Pondering the American Elections
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Like a lot of people around the world I have been quietly observing the US elections with some interest. Not least because America’s political direction has a profound impact on the world but also because the current economic climate makes this one of the most important elections for some forty years or more. So given the current crop of candidates I am sadly pessimistic.
At the moment it looks like the Democratic party has the lead so it looks like a choice between Obama and Clinton; a dramatic choice from a demographic point of view but a decidedly dull one when it comes down to policies. Its interesting to dissect the obvious bias of the British press which carefully edits its footage to place Obama in a good light and Clinton in an unflattering pose, to the degree that I can’t remember what she looks like without her mouth open pulling a face. Ultimately it’s a call between a corrupt and experienced politician and an inexperienced political candidate I’d rate as a sock-puppet. Personally I’d feel safer with someone who knows their own mind in the driving seat and I suspect the American public may come to the same conclusion if wavering.
Either way, whoever wins a place in the White House has serious problems on their plate :
One young man I interviewed asked me not to take his photo because he’s looking for work. While the majority of Americans living at this tent city are simply those left with no place to go for various reasons, this 30-ish, educated American lost his home through foreclosure several months ago. As he sat, stroking his cat, a sad story emerged. Caught up in the hype about the glorious state of the economy, he and his wife bought a house with an ARM (adjustable rate mortgage) in a high ticket market. When it came time to face the reality of a bigger payment, credit card debt to the max and little savings, the first loss was the house, then the marriage due to stress and then his job.
Link : Macabre waltz into the abyss
Need a way out? There’s always “jingle mail“…
Tent city - the old three card trick and how could the average cit wake up to what was going down?
When I lived in America in the 1980s and 90s, even then there was a good deal of shonky stuff in the real estate market. I would say that your jingle mail example is very normal now. It is very easy to declare bankruptcy in the US and walk away. Obviously it is more challenging given the impact of not having credit in a credit demanding society. I wonder if you would be forced into bankruptcy if you did that?
One of my colleagues in America did exactly that when the housing market went bust in the 80s in Denver and they lost their job. Luckily they were able to buy another house in California before the default went through. After a number of years their credit recovered and the house they bought doubled in value.
Such an extreme market.
Its true Colin, people in Europe forget that the American economy has often been historically volatile and that its own laws and economics exacerbate this. It can be a journey from the mansion to the gutter and back again within a few years with little stigma attached to the experience.
However I think this may well be a substantial knock-back.
When I lived in America in the 1980s and 90s, even then there was a good deal of shonky stuff in the real estate market. I would say that your jingle mail example is very normal now. It is very easy to declare bankruptcy in the US and walk away.
indeed, I read one article a few days ago which referred to ‘neutron mortgages’ - the houses are still standing but there’s no-one left inside them…
In my city alone, i.e. Seattle, there are many thousands of homeless people, even children, many elderly. Many more are totering on the brink, and many with good incomes could suddenly find themselves destitute. The US is full of people running scared and living on the edge. Yet, for all their economic uncertainty and sketchy, indeed, dangerous lack of security and social welfare support, Americans are utter political naïfs. Many, or most, of them don’t have a clue as to what politics is, nor what will be detiremined in periodic elections. They base their choices, and votes, on the most absurd, superficial, and frivolous appearances, knee-jerk, and gut reactions. They are easy prey to hype, advertisement, rabble rousers, spin-doctors, fearmongers, and demagogues, and the band wagon effect (mindless conformity as — monkee see, monkee do).