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DESCRIPTION:Film evenings begin with potluck refreshments and social hour at  6:30 
 pm,\nfollowed by the film at  7:30 pm, followed by a discussion after the 
 film.\n\nOVERDOSE:  The Next Financial Crisis\nby Devell Borgs\n\n The 
 financial storm that would rock the world began brewing in the U.S. when 
 Congress pushed the idea of home ownership for all, propping up those who 
 could not make the down payments.  The Market even coined a term, NINA 
 loans: “No Income, No Assets, No Problem!”  Enter FannieMae and 
 FreddieMac, privately owned, government sponsored. “Want that vacation?   
 Wanna buy some new clothes?  Use your house as a piggie bank!”  Why earn 
 money to pay for your home when you can make money just living in it?  With 
 the government covering all losses, you’d have been a fool not to 
 borrow.\n\nWhen the world’s financial bubble blew in 2008, the solution 
 was to lower interest rates and pump trillions of dollars into the sick 
 banking system.  Nobel Laureate Vernon Smith tells us:  “The solution is 
 the problem, that’s why we had a problem in the first place.”  Interest 
 rates have been at rock bottom for years, and governments are running out 
 of fuel to feed the economy.  “The governments can save the banks, but 
 who can save the governments?”  Forecasts predict all countries’ debt 
 will reach 100% of their Gross Domestic Product by next year.  Greece and 
 Iceland have already crumbled, who will be next?\n\nYears of growth had 
 been a continuous party.  But when the punchbowl ran dry, instead of 
 letting investors go home to nurse their hangovers as usual, the Federal 
 Reserve just filled it up again with phoney money.  For analyst Peter 
 Schiff, the consequence of the spending binge was crystal clear:  
 “We’re in so much trouble now because we got drunk on all that Fed 
 alcohol.”  Have you taken out a mortgage, invested capital, or bought 
 shares?   If you have, likelihood is you lost out in the latest bust.  
 Governments promised decisive action, the biggest financial stimulus 
 packages in history, gargantuan bailouts  –  but what crazed logic is 
 this, propping up debt with ….  more debt? This alarming documentary 
 brings an entirely fresh voice to the hottest topic of today.\n\nWheelchair 
 accessible around the corner at  411  28th  Street\n\n$5 donations are 
 accepted\n\n\n https://www.indybay.org/newsitems/2011/02/26/18673124.php
SUMMARY:Overdose: the Next Financial Crisis
LOCATION:Humanist Hall\n390  27th  Street\nuptown Oakland, between Telegraph and 
 Broadway\nhttp://www.HumanistHall.org\n
URL:https://www.indybay.org/newsitems/2011/02/26/18673124.php
DTSTART:20110324T023000Z
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