Saturday, December 13, 2008

In Debt We Trust



In 2006, Danny Schechter made a documentary that clearly laid out the emerging crisis that exist in America's consumer base credit society touching upon the sub prime mortgage, predatory lending and runaway credit card debt.

In America's earliest days, there were barn-raising parties in which neighbors helped each other build up their farms. Today, in some churches, there are debt liquidation revivals in which parishioners chip in to free each other from growing credit card debts that are driving American families to bankruptcy and desperation. IN DEBT WE TRUST is the latest film from Danny Schechter, "The News Dissector," director of the internationally distributed and award-winning WMD (Weapons of Mass Deception), an expose of the media's role in the Iraq War. The Emmy-winning former ABC News and CNN producer's new hard-hitting documentary investigates why so many Americans are being strangled by debt. It is a journalistic confrontation with what former Reagan advisor Kevin Phillips calls "Financialization"--the "powerful emergence of a debt-and-credit industrial complex." While many Americans may be "maxing out" on credit cards, there is a deeper story: power is shifting into fewer hands.....with frightening consequences. IN DEBT WE TRUST shows how the mall replaced the factory as America's dominant economic engine and how big banks and credit card companies buy our Congress and drive us into what a former major bank economist calls modern serfdom. Americans and our government owe trillions in consumer debt and the national debt, a large amount of it to big banks and billions to Communist China

Thursday, December 11, 2008

The Next Depression?

As the economic crisis continues to deepen, many are wondering if this recession will turn into a depression. Unemployment is up, the dollar is down, and US markets have lost nearly half their share values over the past year.

Silver Machine

Friday, December 05, 2008