In Debt We Trust: America Before the Bubble Bursts
While a large number of Americans carry a certain amount of personal debt, few are aware of just how common and widespread the debt crisis has become. In 2006, it was estimated that the debt owed by American citizens totaled well over ten trillion dollars, and many economists believe that with more people owing so much and the nation's money supply in the hands of a dwindling number of people, a collapse along the lines of the 1929 stock market crash is not only possible but likely. Documentary filmmaker Danny Schechter explores this growing dilemma in In Debt We Trust: America Before The Bubble Bursts, which examines the various manifestations of the debt crisis ' credit card companies who allow young and naïve customers to rack up large debts, loan firms who demand massive interest and penalties from homeowners struggling to stay afloat, lobbyists who helped push legislation through Congress making it harder for ordinary people to obtain bankruptcy protection, and punishing interest rates which can sometimes top out at 700%. In Debt We Trust: America Before The Bubble Bursts features interviews with Sheila Jackson Lee, a Texas congresswoman active in fighting for economic justice, and Robert Manning, author of the book Credit Card Nation.