American Dream 2.0

If you had a dollar in the days of yore

You would spend only half that and not anymore

If your heart urged you to buy a house in town

You would check with your wallet to put money down

If you had a mortgage, you would pay

From other loans and debt, you would stay away

Life was simple and in control

To live within your means was the only goal

Then someone said why not spend more than what you own
The way to do it was called "easy loan"

Why not buy a house that you couldn't afford
Well even the financial gurus were on board

The banks stuffed loans down your throat
"Its good for the economy" they wrote

They shouted "Spend,Spend,Spend!"
Oh boy, were they eager to lend

Everyone wanted to get a lawn green and lush
To buy a house, there was a mad rush

The banks said "Buy, Buy, Buy"
This was not a time to be shy

If your credit score was having a bad time
There was a loan they called "subprime"

And they signed on the dotted line
Not knowing that it was a noose by design

The wind caught my nose too.
And before I knew it, I did chew.

Bought a cute house with a twinkle in my eyes
Never did I think it was unwise

The prices seemed like a one-way street
To see my house price go up everyday was a real treat

This is The American Dream , I said
Never thinking about what was still unsaid

One day, someone realized the subprimes are never going to pay
For new loans, they started getting turned away

Everything suddenly stopped in its tracks
The house prices seemed to have reached its max

Like a roller coaster ride which pauses at the top
Everyone was getting ready for the big drop

There is a reason they call it a dream
For very soon it runs out of steam

The big real estate party was over
Enough of the high and it was time to be sober

While the subprimes stopped paying their mortgage
Deals were being made by the banks backstage

Like a rock falling off a cliff the prices dropped
The same gurus announced " The bubble has popped"

Some houses started getting foreclosed
And short sale was how the others were disposed

We decided to sell ours too
To the house we needed to bid adieu

For a year the bank put me through the x-ray
To see if I could pay or not pay

Finally they agreed to a short sale deal
To me that had a lot of appeal

"We forgive what you owe us" said the bank
To this great American system, I had to thank

For me to sell the house was a real feat
For the buyer the deal was really sweet.

From a house owner to a renter here we go
That's the new American Dream - American Dream 2.0