Comment: Charlie Davenport
As you are know, if the principals on those 10.8 million underwater propertied were written down to actual value, making them available for sale, the effect on our nation’s economy would be profound. The National Association of Realtors contends that for every two homes sold, a job is created. Even with more conservative estimates, lots of jobs would be created.
As you know, the financial industries, oligarchic banks, and other economic predators responsible for the GW Bush financial collapse and economic crisis were “bailed out.”
As you know, the recovery from that economic crisis has not been impressive.
It is now time to “bail out” the American people, who were, and continue to be, the victims of the economic and mortgage crisis.
Mr. President, your administration has had magnificent and historic accomplishments. However, unless you take decisive steps in regard to the housing market, history will also remember you for presiding over the slowest economic recovery since the Great Depression.
The following is an open letter to President Obama on the mortgage crisis in the United States sent to The Hudson Valley Radical by local activist Charlie Davenport. While we may not agree with everything written in work submitted to this newsletter, we have a policy of publishing all comments sent to us. Our response is written following the letter.
Dear Mr. President:
As you are know, there is a mortgage crisis in our country. There are still 10.8 million properties underwater, about 22% of all mortgages, and there are 3 million homes in or close to foreclosure.
As you are know, economic calamities such as this crisis disproportionately affect minorities.
As you are know, there is a mortgage crisis in our country. There are still 10.8 million properties underwater, about 22% of all mortgages, and there are 3 million homes in or close to foreclosure.
As you are know, economic calamities such as this crisis disproportionately affect minorities.
As you are know, if the principals on those 10.8 million underwater propertied were written down to actual value, making them available for sale, the effect on our nation’s economy would be profound. The National Association of Realtors contends that for every two homes sold, a job is created. Even with more conservative estimates, lots of jobs would be created.
As you know, the financial industries, oligarchic banks, and other economic predators responsible for the GW Bush financial collapse and economic crisis were “bailed out.”
As you know, the recovery from that economic crisis has not been impressive.
It is now time to “bail out” the American people, who were, and continue to be, the victims of the economic and mortgage crisis.
Mr. President, your administration has had magnificent and historic accomplishments. However, unless you take decisive steps in regard to the housing market, history will also remember you for presiding over the slowest economic recovery since the Great Depression.
Editorial: Obama’s Record- Often Too Late, Always Too Little
Along with the most severe economic crisis since the great depression, we are also in the most severe mortgage crisis since that time. In spite of this, our president has done very little to stem the scourge of foreclosures, opting to sit back and let our neighbors lose their homes rather than take radical action to address the foreclosure crisis (such as advocating a moratorium on foreclosures).
As Charlie points out, his failure to act will overshadow any accomplishments the president has achieved in his term (which we would consider to be, in themselves, half-baked compromises rather than fundamental change). This failure to act (or even advocate) effective solutions to the crisis that we face has been characteristic of Obama’s tenure as president on all issues, from foreclosures, to healthcare, to the economy. And despite his flowery campaign promises (sold to us in both 2008 and 2012), this should come as a surprise to no one. Even if Obama genuinely wanted to act to stop people from losing their homes, as a politician representing the capitalist class, he is unable to do so.
It is precisely for this reason that we must engage in working class politics independent of the existing parties acting in the interests of capitalism.
What are your thoughts on the foreclosure epidemic and Obama’s response? E-mail leftunited@gmail.com with your comment, and we'll publish it on this blog and send it out to our e-mail list.
Fighting Back
If you or someone you know is facing foreclosure, reach out to Nobody Leaves Mid-Hudson Home Defense Association and fight back to save your home!
According to the "About" section of Nobody Leaves Mid-Hudson's website, their goal is to "educate, organize, and support homeowners and tenants to defend their right to remain in their homes and to hold banks accountable to help solve the housing crisis that these institutions created."
Nobody Leaves Mid-Hudson meets the 2nd and 4th Saturdays of the month from 4-5:30 PM at Christ Episcopal Church, 20 Carroll Street, Poughkeepsie, NY 12601.
For more information, e-mail nobodyleavesmidhudson@gmail.
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