Subprime – poor credit or poor employment standards?

News shouts headlines and tag lines such as “Lenders were giving out loans like candy at this time last year. As a result, this Halloween will be no treat for anyone whose fortune is tied to the housing market” and “Lenders, investors, builders and borrowers have lost billions of dollars from spiking foreclosures of loans made to borrowers with poor credit.” One must ask the question: Are borrowers in bad shape because jobs give us no guarantee any more?

The United States and the U.K. watch as jobs go overseas. Unions are weaker than they were 30 years ago. Older experienced employees are dismissed as younger employees take over. Perhaps we should analyze a second opinion about the subprime, jumbo, and Alt-A mortgage problem. Perhaps jobs offer no guaranteee of retirement, security, or a cushion to fall back on. Perhaps the “average” family is subject to assaults due to a lack of professionalism. One great article shows how families are selected for financial ruin.

I suggest that a worldwide homogenized society might present a totally different approach to jobs and family, when contrasted against standards and values we knew when life was different years ago. Perhaps it’s not the quality of life we should be concerned about today, but the value of life and the desire to do the right thing.

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