Maxed Out - Now in Theaters

[FRED]

[ennui6]

Re: Maxed Out - Now in Theaters

Lordie how I hate the culture of victimization.

[metalman]

Re: Maxed Out - Now in Theaters

Lordie how I hate the culture of victimization.

i dunno about you, but when they come after me for taxes to bail out the gse's and lenders and the boneheads (er, i mean victims), who fell for the free lunch pitches, i'm going to feel like a victim. the gummit should not be in the business of backing companies to exploit lack of education and addiction of some of our fellow citizens. risk pollution is an externalized expense that will show up as a social cost. the guy who ultimately pays the tab... you and i... are the real victims. the poor sops in the movie who take the loans are intermediary victims of the systemic fraud. the banks already made off with the $$$. it's over here...

http://www.itulip.com/images/ahnw2004.jpg

[DemonD]

Re: Maxed Out - Now in Theaters

metalman I'm with you. I have never in my life called my congressman, but I have a feeling this might get me there. NO BAILOUT FOR THE F'ED BUYERS OR F'ED LENDERS.

edit: incidentally i've never called my congressman but i always vote, fwiw

[tree]

Re: Maxed Out - Now in Theaters

Lordie how I hate the culture of victimization.

According to Harvard Law bankruptcy expert Elizabeth Warren, half of those declaring bankruptcy have historically been pushed into it by medical catastrophes. Yes, some have simply overspent, putting luxury items on credit cards. But many in credit trouble are the middle-aged with critical illnesses, who despite their best savings efforts lost their financial cushion with a combination of illness and job loss. It has nothing to do being a "victim."

[Sapiens]

Re: Maxed Out - Now in Theaters

Lordie how I hate the culture of victimization.

http://dissidentvoice.org/Mar07/Baker13.htm

Debt doesn’t “just happen”; it is consciously, carefully engineered by the debt industry to begin in childhood with the Saturday morning cartoon consumption-fest of products aimed at children, including “Credit Barbie Dolls” and “Shopping Barbie Dolls” that make the sounds of credit card transactions when they complete their imaginary purchases in “Barbie Land.” A few years later, the same child, now in college, is deluged at freshman registration with a plethora of credit card offers which although they may begin with only a $500 limit, are soon increased if the student makes regular payments. While as a college professor I have long been aware of the financially lethal consequences of college students holding three or four credit cards at a time, I was unaware that the average college student graduates with $20,000 in credit card debt. I am well aware, however, that the same student is likely to graduate with an additional $30,000 + debt in student loans. Thus, it is not unusual for a college graduate to commence his/her career, in debt to the tune of $50,000. Still more frightening is the reality that for that graduate, and indeed for most of the working and middle-class U.S. population, indebtedness never ends! As credit card customers get older, their diminished consumption needs must be replaced by younger customers whose “buy now, pay later” illusions are unchallenged by life experience.

In the documentary, Schecter reveals that the debt industry sets up consumers to be in debt from cradle to grave by getting them dependent on credit cards, carrying student loans, making car payments, and buying a house which then necessitates myriad additional purchases, leading in a majority of cases, to re-financing or the proverbial turning of one’s house into an ATM machine. Whereas in the old days, a “deadbeat” was a person who never paid his debt, in today’s debt industry, the term means just the opposite. In fact, what lenders hate more than anything is the consumer who regularly pays off her debt -- so much so that within the industry, these people are called “deadbeats” because they are of no value to the industry. Only those consumers who perpetually carry debt have value for the debt industrial complex. In other words, from the standpoint of the debt industry, risk equals profit.

[Rajiv]

Re: Maxed Out - Now in Theaters

The complete movie starting with part 1 of 9

[cjppjc]

Re: Maxed Out - Now in Theaters

i dunno about you, but when they come after me for taxes to bail out the gse's and lenders and the boneheads (er, i mean victims), who fell for the free lunch pitches, i'm going to feel like a victim.

Great prediction. I would never have thought the lenders would get bailed out.:mad: