If you are looking for something to depress you concerning the economy, here’s a start. It may be over-the-top, but it does a good job of telling it like it is regarding the credit card companies. There is some information here that will make you sick.
The movie runs about an hour and a half. There is one downloadable version for the iPOD and PSP on the main page here.
found by Macroron
For Kindle and with free ePub version. Only $9.49 Great reading.
Here is what Gary Shapiro CEO of the Consumer Electronics Association (CEA) said: Dvorak's writing sings with insight and clarity. Whether or not you agree with John's views, he will get you thinking and is never boring. These essays are worth the read!
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This is the documentary named Maxed Out. I rented this from NetFlix. It is very good and disturbing. Now with there being a “credit crunch” and us maxed in credit, not sure how easy it will be for us to get out of this economic backslide unscathed.
I’m downloading it now for viewing–but just recently I saw a show about “pay day lenders” having a 99% interest rate? And credit cards now are what?–upwards of 30%?
So much of this stuff has been figured out before==ie==usury laws limiting interest to 10% with exceptions and what not. Great Jebesus==even the Bible (?) intones against the money lenders==and yet BushCo free market, welfare for the rich, make these money transfers from the poor to the rich————- and yet————– all too many will defend it.
How to get yours while the society you live in goes down the toilet. Yes, IGW will surely support this.
Bobbo said “And credit cards now are what?–upwards of 30%?”
If you get a new credit card they want you to transfer up to three other credit card balances to it with no interest for one year.
Then after one year?
Let the games begin!! Hoo Haa!
I got a call last year on my Vonage phone by my bank wanting me to get their credit card. I had fun with her as she had no idea I was in China – thats another story though.
Every time she asked me would I like to transfer up to three credit card balances to this new card I would tell her I don’t have any credit card balance to transfer.
After about the fourth time she asked me I stopped her and told her that I don’t know how to else to explain that I don’t care about transferring up to three other credit card balances with zero % interest for one year to this new one because 0% or 30% of ZERO is still ZERO as I don’t have any credit card debt and I told her I would cancel getting the new card if she asked me one more time.
After a pause she said that this offer is only available at this time and not later.
AHHHHHHHH!
Cheers
PS I did get the card anyway.
Come on guys!!! Bush didn’t start this (and I would not vote for him for dog catcher) – most all of the Washington politicians should be blamed.
Try make it partisan and you are just showing yourself.
Lobbyists – politicians – call it what it is
GREED! and the desire to retain POWER! and this didn’t just start yesterday.
How many politicians get elected to an office in DC, serve a few terms retire and become lobbyists. How many of those guys ever go back to the state that elected them in the first place?
Throw them all out of office.
Is usury really a word anymore?
Just some useless info – Google Video is not available in China, as per their notice.
I wonder what Google did to piss off China?
Yahoo, You tube and many others are available – and Flickr is back unblocked in China after being blocked for so long.
Curious…
Cheers
#4–Buttranger==true, Bush didn’t start this (whatever this is) but in the main, he did not correct it and he in fact made it worse.
Any defense of “A” by pointing to “B” is an immoral race to the bottom.
Smooth move.
Reminds me to rent the movie, “They Shoot Horses Don’t They”.
Wow. I watched the whole thing. The scenes pertaining to the 2005 Bankruptcy Law were powerful. I will never vote for a Republican again.
I don’t think I was surprised by any of it. I think this countries economy survives on credit. People live by the credit card. Banks live by the credit user’s. Government supports creditors because they provide the stimulus for the economy. Business runs the government and they do not want consumers to be educated about using credit wisely. They want and need
consumers to buy and pay for things on credit. Plus, they need consumers to pay for those items for a long time. I guess now it got a little out of control and now too many people are defaulting. But don’t worry too much about the banks. They will just raise the fee’s on those of us still paying!
Excellent work, this should be required viewing starting in high school, integrate it into a required economics course. BTW, I only use American Express because of this.
The real problem is this: Your system of government and grossly flawed, from elections to laws. No one should be elected based on how much money they have, but your whole system revolves around that premise.
The concept of being elected because of high intelligence, high ethics, savvy but honest business skills, and true compassion for the average citizen… doesn’t exist.
The result is that you have a callous, self serving, manipulative religious nut running your country… because you allow it. “somebody else” isn’t going to change things for you.
Canada is one tenth your size, so it’s more manageable. But Canadians haven’t let things get so far out of whack. The Liberals were in power here for a very long time, and eventually the system became very corrupt. Even though most Canadians would call themselves Liberals, the liberal party is out on their ass. We have barely enough common sense voters to keep them there but If there’s a way i can keep those shits from getting back in until they are dead, i’ll do it.
John, please keep posting this video, say once every week. I’ve never seen it before, and I’d bet that every time you post it there would be many new viewers. Those of us that have seen it will just skip it… no big deal.
Google a much shorter video called “Money As Debt”. If there is no borrowing, there is no economic growth. This is exactly why we are going into a recession right now.
#6
“Any defense of “A” by pointing to “B” is an immoral race to the bottom.
Smooth move”
They are all to blame – didn’t start with Bush – and as you so eloquently put it “Bush didn’t start this (whatever this is) but in the main, he did not correct it and he in fact made it worse.”
Clinton didn’t start it (nor help it, either) and it was worse in 2000 than it was in 1992 but that is OK as long as you can blame Bush? Right? And I still wouldn’t want either as dogcatcher.
