Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Documentary on debt in America
Old 06-05-2007, 08:02 AM   #1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,096
Documentary on debt in America

An article on the release of a new documentary, "Maxed Out". MySA.com: Business

"My only agenda going into it was making something funny and entertaining," said Scurlock, a Los Angeles-based filmmaker and business-school dropout who hoped the movie would follow the success of "Super Size Me," a documentary that recorded director Morgan Spurlock's fast-food binge. "If I had known what it would turn into, I'd have never made it. It's a darker movie than I expected to make."

Here is a sobering statement:

"...more U.S. citizens will file bankruptcy this year than graduate from college, get divorced or diagnosed with cancer."
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-05-2007, 08:15 AM   #2
Recycles dryer sheets
 
Join Date: May 2007
Posts: 216
Thanks for the heads up. I thought Scurlock's "Super Size Me" was outstanding. I also enjoyed the show he had on FX called "Thirty Days," where he spent a month in the life as a prisoner, person under the poverty level, etc. This documentary looks really interesting. I added it to my Netflix queue.
__________________

__________________
"...I'm the kind of guy who if he can't have too much of a thing doesn't want any at all."
GatorBuzz is offline   Reply With Quote
Old 06-05-2007, 11:24 AM   #3
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by GatorBuzz View Post
Thanks for the heads up. I thought Scurlock's "Super Size Me" was outstanding. I also enjoyed the show he had on FX called "Thirty Days," where he spent a month in the life as a prisoner, person under the poverty level, etc. This documentary looks really interesting. I added it to my Netflix queue.
Don't confuse the two. Spurlock was the one who made Supersize me.

This guy just has a similar sounding name
__________________
saluki9 is offline   Reply With Quote
Old 06-05-2007, 11:30 AM   #4
Recycles dryer sheets
 
Join Date: May 2007
Posts: 216
Yeah, you're right. Pretty weird that Scurlock and Spurlock are both documentary film makers investigating corporate greed.
__________________
"...I'm the kind of guy who if he can't have too much of a thing doesn't want any at all."
GatorBuzz is offline   Reply With Quote
Old 06-05-2007, 11:46 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
travelover's Avatar
 
Join Date: Mar 2007
Posts: 9,878
No sh*t Sherlock, er ... Scurlock
__________________
Yes, I have achieved work / life balance.
travelover is offline   Reply With Quote
Old 06-05-2007, 03:00 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Quote:
Originally Posted by REWahoo View Post
"...more U.S. citizens will file bankruptcy this year than graduate from college, get divorced or diagnosed with cancer."

Fairly intuitive, considering those activities (among others) are good CAUSES of bankruptcy...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Old 06-05-2007, 07:52 PM   #7
Recycles dryer sheets
 
Join Date: Jul 2004
Posts: 430
American Bankers Association spokeswoman Tracey Mills said there are U.S. consumers caught in predatory lending schemes but cautioned against assuming that the tragic stories in "Maxed Out" reflect the majority of consumers' experiences with credit.

"Ninety-five percent of credit-card accounts are current, meaning they pay their bills on time every month," she said. "Let's not look at a few cases where people have had a hard time and assume that represents the majority."


A little misleading. All "current" means is that they have succesfully paid the minumum each month. Doesn't mean they aren't in trouble!
__________________
gindie is offline   Reply With Quote
Old 06-06-2007, 07:44 PM   #8
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 329
Agreed, Gindie. Plenty of people pay that bill because they fear what happens if they miss it. Namely, that their source of spending money gets cut off.
__________________
NinjaPigeon is offline   Reply With Quote
Old 06-06-2007, 08:12 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,384
Quote:
Originally Posted by REWahoo View Post
An article on the release of a new documentary, "Maxed Out". MySA.com: Business

Here is a sobering statement:

"...more U.S. citizens will file bankruptcy this year than graduate from college, get divorced or diagnosed with cancer."
Well given the choice, I would definitely take bankruptcy over cancer.

