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Indybay Feature

Overdose: the Next Financial Crisis

Wednesday, March 23, 2011
7:30 PM - 9:30 PM
Event Type:
Location Details:
Humanist Hall
390 27th Street
uptown Oakland, between Telegraph and Broadway

Film evenings begin with potluck refreshments and social hour at 6:30 pm,
followed by the film at 7:30 pm, followed by a discussion after the film.

OVERDOSE: The Next Financial Crisis
by Devell Borgs

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.

When 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?

Years 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.

Wheelchair accessible around the corner at 411 28th Street

$5 donations are accepted

Added to the calendar on Sat, Feb 26, 2011 5:00PM

Comments (Hide Comments)
by deanosor (deanosor [at]
1. Greece an Iceland have not crumbled. Greece and Iceland are still there. In fact the economy of Greece and Iceland have not crumbled. The paper wealth has crumbled. 2. The scenario the author (reviewer?) suggests is the next financial crisis is not. It is the continuation and expansion of the financial crisis we are already in, all of which are the symptoms of a disease called capitalism.
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