As stated in the article by Paul Kiel and Olga Pierce called Dems: Obama Broke Pledge to Force Banks to Help Homeowners, one of the things that President Obama promised not only the people of the United States but also Congress that "he'd fight for changes to bankruptcy laws to help homeowners". However, since the time that he has been in office, this issue has never come up. Not only the citizens of the US but also Congress is not only surprised but disappointed that they have yet to address this problem. Obama said that this problem is "the kind of out-of-touch Washington loophole that makes no sense". However, the administrations "has relied on a voluntary program... that simply offers banks incentives to modify mortgages". However, they fell really short of their goal (wanted to help 3-4 million homeowners but only estimated less than 800,000).
The cultural studies approach to this problem is concentrated on the homeowners who were counting on the bankruptcy laws to happen. When you are a little kid, you draw the "perfect" house. The house that everyone wants to own, but the problem? How can you do that when you can't pay for that house or the bank won't help you keep the house. We don't like to admit it but in our society, it is about Marx's social structure (base against superstructure). We strive to be apart of the superstructure and be apart of the elite but without these laws that Obama promised, who knows how people can do that.
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