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One Nation, Under Stress, In Debt - How We Got Here


Business  (tags: national debt, economics, American economy, saving, spending, fiscal policies, budget )

RC
- 3307 days ago - iousathemovie.com
30-minute version of the Sundance-selected documentary I.O.U.S.A. that clearly, simply and frighteningly explains America's staggering economic problems. A must-see. Thanks to Pete C. for the link.



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Comments

RC deWinter (418)
Saturday November 1, 2008, 7:52 am
The best, non-partisan explanation of the path to our economic chaos I've seen. This is a condensed version of a longer documentary, but it covers a lot of ground in clear language and illuminating illustrations and news clips.
 

Timothy Brown (1)
Saturday November 1, 2008, 9:33 am
Wow Cate! What a great & disturbing documentary. Many thanks for posting it. Where have I been that I have not heard of this? Oh yeah, Ohio. I missed you and your postings showing up on my screen. Thank you.
 

Terrie Williams (798)
Saturday November 1, 2008, 9:37 am
I watched the entire thing! Why do I get the feeling that it's all us 'Baby Boomers' fault from this piece? Why didn't they harp on the amount that is spent on the DEFENCE DEPARTMENT??? I was glad to see for the first time someone showing that the Social Security funding HAS BEEN RAIDED for YEARS to pay for their party up there.

That is why it won't be solvent--not because of all us evil Boomers having the audacity to (gasp) retire and draw our SS pensions and having the audacity to (gasp again) keep breathing past retirement age! No--It will not be solvent because the government keeps dipping their hands into the SS kitty and stealing that money to cover their pet projects and cover their reckless policies WITHOUT HAVING TO REPAY WHAT THEY HAVE TAKEN, AND CONTINUE TO TAKE, OUT OF THE FUND.

A lot of things need to be changed and a lot can be fixed. The narrator is right in the assessment--we will do nothing until the pain is severe and effects everyone. We cannot wait until that moment--it must be addressed now and bank bailouts and tax cuts to the ultra-rich ARE NOT THE ANSWER.

I know one thing that we the people can start doing right now--cut up every credit card we possess and live within our means--I know, I know, that's 'painful'. I did just that in 2001. I refuse to own another one--for ANY reason. It takes a lot of self-discipline but after a while it becomes routine. If we want to buy something, we save up for it and buy it outright without having to pay on it in interest charges and fees long after the item is no longer in use!

Yeah, most of the credit card industry would go belly-up but think about it--they are nothing more than PARASITES living off of your hard earned money. They have made of us DEBT SLAVES. We can't save money in savings accounts because all of our money is going to fees, surcharges, overcharge fees, late fees, hidden fees and hidden taxation.

They (corporations, banks and finance companies) WANT us to be in debt, they own us that way. They CONTROL US that way. Everything we see, hear, touch, taste and DESIRE, THEY HAVE PROGRAMMED US to NEED, WANT AND DESIRE. Then they turn around and BLAME US for the financial mess the country is in. IT IS THEIR FAULT AS WELL, if not moreso, folks.

Stop allowing ourselves to be propagandized and programmed. Stop feeding their profit marjins and start tending to our own basic needs and that of our families--for our future and theirs! Cut the cards and start putting that money into a savings account and CD's. YOU HAVE THAT POWER.

Ok I'm done. :)
 

. (0)
Saturday November 1, 2008, 9:50 am
Who am I to say?

But I predict that into 2009, and through 2010, that the worst hyper-inflation ever witnessed before will hit the United States, then spread worldwide! (or vice versa) ----

There is always hope, but it surely will not rest in the U.S. President's hands alone.

I further predict, that we shall witness the entire global restructuring, reconstruction, and reformation process through emergency mandates that will affect us all!

I believe as a realist, that 'Hard-Times' are indeed ahead, and now it is time to prepare as never before.

All new analytical economic data concurs (agrees) with my prediction at this time, but hope I am wrong -------

I would rather be wrong in this case!!!

I hope that I am wrong in this case!!!


