Maxed Out

[Friendsplacect]

Maxed Out a documentary about the Credit Card Industry


http://video.google.com/videoplay?docid=-4840432044369494646&q=maxed+out&total=7915&start=0 &num=10&so=0&type=search&plindex=1

[mrg]

The hell of it is, is that they don't even know that their signature on a piece of paper provided the actual "funding" for the "loan."

[quasimodo]

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[Charlie Blue]

Near the end of the video, that line by the woman who lost her son to suicide really hit home when she talked about the same credit-card company is still sending tons of applications to her house then said, "you've already took my son, what more do you want".

[sheisaceo]

Originally Posted by mrg

The hell of it is, is that they don't even know that their signature on a piece of paper provided the actual "funding" for the "loan."

That alone took me some time to absorb.

[trooper2ls]

Sad state of our world today. Here is a little humor to brighten your day.

[farmer_giles_of_ham]

This is all capitalist ideology- give it just a few more years and average schmoes won't be calling the "Dave Ramsey Show" and admitting they 'owe' anything.

Some will say "the signature creates the funds"- it's true.

Others will say " gotta pay your debts"- ok whatever so sue me.

Still others might say " I got mine, get yours". Goes both ways though...

Me, I just don't care. I'm illiterate and don't care to speculate on the mail.

The documentary opened with a condemnation of 'loan-to-value': well the property has some value, it's not zero! What is so hard about evaluating a static lien? Ok, we pay cash for everything on top, but a mechanics lien for "100% of the value at auction", just that, is worth a fair bit of the total- probably at least 80%- which is where a standard mortgage is anyway.

Mechanics liens don't amortize, they cant be foreclosed, they just sit there, accounting some value in the property to the lien's holder. Makes a great asset for a money system.

This is what I mean by a 'capitalist ideology': all these notions about 'owe', and 'debt' and 'cant' and ' have to' are just so much fluff- it's the simplest thing in the world to finance an economy and account for holdings- without driving people up the wall by constant nickering.

[psholtz]

Originally Posted by mrg

The hell of it is, is that they don't even know that their signature on a piece of paper provided the actual "funding" for the "loan."

Do they get into this in the movie?

Because that's really the heart of the beast.

If more people understood this, the whole credit card industry would collapse under its own weight.

[amenmesse]

Originally Posted by mrg

The hell of it is, is that they don't even know that their signature on a piece of paper provided the actual "funding" for the "loan."

An individual is still acquiring property of some type. I see the issue with title (a complete title won't pass) and usury (finding that interest due from a fellow borrower), not with acquisition.

[farmer_giles_of_ham]

Given that there is 25% inflation, any "debt" will lose value at that rate- probably at least as much as any interest or costs due. There is no usury in this system- especially adding in how much 'bad debt' gets charged off, bankruptcy protections, any number of delays and 'outs'...

The problem is the instability of contractual amortization. If I am good for 100 this year then I am still good for the same 100 next year- which all this being equal is now 125, because of inflation. There is nothing to pay, its already paid.