Poverty in the Eastern Conference Finals

by Leigh Graham · 2009-05-26 20:00:00 UTC
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Photo by Fernando Medina/NBAE/Getty ImagesAm I grasping at straws here?

I can't help but think of foreclosures as I watch the Cleveland Cavaliers and Orlando Magic duke it out at Amway Arena in the NBA Semi-Finals.  I'm rooting for the Cavs; the city could use the victory after its public-nuisance lawsuit against 21 banks behind widespread foreclosures was dismissed last week.  Although the city plans to appeal, the supporting data may or may not be helpful.  The Cleveland Fed released a report earlier this month demonstrating that regional foreclosures have been "elevated" since 2000, due to "too much lending to people in an economically stressed region."  How well does the suit address the potential issue of predatory lending?  Is the Bush Administration named?  (Straws again?)

But if you needed anymore convincing that this is a close match up, Orlando ranked 10th nationally for metro foreclosures rates in April.

And so here we watch these two economically struggling cities compete in Quicken Loans and Amway arenas.  Quicken Loans is supposed to be a great company to work for, and it well may be.  They're also the largest on-line lender out there - discuss.  On-line borrowing?  Important technological advancement?  Or part of the deregulated, free-wheeling, problematic culture we live in?

Certainly Amway epitomizes the "American Way."  The majority of the direct sales company's distributors make very little (on average less than $100), but the owners/elite - millions.  After repeatedly taking some hits and fighting off lawsuits/bad press in the US & Europe, the company has shifted its business model overseas, with major growth in China, Russia, & India.  The American Way indeed!

Sigh.

Go Cavs!

Leigh Graham
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