Power of Story
Send a Tweet        
- Advertisement -
Life Arts

"Plunder: The Crime of Our Time," a New Film by Danny Schechter

By       Message Marta Steele     Permalink
      (Page 1 of 3 pages)
Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; ; ; ; , Add Tags  (less...) Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H4 8/3/10

Become a Fan
  (12 fans)
- Advertisement -

3 August 2010: Plunder: The Crime of Our Time

("Never before have so few done so much to so many")

- Advertisement -

As an economically challenged but concerned activist, I have learned most of what I understand about today's economic morass from my good friend Danny Schechter, producer and director of the films In Debt We Trust and Plunder: The Crime of Our Time.

In Debt We Trust

- Advertisement -
predicted the financial recession plaguing not only our economy but the entire world. Plunder dissects the disaster that realized IDWT's predictions, step by step, communicating well with the average viewer.

The film begins and ends with protests by enraged foreclosure victims, members of the middle class whom the film describes as financially desiccated by the upper class in this country. Basically, they were manipulated into signing adjustable-rate mortgage agreements that they could not afford, seduced by the American dream of the possibility of occupying a home more luxurious that their realities. The interests associated with such mortgages could start out at one percent and quickly skyrocket to 7 and then 9 percent interest rates, devouring the victims' entire monthly wages and then some, plunging them into bankruptcy as well as foreclosure or ruining their pursuit of happiness by the threat of both disasters from this "financial Katrina."

But before that happened, such subprime loans would be bundled by the banks and sold to investors, who would package them with other instruments and resell them to higher-level financeers. These moguls would flood giants like AIG with insurance premiums.

As a result, there was a real estate boom followed by a real estate bust as higher institutions like Bear Sternes and Lehman collapsed, passing on their diseases to most smaller banks, with behemoths like World Bank devouring the small and medium-sized fish (this happened to my DC-area bank, recently purchased by Capital One).

- Advertisement -

Meanwhile, decisions from U.S. Treasury Secretary Tim Geithner and the "head of the Fed," Ben Bernanke, dictated a way out: financial bailouts to save our economy and ward off a massive recession that would reverberate worldwide.

Who would be bailed out? We were all in distress. The taxpayers, source of the funds that would save the world, or those who so abused the funds and forced so many of us out onto the streets?

Next Page  1  |  2  |  3

 

- Advertisement -

View Ratings | Rate It

http://www.wordsunltd.com

Marta Steele is an author/editor/blogger who has been writing for Opednews.com since 2006. She is also author of the 2012 book "Grassroots, Geeks, Pros, and Pols: The Election Integrity Movement's Nonstop Battle to Win Back the People's Vote, (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon



Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Heads Up! Bernie to Be Interviewed on MSNBC 9 pm Tonight with "Exciting" News

Review: Andrew Kreig, "Presidential Puppetry: Obama, Romney, and Their Masters"

Ohio Heroes On Path To Deposing Rove

Smart Security or Dumb Dollar$?

There Is Life on Mars, Not Just Water

Shall the Truth Set Us Free? (with a surprise afterword by Greg Palast)