Throw them ALL out.
As I originally said – you are just showing who you really are.
#13, “Throw them ALL out.”
That would be part of the solution Ranger007, but you also have to stop them from getting in, in the first place. Seal up all the rat holes, then disinfect and clean the house.
I suggest a university course with a doctorate geared to running the country. From those choose a number of candidates who work in the government for 10 years before they become contenders, and from them choose a president. I know it’s a flawed solution as it sits here, but it’s the gist I’m suggesting.
Excuse me.
You want me to disturb my spending pattern?
I deserve what I borrow.
I’m just going to stick my head back into a hole.
12–Ariane==thats true. Lack of a banking system (read loans and credit) in Greece prohibited growth until in about 1950 the military hunta took over. Part of their reforms were to install a banking system and their economy took off.
Still–I hope you realize here the issue is not credit per say==but having loose credit standards so that repayments are not made? Very different issues–the middle of a curve verses the extremes of a curve. I know you would never confuse the two.
Ranger–I’m sure you aren’t confused either.
Bobbo
You’re right about loose credit. And I’m probably more confused than anyone.
I wish there were an easy way out. But re-establishing realistic rules will be painful – if not impossible.
#17–Ranger==stop being reasonable. I can’t change pace that quickly.
Just finished watching the flick. It confuses credit card company abuses with bad credit habits of consumers. The two interact, and regulation is needed to control both.
Credit reform? You make it sound like the credit industry is a government ran business, as if politicians can some how change things if the voters demanded it.
Imagine that, politicians doing something the voters want? hahahah…
Oh come on Bobbo, how do you intend to regulate “the bad credit habits of consumers?” Would you have a government minder follow everyone around to tell them “Don’t buy that” and “Can you afford to pay that back?”
Full employment, here we come!
But. . .who minds the minders?
Who’s most to blame? It’s the mindless American consumers who are so eager and desperate to ‘keep up with the Jones’ that they spiral further and further into debt, buying big screen TVs, iPhones, bigger houses, bigger cars, etc. etc.
Hell, Chase has a new commercial which tells you to ‘Chase the things you want’ in detailing buying a new TV based on which one will keep you just under your max credit line.
When will people wake up and realize gaining material possessions will make your bank happy, but not you? When will people wake up to the realization that buying crap gets you just that – crap?
A fantastic line from a fantastic movie (fight club):
“Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need.”
All economic/political structures are pyramidal in structure. The only difference today is that the slaves building the foundations for the higher ups own TVs.
This goes hand in hand with my rant the other day about the low interest rates paid on savings. The same bank charging 30% on loans is giving 4% on savings. With inflation at 3%+ you might as well be puting it in your mattress. I usually do not support more laws but usury laws might be a solution here.
Oh My g-d after watching this I want to choke the necks of these usurious Jews!
#21–Li==yes, proper credit card regulations like we had 20 years ago limiting usury would control BOTH the credit card companies AND consumers.
Here is a simple rule: No job, No Assets?==No Credit Card. This removes the college crowd from credit card predation.
I’m watching the Nightline Report on this issue. They report the lower interest rate is a “solution” to this crises. We have already established that this is just a “marker” in our slow decline given that we have a trade imbalance–ie, we have outsourced our manufacturing.
GO USA!!
Yep–just watched PBS’s Newshour and everyone agrees what the economy needs is the right kind of stimulus package for our “basically strong economy.”
Talk about arranging chairs on the titanic.
Tiny Silver fish
Facing Upstream
Going Downstream
In Clear, Swift Water.
#27 Yeah bobbo, but my point is that usury laws apply to the issuer of credit, not the credit holder. In other words, what is needed is more regulation of the industry; regulation of the customer is not even remotely feasible, beyond the fact that most people would be better off without credit.
#14: I suggest a university course with a doctorate geared to running the country.
Good idea.
Q: Who is going to teach it and who is going to accredit it?
A: The wrong people, of course 🙂
#29–Li==why are you arguing against the obvious?
You say “regulation of the customer is not even remotely feasible” and you do this by ignoring the hypothetical simple regulation I suggested: “Here is a simple rule: No job, No Assets?==No Credit Card. This removes the college crowd from credit card predation.”
Now, can you stay on point or are you as OFTLO might say, remain an apologist for the credit industry?
#22 – Who’s most to blame? It’s the mindless American consumers who are so eager and desperate to ‘keep up with the Jones’ that they spiral further and further into debt, buying big screen TVs, iPhones, bigger houses, bigger cars, etc. etc.
These kind of statements make it sound like individuals consumers live in a vacuum and make decisions free of any other influence (not to mention how simplistic the blame is).
A fantastic line from a fantastic movie (fight club):
“Advertising has us chasing cars and clothes, working jobs we hate so we can buy shit we don’t need.”
It is ironic that you support your claim with a line from a movie that casts blame on a corrupted system of business and government that has embraced an unfettered style of capitalism turning its people into zombies.
You aren’t right, and neither is Fight Club. The real blame varies from situation to situation and involves a complex web of varied individuals, business policies and practices, conflicting ideologies, marketing, psychology, economic realities and hardships and opportunities, etc, etc, etc…
All of our problems, and they are “our” problems, and holistic and you have to consider the entire system and the players in the system before you can even begin to construct a theory of who to blame…
…and then you need to realize that blame is so much less valuable than a solution.
All that said… we wouldn’t be in this mess if Bush hadn’t caused it. 🙂