else but the republicans are wrong.