Foreclosure Crisis Has Sapped The Strength of America

March 25th, 2009 | Tags: Foreclosure Crisis

Like a tidal wave the foreclosure crisis has sapped the strength of America deluging the economy with woes. The strength of a nation is founded on its natural resources, human resources and technological advances. In all America was blessed.

Great strides were made during the latter half of the last century in technological advances and USA sold this knowledge pocketing neat profits. But the mood seems to have gone. When Microsoft developed Windows named 1995, 1998, 2000 and XP it was snapped up by the world. But today there hardly any takers for the latest product – Vista. XP continues to meet all requirements. This will lead to a slowdown of Microsoft profits. In all fields the advantage of new technological innovations are short lived. This is the prime reason why England and America have failed to retain the advantage they had initially gained with industrial and technological revolutions. Other countries soon began building steam engines like England. Similarly software engineers from emerging countries have picked up their knowledge in the software section and this is one of the prime reasons for the recession being experienced by America today. The Great Depression during the twenties was similarly affected by the spread of new technology to other parts of the world causing America to lose the edge and falter.

America became the centre of world oil production during the twenties but soon West Asia took over. Other parts of the globe took over America’s culture of hard labour and that too began to pay for them causing America to lose that advantage also. Thus in all three spheres America began to lag behind – resources, hard labour and technological development.

With recession being the norm it should cause much worry because slow growth is the general rule and the upswing is only temporary.

It is hard labour alone that can make the best use of natural resources and application of scientific discoveries. An industrious population can sustain the growth of a country. Thus the leaders of a nation have to inculcate a culture of hare work. But Americans have fallen prey to easy livening and lifestyles. They are pampered by unemployment favours.

Thus the foreclosure crisis can be seen as a symptom against a much broader background of causes that have triggered it. The politicians have had a big hand in destroying values and inculcating a culture of greed and favours.