Resurrection of the American Dream: Housing Crisis Analysis
This paper examines the erosion of the American Dream, tracing the concept from its origins in James Truslow Adams's 1931 work through its modern association with homeownership. The analysis focuses on how financial deregulation beginning in the 1990s enabled the subprime mortgage market, fueled a housing bubble, and ultimately triggered a foreclosure crisis that displaced roughly four million American families between 2007 and 2012. The paper also considers the role of government dysfunction and political bipartisanship in limiting an effective policy response, and argues that a functioning federal government is a necessary component of any effort to resurrect the American Dream.
- Introduction: Introduces the American Dream and its threats
- Background of the American Dream: Historical origins and evolving definition of the Dream
- The Housing Crisis and Deregulation: Financial deregulation and subprime market origins
- Subprime Mortgages and the Housing Bubble: Bubble formation, burst, and mass foreclosures
- Conclusion: Government failure and path to revival
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What makes this paper effective
- It grounds the argument historically by opening with James Truslow Adams's original definition, giving the analysis a clear conceptual baseline before examining modern threats.
- It traces a logical causal chain — from deregulation to subprime lending to the housing bubble to foreclosure — making a complex economic sequence accessible to a general academic audience.
- It uses concrete data points (four million families displaced, billions in bank settlements) to substantiate its claims without overwhelming the argument with statistics.
Key academic technique demonstrated
The paper demonstrates effective use of a framing concept: the American Dream serves as both the subject and the evaluative lens throughout. By defining the concept in the introduction and returning to it in the conclusion, the writer creates thematic coherence that unifies economic analysis with cultural commentary.
Structure breakdown
The paper opens with a conceptual introduction, follows with a historical background section drawing on primary and secondary sources, moves into two analytical sections on deregulation and the subprime market, and closes with a conclusion that connects the economic findings back to the broader question of governmental responsibility. The structure moves from abstract concept to concrete crisis to policy implication.
Introduction
The American Dream is a concept that has been a part of American culture for many decades. It is a deeply held conviction that an individual can reach his or her fullest potential through appropriate application of effort. This concept is built on the idea that no limiting conditions — such as age, race, sex, disability, or other factors beyond an individual's control — can prevent someone from fulfilling their potential. The idea centers on the existence of social mobility that can be achieved through personal effort and determination.
Through hard work and determination, any American has the potential to improve their circumstances. However, the vitality of the American Dream has been compromised in recent decades by macroeconomic developments that have negatively affected economic opportunities for Americans. There are other threats as well: the health of the population is declining, with instances of cancer and obesity reaching epidemic levels. Homeownership, meanwhile, stands as one of the cornerstones of the American Dream. This analysis considers some of the factors detracting from the achievement of the American Dream and offers suggestions for how this dream can be resurrected.
Works Cited
Adams, J. The Epic of America. Simon Publications, 1933. EBook.
Asensio, A. and D. Lang. "The Financial Crisis, Its Economic Consequences, and How to Get Out of It." International Journal of Political Economy (2010): 58–69. Web.
Focardi, S. and F. Fabozzi. "The Reasonable Effectiveness of Mathematics in Economics." American Economist (2010): 19–30.
Lal, D. "The Great Crash of 2008: Cause and Consequences." Cato Journal (2012): 265–277. Web.
Mason, J. and M. Spetalnick. "Spending cut debate casts pall over Obama's second-term agenda." 2 March 2013. Reuters. Web. 2 March 2013.
Wilson, J. "Foreclosures (2012 Robosigning and Mortgage Servicing Settlement)." 7 January 2013. The New York Times. Web. 2 February 2013.
Zhang, F. "Perspectives on the United States Subprime Mortgage Crisis." Macro China Network (2008): 115–121.
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