This economic documentary is partially about the housing market scam and generally state sponsored financial crises (scams) in general (pick one, they’re all the same scam), and how people were suckered into begging for it.
This is the story about the coming economic crisis.
When the world’s financial bubble blew, the solution was to lower interest rates and pump trillions of dollars into the sick banking system. “The solution is the problem, that’s why we had a problem in the first place”. For Economics Nobel laureate Vernon Smith, the Catch 22 is self-evident. But interest rates have been at rock bottom for years, and governments are running out of fuel to feed the economy. “The governments can save the banks, but who can save the governments?” Forecasts predict all countries’ debt will reach 100% of GDP by next year. Greece and Iceland have already crumbled, who will be next?
Points of Note in Overdose: The Next Financial Crisis
- Gerald Celente always finds somewhere to tell the truth about the monetary system, Overdose is no exception. He’s in this documentary as well, giving up the real. He predicted the .COM bubble and the financial crisis of 1987.
- Peter Schiff, who was mocked for predicting the collapse that happened, is also featured telling the truth about government financial scams which perpetuate fake economies.
- Politicians used the U.S. economy as a scapegoat to buy votes.
- The idea of people getting rich by living in homes is illustrated.
- Fannie Mae and Freddie Mac, government sponsored businesses, are highlighted and explained.
- The rating agencies stamped bad, or toxic financial products with their highest ratings. Many think sellers of mortgage backed securities paid off rating agencies.
The Bail Out Bubble is Coming
- The Federal Government flooded banks with money, and required them to take it, so it wouldn’t be known which banks were failing.
- The government also took packages designed for bailing out banks, and used it to bail out the auto industry.
- Obama’s stimulus, in conjunction with Bush’s pushed us into additional debt to the tune of 1-2 trillion dollars.
- Lots of the money went to stimulate the rich. Rodeo Drive, an exclusive area, was stimulated as well with newly paved streets at a price of 1 million dollars. Only about 30% of the money really went to actual stimulus that meant anything to the economy at large.
- The cash for clunkers program was also discussed. 🙂