There was a great article in the Sunday Cleveland Plain Dealer by a man who grew up in Cleveland. His name is Tom Palaima and he is the Dickson Centennial professor of classics at the University of Texas at Austin. He is a also a 1969 graduate of St. Ignatius High School. His article dealt with the effect of the de-regulation of the financial services industry. Here is a quote from the article:
In December 2006, I heard a Federal Reserve Bank official explain that the role of the United States in the world economy was to buy things. He said we should keep on buying things, despite the weakness of the dollar and our record levels of household and government debt. I was dumbfounded until I understood that there is a powerful segment of our society that profits from such policies.
Debt comes due. Many Americans are effectively debt slaves right now, and there are people or institutions taking advantage of that indebtedness.
A June 2 Newsweek story described how an entrepreneurial broker made a small fortune selling 71 houses in a depressed but stable Slavic neighborhood of Cleveland by manipulating the appraisals of these properties as much as 600 percent upward and then selling them via subprime mortgages. The neighborhood is now in ruins.
You can read the rest of the article here.