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Authors, sign in!Bitter Fruit & Lines in the Sand
By Lucy Belnora on June 7, 2007
Foreclosures are running 25% higher than they were this time last year.
Why is that, you may ask? You may point out, "I thought the economy is doing well."
The economy is doing well for the top 10% of Americans who happen to own 80% of all stocks traded on the New York Stock Exchange. The economy is not doing well for the rapidly disappearing middle class that has watched its mean income decline over the last six years. Americans that could afford a mortgage six years ago, now struggle to scrape the money together for monthly payments.
To make matters worse for middle America, the recent deregulation of the financial industry has led to the epidemic of subprime loans. Remember, subprime loans have been given to many middle class Americans at interests rates that are 2% to 5% higher than the interests rates that the top 10% of Americans pay.
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posted by Lucy Belnora on June 7, 2007
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