Customer Reviews

Plunder: The Crime of Our Time

5 star:		(3)
4 star:		(2)
3 star:		(1)
2 star:		(1)
1 star:		(0)

 

 

As telling a scene as any I've watched in a documentary happens in the 2010 film PLUNDER: THE CRIME OF OUR TIME, where demonstrators marching against Wall Street corruption refuse to talk to a C.N.B.C. television news reporter. You'd expect it to be the criminal bankers avoiding journalists, not their subprime mortgage scam victims. Yet the people seeking justice do not want to talk to C.N.B.C. and other corporate media.

Journalist-director Danny Schechter's PLUNDER: THE CRIME OF OUR TIME presents good reason for the silence of the financially slaughtered lambs. Showing television news clips from the years leading up to 2008 collapse, we see C.N.B.C. and other such "news" providers only interview individuals warning of the crisis when alongside financial services flacks who talk over them, drowning out the truth. To those who lost their homes in the subprime mortgage bait-and-switch, corporate news may as well be partners with the lenders who took advantage of them. No wonder Schechter tells that C.N.B.C. reporter, "They hate you."

That scene typifies the tone of PLUNDER: THE CRIME OF OUR TIME, which reports what's happened from the point of view of those who matter, average Americans. Danny Schechter takes it to the streets in a blow-by-blow recount of the victimization of millions of Americans that is the second Great Depression. The facts need no point-counterpoint; the wealthy took the money and ran.

See PLUNDER: THE CRIME OF OUR TIME.

Tells the story of how the banks failed, those who were responsible, and how they'll never be punished. A provocative presentation which should be bought and passed around forever.

Plunder: The Crime of our Time Review

From the filmmaker who made "In Debt We Trust" warning of the U.S. credit crisis and was labeled as a "doom and gloomer", Danny Schechter now presents "Plunder: The Crime of our Time", an investigative documentary that dissects the Wall Street fraud and financial crisis focusing on the housing market. This DVD is set for release on April 13th.

After opening with a short sequence about his previous work and an opportunity to gloat about his predictions, he jumps into the emphasis of making the financial crisis into a crime story and being able to prove the actual criminal enterprises that took place. Much of the material is very familiar by now from other documentaries, news stories, and books. It is brightened up with footage of cute songs people are writing about the crisis much in the style of humor that Michael Moore tries to instill in his documentaries. Some of the statements the director Danny Schechter makes about the crime scene and wanting to put up crime scene tape just as Moore did in "Capitalism: A Love Story." While Moore has lost much of his sense of humor and uses tactics he knows won't generate results just to get attention, Schechter focuses on the details and story and uses broad statements about what the future should bring and punishments inflicted upon the criminals.

There are some fantastic speeches of politicians absolutely wailing on each other about what committees had responsibilities to the American people and whose agendas are being forced down their throats to approve bailouts which are very dramatic and look great in this documentary and will help those people get re-elected. The flip side that the viewer can clearly see though is that it is easy to make speeches, but how many people listen? Many politicians must be used to grand-standing in public to get noticed by voters.

After explaining in detail once again to us laymen how the stock market works and how the scheme worked and what securities are and the debt issues, eventually some different criminal activity is actually uncovered. He exposes some people's mortgage documents that have white-out in sections and forged signatures that indicate a concealing of information in some cases. The most confusing choice is that the complicated "pattern of financial crime" is explained while showing black and white old fashioned footage of a three-ring circus. It's a very distracting backdrop that makes it more difficult to listen to the facts and you might have to rewind a few times to catch it all.

He explores the story from a few different perspectives including the education process for stock brokers and what behavior is encouraged and the stress on hedge funds. The conspiracy of the downfall of certain banks happening within short periods of time is summarized once more. The little people given mortgages they could not afford are paraded before the camera in protesting t-shirts and once again are not liable for taking on unaffordable debt in the first place. Adjustable rate mortgages are an easy enough to avoid trap, but the problem has gotten too big with no one taking responsibility.

My biggest complaint about this documentary is that many of the additional videos put in of C-SPAN and research footage have the digital quality of a greatly enlarged YouTube video and are very pixel-y. I wish they were easier to see because I know there are better copies out there because I watched Michael Moore's "Capitalism: A Love Story" and he used some of the exact same speeches from Ohio politicians. Otherwise it is yet again a delving into the financial crisis, but with a slightly different perspective and a few new facts.

DVD Extras:

There are two short featurettes, "John Kenneth Galbraith and the History of Wall Street Crime" and "Sex on Wall Street". Both of these have nothing to do with the "crime" or financial crisis and just expose scandal of other sorts and are completely off topic for the documentary.

The interview with Plunder Director Danny Schechter is a more much interesting featurette as it just gives a behind-the-scenes frank candid monologue from Schechter explaining his point of view and why he took the stance and perspective he did in this film. He summarizes the short version of the entire movie, but his passion is very evident in his delivery. It isn't new material, just his defense of his movie and how he came to his conclusions and what he thinks needs to happen in the future for prosecuting the criminals and explain to the public.

While I found this film to be quite engaging, there is one fact that was not covered. If it had been covered in this film, it would have given a much more complete picture of what really happened and the central bank's role in the debacle.
Mr. Greenspan, then head of the Federal Reserve, lowered rates to 1-2% and kept them there for several years after the mini-crisis in 2001. Then adjustable rate loans were pushed on borrowers. And I mean really pushed on borrowers during those years. Many people who applied for fixed rate loans were denied and offered "alternative" approvals for adjustable rate loans. Then, as those crucial first adjustments started coming due, the Federal Reserve began raising rates. They raised rates every month for 16 consecutive months. Once that happened, some of those first adjustments were 6-9% above the start rate. This I believe was an international effort as many of those loans were based on the LIBOR (London Interbank) rates. The LIBOR was right in step with the US central bank and participated fully in the rate increase frenzy of those years.
This, combined with the "Wall Street" excesses featured in the film created the perfect storm. Without the raising of rates, the foreclosure rates might have been much lower.

Living in these times, and having witnessed two friends go through the foreclosure process on their homes, the movie strikes all the high notes. The discord of our society has been 'brought about' through carefully planned crimes perpetrated on the public by our financial system, including banks and Wall Street and all the interwoven businesses. Danny Schechter does his usual superlative reporting on the facts involved, without resorting to over-emphasis to make points. Everyone should see this movie, especially if they are buffered from reality by a large bank account, a secure job and the imperious idea that things are all right in the U.S.

Lays all the cards on the table about the 2008 banking failures,and explains in plain english who,what where and when ,,a 1 trillion dollar bail out for the big banks,investment banks and insurance,for the auto unions..Cronie capitalisim.
wake up america..

Bought the iPod stream through iTunes and was hoping for something with a bit more meat in it. I am sorry to say that this is pretty lame. A long weekend and an all-you-can-eat account with a news video clip service could have produced a more compelling story. I am not a detractor to the points being made, I'm one of the folks in the choir being preached to.

There are way too many self-ingratiating anecdotes and abysmal editing. This puppy could have had about 20 minutes left on the cutting room floor - mostly the music clips of the director's friends, but then it would only be a "featurette" and not a full-length film. The story has been covered better many places - like PBS. This is perfect for folks who like their outrage in a "lite" version.

On the other hand, the subject matter and the director's position regarding it, is spot on. I was hoping for something a bit more eloquent; I guess but this might be a good introduction to a grade school student on how badly we are being bent over.

Moore, Greenwald, don't worry about your seats at the table.