Ha
__________________
haha is offline   Reply With Quote
Old 06-06-2007, 09:44 PM   #10
Full time employment: Posting here.
Darryl's Avatar
 
Join Date: Mar 2007
Posts: 577
Super size me was great. Credit Card debt and a movie that turned out darker than hoped for hmmmm?
Some folks do get blindsided with losing a job and having a medical issue or vice versa, but it is amazing how many people end up neck deep in s&#t for stuff and they can't even tell you what the stuff was. Cut up the CC's or at least get down to one that you don't use. Stop shopping as a stress reliever it is a stress creator. Pay cash cash cash. i could get robbed every week this year or lose my wallet etc. and still come out ahead of the person using credit. Card user's on average spend 15% more than people paying cash.
__________________
I highjacked a rainbow and crashed into a pot of gold - Bon Jovi
Darryl is offline   Reply With Quote
Old 06-07-2007, 11:38 AM   #11
Recycles dryer sheets
 
Join Date: May 2007
Posts: 62
I have a close friend with the opposite financial philosophy as we on this board. Her and her DH want to live life while they are young, but consider living to mean having all the toys.

This friend's family has one income ~60k, 4 kids under age 10, 175k mortgage, minimal 401k, NO college savings, and FOUR cars. Old paid for Cherokee, minivan bought w/ HELOC & paying interest only for four years now, and the toys are financed for five years each - 2007 Wrangler and 2006 Mustang.

They don't understand why I don't trade in my 9 year old honda for a new car payment. They feel bad that I am 'depriving' myself, when of course I don't see it that way at all.

Writing this out it seems odd that we are so close, but outside of finances we do actually have a lot of common interests!
__________________
PBAT is offline   Reply With Quote
Old 06-07-2007, 07:12 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,197
Quote:
blasts the financial industry for extending credit to high-risk consumers
Ah, this is the single key that unlocks the mystery of the current problems with debt. The moment that one guy realized "Hey, instead of turning down high-risk people for borrowing, we should encourage them, and charge them high interest rates!" the debt crisis was born.
__________________
TromboneAl is offline   Reply With Quote
Old 06-07-2007, 08:11 PM   #13
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
I don't think that (the collective) we on this board, are on a mission to convert the unwashed masses.

We here are to teach and learn and support each other .... I saw the statistic on this board as compared to a luxury purse site. We don't even make a pimple on their membership numbers or number of posts.

One of my favorite posters is that of a pig sitting in a wallow of slop. The caption is ' never try to teach a pig to sing ... it wastes your time and annoys the pig'.
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 06-07-2007, 08:16 PM   #14
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,096
Quote:
Originally Posted by megacorp-firee View Post

One of my favorite posters is that of a pig sitting in a wallow of slop.
What name does he use when he posts here?
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-07-2007, 09:24 PM   #15
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,927
Quote:
Originally Posted by megacorp-firee View Post
IOne of my favorite posters is that of a pig sitting in a wallow of slop. The caption is ' never try to teach a pig to sing ... it wastes your time and annoys the pig'.
One of my cow-orkers saw this website up on my monitor and laughed at it. The idea early retirement is amusing to her. Of course, she traded in her three month old luxury car for another one since she didn't like the way it drove. Each to their own.
__________________
bssc is offline   Reply With Quote
Old 06-07-2007, 10:45 PM   #16
Thinks s/he gets paid by the post
 
Join Date: Apr 2007
Posts: 1,304
Quote:
Originally Posted by bssc View Post
One of my cow-orkers saw this website up on my monitor and laughed at it. The idea early retirement is amusing to her. Of course, she traded in her three month old luxury car for another one since she didn't like the way it drove. Each to their own.
They never do get it. One of my co-w*rkers asked me how I could do 'it'... meaning how could I afford to do this.... she had worked 38 years and still had to work a 'few more years' to get it together .... of course she does have a very nice 'down-sized' McMansion (only 3800 sf), new car, and vacation home (2 years old). I told them I got 'lucky' in the market ..... did NOT want to annoy the pig ....
__________________
Life is GREAT!
megacorp-firee is offline   Reply With Quote
Old 06-07-2007, 11:25 PM   #17
Recycles dryer sheets
Linney's Avatar
 
Join Date: Nov 2006
Posts: 262
Quote:
Originally Posted by PBAT View Post
I have a close friend with the opposite financial philosophy as we on this board. Her and her DH want to live life while they are young, but consider living to mean having all the toys.
And I have a close friend with the same LBYM financial philosophy as us. . . but her husband has the opposite financial philosophy. This results in uncomfortable conversations where I drive over to her house in my 10 year old Toyota and ask her what's up with the brand new SUV sitting in their driveway. I ask because I know they regularly have trouble paying their monthly bills. Answer: her husband felt he 'deserved' it because other people he knows have nice SUVs.

