Ryan Serhant Criticizes American Dream as 'Slogan Created by Banks', Highlighting FDR and the Great Depression

Ryan Serhant, real estate broker and television personality, recently criticized the concept of the American Dream, stating it was merely a 'slogan created by banks.' His remarks draw a sharp contrast to the New Deal initiatives led by President Franklin D. Roosevelt during the Great Depression, which sought to create a more inclusive economic system according to historical analysis.

Serhant's comments reflect a broader discussion on the accessibility of homeownership and the role of financial institutions in shaping it. Recent housing and economic developments show mixed signals, with mortgage rates stabilizing and some housing affordability measures being introduced by governments.

Financial institutions and government programs are stepping up to support affordable housing and economic development. For instance, the Federal Home Loan Bank of San Francisco committed over $185 million to affordable housing, homeownership, and economic development in 2025.

Why Did This Happen?

The American Dream, as defined by FDR's New Deal, aimed to provide economic stability and opportunity through government-led initiatives. However, Serhant argues that the modern interpretation has been co-opted by financial institutions for profit.

This sentiment aligns with the ongoing debate over the role of banks in the housing market, particularly as mortgage rates remain high and housing affordability challenges persist.

How Did Markets Respond?

Market responses to Serhant's remarks and recent housing developments have been mixed. Mortgage rates are expected to stay above 6% in 2026, according to Zillow, which has dampened buyer enthusiasm.

On the other hand, financial institutions and government agencies are taking proactive steps to address housing and economic concerns. For example, Servus Credit Union surpassed $40 billion in assets under management in fiscal 2025, reflecting continued confidence in credit union services.

What Are Analysts Watching Next?

Analysts are closely monitoring how interest rates and housing policies will shape the market in 2026. The Federal Reserve has indicated it will hold rates steady, despite pressure from political leaders.

The impact of these policies is expected to vary across different types of loans. Fixed mortgage rates are influenced by long-term Treasury rates, while credit card rates are more sensitive to the Fed's benchmark.

Investors are also watching how financial institutions will adapt to a shifting economic landscape. The luxury real estate market, for example, is projected to grow significantly, with the luxury villas segment expected to reach $491.94 billion by 2030.

Government actions, such as the Canada Groceries and Essentials Benefit, highlight the broader global trend of policy interventions aimed at improving affordability and food security.

Market participants remain focused on how these developments will impact housing demand, financial stability, and broader economic growth in the coming months.