Plunder: The Crime of Our Time
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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.
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.
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?Read more ›
Most Recent Customer Reviews
This instant video well worth the watch! if this doesn't get you upset; then you were one of the few who played the rules and killed the economy back in 2008. Read morePublished 18 months ago by Moose MaGee
Not entirely thrilled with the content (too quick to let employees of some of these bankster firms off the hook). Read morePublished 19 months ago by P. F. Soto
don't get this...complete waste of time....I'd rather go to the dentist for a root canal...terrible editing and content...Yes, I didn't like it at all!Published 23 months ago by Richard Glikes
This is the best explanation of the current economic crisis and how it came about than any other article or video.Published on March 16, 2013 by Maura Murphy
A very revealing look at what happened when Wall Street crashed. One fact that seems to have been largely overlooked by the mainstream media is that there were plenty of warnings... Read morePublished on May 11, 2012 by Barbara Frederick
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... Read morePublished on February 11, 2011 by R.Smith