Maxed Out

The United States economy is like a poker game where the chips have become concentrated in fewer and fewer hands, and where the other fellows can stay in the game only by borrowing. When the credit runs out the game will stop.” – Marriner Eccles, Chairman, Federal Reserve, 1931-34

There are many things that you all already might know, but there are some few new things that you might learn from this documentary. for eg:

1. why are the poor going more poor and the rich getting more rich?
2. On credit report. Its accurate all the time right? No, says the documentary, the inaccuracy rate in credit reports is 90%! This is the case only for “uninfluential” people. Those who are in the “VIP” list – the influential and famous people – their credit report is checked periodically, else they might cause an uproar, which might result in a change to the legislation related to credit card companies.
3. should u trust all the programs aired on cnbc? (No, per the documentary. ‘cos some programs are rigged by the corporate companies to put forth inaccurate, unvalidated info, e.g., fico reports on suze orman show)
4. do we have privacy? US constitutional rights state that individual privacy pertains with government and does not mention about other individuals. So, federal govt. uses private companies to get our individual private information, and thus is not unconstitutional, and in turn furnishes the credit companies with this information.
5. ever seen the free t-shirts and freebies for just signing a credit card application form on college campuses? Credit card companies pay $13 million to the universities for this endeavor!
6. how any organised institution, I mean, take your pick, takes the issue of individual financial debt to their advantage, to not lose the individual’s stewardship with that institution.
7. Bush’s top campaign contributor is MBNA – country’s 2nd largest credit card issuer. The recent amendment to the bankruptcy law bill was written by MBNA, says the documentary!
8. US international debt

LA Times Review

[Americans for fairness in lending]


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