The 5REASONS Report

See You Later, 2008! Don’t Bother to Call, Either

By 5Reasons

January 3, 2009

It was the best of times; it was the worst of times. Okay, who am I kidding? It was just the worst of times. Except for November 4th, it was a wholly unforgettable and regrettable year. Fortunately for us, the calendar has changed, and perhaps we can start anew. But the negative effects of the economic collapse may impact us for some time to come.

Throughout the year, the national political class talked about the struggles on “Main Street” juxtaposed with the problems of Wall Street. Indeed, the Main Streets of the country have long been forgotten, and some of them like Newark are all but abandoned. In 2008, Newark saw more than 40% of its available properties for sale driven to the market by foreclosures. Families and folks losing their homes have become so commonplace that it is considered the norm. The dream of homeownership has been whisked away by poor financial products that exploited undereducated consumers.

In September, when AIG and their banking brethren crumbled, President Bush declared some companies “too large to fail.” Taxpayers handed over a trillion dollars to these outfits with the understanding that it would eventually help ordinary consumers, like working-class Newark families, to stay in their homes. But throughout this crisis, we have learned yet again that working folks aren’t a priority. They passed out those shiny new $100 bills, but there hasn’t been one concrete plan to help the folks who are losing their homes.

Newarkers, fortunately, are a resilient group that has seen tough times before. The word “recession” is a Burbarian economic concept; in Newark, we know that jobs are always scarce, and we know the harsh realities of daily living. Simply put, no one is actively looking out for your interests. Anything you get, you have to earn and then some. But even Newarkers, as tough as they are, could use some relief every now and then. And this is one of those times.

In 2009, policymakers should focus their attention on more than saving the Fortune 500. It’s humorous to consider how this trillion dollars in corporate welfare compares to the much less expensive social welfare from a decade ago. But in a society that values wealth more than productivity or the dignity of work, those are the skewed program proposals you get.

If there is anything good to say about 2008, it’s that it’s over. The saying is that whatever doesn’t kill you makes you stronger. Well, we’ve certainly gained some quality muscle mass last year. So long, 2008; don’t bother to call or write.