The overall U.S. homeownership rate increased from 64 percent in 1994 to a peak in 2004 with an all-time high of 69.2 percent. Real estate had become the leading business in America, more and more speculators invested money in the business. During 2006, 22 percent of homes purchased (1.65 million units) were for investment purposes, with an additional 14 percent (1.07 million units) purchased as vacation homes.These figures led Americans to believe that their economy was indeed booming. And when an economy is booming nobody is really interested in foreign affairs, certainly not in a million dead Iraqis. But then the grave reality dawned on the many struggling, working class Americans and immigrants, who were failing to pay back money they didn't have in the first place.Due to the rise in oil prices and the rise of interest rates, millions of disadvantaged Americans fell behind. By the time they drove back to their newly purchased suburban dream houses, there was not enough money in the kitty to pay the mortgage or elementary needs. Consequently, within a very short time, millions of houses were repossessed. Clearly, there was no one around who could afford to buy those newly repossessed houses. Consequently, the poor people of America became poorer than ever.Just as Wolfowitz's toppled Saddam, who dragged the American Empire down with him, the poor Americans, that were set to facilitate Wolfowitz's war, pulled down American capitalism as well as the American monetary and banking system. Greenspan's policy led an entire class to ruin, leaving America's financial system with a hole that now stands at a trillion dollars.
I remember once when I had been giving a talk to the R.A.F., an old, hard-bitten officer got up and said, ‘I’ve no use for all that stuff. But, mind you, I’m a religious man too. I know there’s a God. I’ve felt Him: out alone in the desert at night: the tremendous mystery. And that’s just why I don’t believe all your neat little dogmas and formulas about Him. To anyone who’s met the real thing they all seem so petty and pedantic and unreal!’Now in a sense I quite agreed with that man. I think he had probably had a real experience of God in the desert. And when he turned from that experience to the Christian creeds, I think he really was turning from something real to something less real. In the same way, if a man has once looked at the Atlantic from the beach, and then goes and looks at a map of the Atlantic, he also will be turning from something real to something less real: turning from real waves to a bit of coloured paper. But here comes the point. The map is admittedly only coloured paper, but there are two things you have to remember about it. In the first place, it is based on what hundreds and thousands of people have found out by sailing the real Atlantic. In that way it has behind it masses of experience just as real as the one you could have from the beach; only, while yours would be a single glimpse, the map fits all those different experiences together. In the second place, if you want to go anywhere, the map is absolutely necessary. As long as you are content with walks on the beach, your own glimpses are far more fun than looking at a map. But the map is going to be more use than walks on the beach if you want to get to America.