Portside

The sequester means that most federal budgets must be reduced by as much as five percent. Housing is taking a huge hit. I’ve been stewing about it for days now. I want to ask the important people in Washington – starting with the one in the White House – how could they let something like this happen? How, in the richest, most powerful country on the planet, could they visit such cruelty on people?

Five years after Wall Street crashed the economy, not one banker has been prosecuted for the reckless and fraudulent practices that cost millions of Americans their jobs, threw our cities and schools into crisis, and left families and communities ravaged by a foreclosure crisis and epidemic of underwater mortgages.

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Since 1997, we have lived through the biggest real estate bubble in United States history — followed by the most calamitous decline in housing prices that the country has ever seen. Fundamental factors like inflation and construction costs affect home prices, of course. But the radical shifts in housing prices in recent years were caused mainly by investor-induced speculation. Previous events were fundamentally different from the recent housing bubble.

You don't have to look far to see the connection between workplace and housing struggles. People lose their homes or get evicted from rentals because of unemployment, underemployment, low wages, or health care bills. Organizing works: activists consistently force the banks and mortgage lenders to back off specific homes.