In Debt We Trust (2006)
In Debt We Trust: America Before the Bubble Bursts is a thought-provoking documentary from 2006 that delves into the intricate web of the credit industry and the perils of excessive debt. Directed by Danny Schechter, the film meticulously examines the symbiotic relationship between government policies, financial institutions, and the mounting debt burden faced by Americans.
Just a few decades ago, the norm was to owe less money than what you had in your bank account. However, this paradigm shifted dramatically. The film sheds light on how consumer debt became the rule rather than the exception. It explores the following critical aspects:
- Consumer Debt Explosion: The documentary traces the evolution of consumer debt, revealing how it escalated to unprecedented levels. Americans, enticed by the allure of material possessions, began borrowing beyond their means.
- Corporate Influence: Corporations, particularly big banks and credit card companies, wielded significant power. They manipulated Congress and influenced policies that encouraged consumers to take on more debt. The film underscores the profit-driven motives behind these practices.
- Interest Charges and Financial Health: The film emphasizes that corporations thrive when consumers make poor financial decisions. Interest charges associated with debt contribute significantly to corporate profits. Meanwhile, many individuals struggle to afford basic necessities.
- National Debt vs. Personal Debt: While discussing the national debt, the documentary takes a detour. It briefly touches on the difference between national debt and personal debt. However, this aspect could have been explored more comprehensively.
Noteworthy Figures: The film features interviews with various experts, victims, and influential figures, including:
- Nina Adams: A voice representing the impact of debt on ordinary citizens.
- David Aguilar: An entrepreneur navigating the complexities of debt.
- Roy Barnes: Former Governor of Georgia, shedding light on systemic issues.
- Steve Barnett: A former credit card executive, revealing industry practices.
- Tracy Berry, Michelle Best, and Lorraine Bracco: Individuals affected by debt.
- George W. Bush (archive footage): Highlighting the broader economic context.
In Debt We Trust serves as a wake-up call, urging viewers to question their trust in corporations and critically examine their financial decisions. It underscores the urgent need for financial literacy and responsible borrowing.
While the film occasionally veers into discussions about the national debt, its core message remains clear: the credit industry’s influence impacts not only individual lives but also the nation’s economic health.
Remember, financial well-being is a collective responsibility, and understanding the dynamics of debt is crucial for a sustainable future.
