I would say, that you are right, but I would define the "fence+dog" one as not the original "American dream", even when many people are content with fence+dog.
#3 and the Carlin quote from #2 probably make a good point: http://www.urbandictionary.com/define.php?term=american%20dr...
Today, we have a different setting: The American dream is hold on, to appease the masses of people that never have any chance to get in reach of the American dream at all.