Lisa Simpson
Jan 15,2010
In: Foreclosure Crisis

Going Green take Time to Rebuild Homes in Foreclosure Crisis

Way in rebuilding on the ruins of the foreclosure crisis.

One of the prime reasons for the economic crisis that took the shape of the foreclosure mayhem is outsourcing and falling education standards. Many at the local level feel that this can be remedied by encouraging sustainable small business niches and upgrading the excellence of educational standards. This way nothing can be taken away from the country because of its inherent strength.

The other interconnected answer is to foster green economy. Going green would go a long way in rebuilding on the ruins of the foreclosure crisis. Setting up of wind farms, solar panels and power plants using geothermal energy would require manufacturing units having trained personnel to operate and maintain them. If both the government and the private sector come to an understanding then this branch of the economy would be able to take off the ground with speed.

Thus contradicting the gloom of many who think of the prosperity of America as a thing of the past, there are some who are taking this crisis as an opportunity to think anew and forge ahead based on new ideas; it will lead to resurgence.

Diane Swonk of Mesirow Financial, Chicago said, “America’s greatest ability has always been its capacity to reinvent itself. We may be able to emerge stronger and better, to the possible anger and envy of some parts of the world.”

But to reach that goal will require some time, effort and dollars for a nation that is not known for its patience and future planning. Swonk added, “Neither our political system nor our capital markets are used to anything but a short-term view, nor fixing K through 12 is a long-term proposition. Not addressing the issue is an option we don’t have. There is a difficult decade ahead of us.”

The first step towards thinking about the future is accepting that the past has become history and there is no point in reinventing it.

Bob Hagan, Ohio state representative since 1986 said, “The thing we’re starting to understand is that the prosperity of the steel mills was the past. So let’s accept it and let’s move on into something that makes it even better.”

The special feature about the Great Recession is that it has been a national wave unlike the past ones in the recent past that have been regional based. Swonk said, “Other recent recessions have been regional in nature. But this time, there is nowhere to hide.”