My friend asks me for pointers about investing because she plans to have the money some day to finally start their retirement savings. I have to tell her that until she and her husband share the same financial goals, there's no point to discussing this. He spends every dime left in their checking account (there is NO savings account) so there will be nothing to save or invest until their situation changes. Am I being too harsh? It seems immoral to suggest that she start hiding money in a secret savings account. I wish she'd leave him (isn't that a sad thing to wish for your friend?)

Signed,
Troubled Friend in the Northwest

p.s. I talked to her recently so I'm mostly venting here. If you have constructive suggestions I certainly wouldn't mind hearing them but I will admit to being skeptical that I can influence this situation for the better other than just 'being there' for her.
__________________
Linney is offline   Reply With Quote
Old 06-08-2007, 06:49 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
I created a mythical 'Godfather' who made me an offer I couldn't refuse/skimed his cut off the top before I ever saw the money - ie auto deducted to 401k/IRA etc the max amount I could tax defer so it was just another deduction from the paycheck.

Partied till we puked on the rest - after all we did live in New Orleans.

heh heh heh - that was the thinking - in actual fact I did suffer bouts of extreme LYBM.
__________________
unclemick is offline   Reply With Quote
Old 06-08-2007, 09:13 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Quote:
Originally Posted by Linney View Post
My friend asks me for pointers about investing because she plans to have the money some day to finally start their retirement savings. I have to tell her that until she and her husband share the same financial goals, there's no point to discussing this. He spends every dime left in their checking account (there is NO savings account) so there will be nothing to save or invest until their situation changes. Am I being too harsh? It seems immoral to suggest that she start hiding money in a secret savings account. I wish she'd leave him (isn't that a sad thing to wish for your friend?)

Signed,
Troubled Friend in the Northwest

p.s. I talked to her recently so I'm mostly venting here. If you have constructive suggestions I certainly wouldn't mind hearing them but I will admit to being skeptical that I can influence this situation for the better other than just 'being there' for her.
Today on Oprah a financial counselor said that every married woman should have a savings account in her own name. She's working, right? Does she have a 401K? If not, she needs to open the IRA. She should also have an emergency savings account in her own name if her husband won't agree to fund it jointly. If her husband disagrees with her having a savings account then the problem in their marriage is pretty obvious. I don't think that women still have to obey their husbands to the detriment of their financial well being. Didn't that arrangement end a few years back?
__________________
Zoocat is offline   Reply With Quote
Old 06-09-2007, 01:44 AM   #20
Recycles dryer sheets
Linney's Avatar
 
Join Date: Nov 2006
Posts: 262
Quote:
Originally Posted by Oldbabe View Post
Today on Oprah a financial counselor said that every married woman should have a savings account in her own name. She's working, right? Does she have a 401K? If not, she needs to open the IRA. She should also have an emergency savings account in her own name if her husband won't agree to fund it jointly.
She is only working part time so no benefits. She has an at-risk teen at home so I wouldn't be comfortable suggesting that she work full time for another 2-3 years.

Quote:
Originally Posted by Oldbabe View Post
If her husband disagrees with her having a savings account then the problem in their marriage is pretty obvious. I don't think that women still have to obey their husbands to the detriment of their financial well being. Didn't that arrangement end a few years back?
Don't get me started. Oops, too late. It's not a love/obey-commanded relationship, but close. They both come from strongly religious, conservative backgrounds and follow the model of husband as family leader and wife as advisor. He needs to listen to her more often, but he doesn't. I think he has mild depression that makes him not care as much as he should.

I don't think I'd be in a good position to suggest that she start the separate savings account (if her husband found out that I was the one suggesting it, there could be fallout). But if she raises that topic again, I could take a stronger position in confirming that is indeed what she should do. I'd be morally okay with that kind of approach.

Sigh.....

Thanks for the input, Oldbabe.
__________________

__________________
Linney is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Your unsecured (credit card) debt dies when you die (usually) JustCurious FIRE and Money 77 11-22-2010 10:05 PM
Equity Is Altering Spending Habits and View of Debt Craig FIRE and Money 6 02-21-2009 01:25 PM
Market and public debt Marshac Other topics 6 08-30-2004 07:05 AM
Debt Countdown Update BigMoneyJim Young Dreamers 7 06-08-2004 08:27 AM
Paying off Debt vs. 401(k) Contributions BigMoneyJim FIRE and Money 4 02-10-2003 11:06 AM

 

 
All times are GMT -6. The time now is 07:44 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.