Signature:
http://tinyurl.com/3fs5m8
 

Jim P (3257)
Saturday November 1, 2008, 10:06 am
"How did we get into this situation? With a federal government that has been throwing bad money after good. Of all the presidents in the last century, the only one who was able to achieve a balanced budget and produce a surplus was Bill Clinton. He did that by bravely raising taxes and cutting spending. Our current president, George W. Bush, is now finishing up eight years of throwing around money like a drunken sailor. His fellow conservatives, like Rush Limbaugh, like to talk about "tax and spend Democrats." But they seem to be "don't tax and spend even more Republicans."" Roger Ebert.

Roger Ebert writes his critical review of this movie: LINK:

http://rogerebert.suntimes.com/apps/pbcs.dll/article?AID=/20080821/REVIEWS/329/1001/reviews

I'm waiting to rent a DVD with closed captioning from the local video store. This DVD, I.O.U.S.A., should be a required viewing and studying in all economic and civics classes in high schools. Question: Do the high schools teach economics/civics classes anymore...

TY, Ombretta.

 

Jim P (3257)
Saturday November 1, 2008, 10:13 am
P.S.: Don't forget that there is a petition - Copy & Paste at:

http://www.iousathemovie.com/takeaction/

TAKE ACTION
Write Congress Today!

Please fill out the form below to write a letter to your Senators and Representatives, demanding they do something to stop the coming fiscal crisis. You may edit the text of the letter.

TY, Ombretta.

 

Blue Bunting (855)
Saturday November 1, 2008, 10:53 am
The crisis explained


By one RDF:

Joe goes to the track and bets $2 on a horse.

Two guys standing nearby get into a discussion and Fred says to Sam, “I’ll bet you $5 that Joe wins his bet.”

Next to them are Bill and Bob. Bill says: “I’ll bet you $10 that Fred welshes on his bet if he loses.”

Next to them is Sally. Sally says: “For $3 I’ll guarantee to Bill that if Bob fails to pay off, I’ll make good on the bet.”

Sally then goes to Mary and borrows the $7 needed in case she has to ever pay off and promises to pay back $8. She doesn’t expect to every have to pay since she believes Bob will always make good. So she expects to net $2 no matter what happens to Joe.

A quick calculation indicates that there is now 2+5+10+3+7 = $27 riding on the outcome of the horse race.

Question how much has been “invested” in the horse race?

Wait for it:

Answer:

$50,000 by the owner of the horse who is expecting to recoup his investment from the winnings of the horse and other future deals. Everyone else is gambling, not investing.

So, when Hank Paulson and his golfing buddies go to the track and lose the rent money playing the ponies, we should pay up?

http://www.correntewire.com/the_crisis_explained

That's perfect

and it’s not even an analogy - it’s exactly how derivitives and credit default swaps work, including none of the gamblers having any financial relationship to the underlying asset (the horse, or mortgages) in a lot of cases.


 

Tsandi Crew (95)
Saturday November 1, 2008, 11:31 am
George Orwell couldn't have made this up.
 

Blue Bunting (855)
Saturday November 1, 2008, 12:52 pm
Les Enragés: This whole story should give you the right to call BULL-SH*T!! to any Republican who ever opens their pie-hole and lets the words 'free
market' emit from it, in perpetuity.
 

LYNDA QUADLAND (63)
Saturday November 1, 2008, 4:58 pm
http://www.youtube.com/watch?v=3FiYGMnpe0w http://www.youtube.com/watch?v=Z8DpKKSmaa8 http://www.youtube.com/watch?v=RPccXgTdtMU
 

LYNDA QUADLAND (63)
Saturday November 1, 2008, 5:01 pm
http://www.youtube.com/watch?v=VJxVIbQo3Hc
 

Denice G (45)
Saturday November 1, 2008, 5:32 pm
Thanks Cate. Thought provoking and disturbing.
 

Brenda H (29)
Saturday November 1, 2008, 7:59 pm
THANKS CATE!
 

. (0)
Saturday November 1, 2008, 8:00 pm
thank you noted
 

Cynthia Davis (340)
Sunday November 2, 2008, 11:55 am
Republican have had rule over Congress for 70 Years even in the past 2 they still rule because Democrats do not have enough of a majority to get anything past. We need a democratic Congress as well as a democratic President. They couldn't do any worse then the Republicans.
 

Ann T (69)
Monday November 3, 2008, 3:03 pm
great piece and thank you sent it to my husband to watch....
 
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