You're not quite right on the first one. Here's a transition from "predicate English" to "proper English":
- For all $x$, there exists a $y$, such that "x is an American" implies ("y is a dream" and "x has y")
- For all $x$, if $x$ is an American then there exists a $y$ such that $y$ is a dream and $x$ has $y$.
- For all Americans $x$, there is a dream $y$ that $x$ has.
- Every American has a dream.
As for the second, here's what it looks like at the start:
- For all $x$, there exists a $y$, such that ("x is an American") and ("y is a dream") implies "x has y".
- For all $x$, there exists a $y$, such that if $x$ is an American and $y$ is a dream, then $x$ has $y$.
This is where it gets weird. Because it's saying that for every $x$ there's a $y$ that makes the inner part true. But the inner part can be true if:
- $x$ is not American.
- $y$ is not a dream.
- $x$ has $y$.
In particular, it says that for every American $x$, there's something $y$ that, if $y$ is a dream, then $x$ has. But it's fine if it's just not a dream, then it doesn't matter if $x$ has it or not. If we use the equivalence of $A \rightarrow B$ and $\lnot(A \land \lnot B)$, then we get something like:
- For every American $x$, there is something $y$ that, if $x$ doesn't have it, isn't a dream.
And that's incredibly hard to put into "real" English. Something like:
- For every American there's something that, if it's a dream, they have it.
And that's about as good as I can get.