American Dream Deferred?

“Is a dream a lie if it don’t come true, or is it something worse?” - The River, 1980

Americans are home owners, or at least they aspire to be. It’s always been a part of the American dream – deep Thomas Jefferson yeoman farmer type shit. I grew up in the 60s and 70s, and came of age in the early 80s. At that time the combination of double digit interest rates and double digit inflation made that dream seem like a lie. Just like it does for young people today.

By the time the dust settled on the Reagan era rates were down to under 4% and inflation was a much more manageable 3%. Home ownership was back in a big way, and the home transformed from a place to live into a financial instrument that anyone could own. No need for a series 7 license. No need for a genius level IQ. Most folks could buy a home, pay the mortgage and have some ready money for retirement. That’s still the playbook, but that dream is a lie. Live in your house. Store your wealth in Bitcoin. More to come.