Squezed: America As The Bubble Bursts by Danny Schechter

Description

Over the last decade, U.S. industrial employment has been ravaged by Neoliberal “free trade” policies and corporate outsourcing while workers have struggled to retain the basic vestiges of the American Dream. Sadly, as the post-industrial society has eroded the industrial heartland of middle-class America, the mall has replaced the factory as the engine of the US economy. Indeed, one of the distinguishing features of the “new economy” is that it is more profitable to finance consumption than production. And, as real wages have declined and basic living expenses have soared, American families have become increasingly dependent upon consumer credit and debt to maintain their lifestyle and, too often, simply to survive.

Social critic and journalist provocateur – Danny Schechter aka the “News Dissector” – deserves our appreciation for identifying yet another crucially important issue that has been blissfully ignored by the mainstream media and our national leaders – the consumer debt time bomb. While business pundits and media cheerleaders have deflected attention from the lack of a national economic policy, Schechter has focused his filmmaking and journalistic talents on the seductive and calamitous consequences of banking deregulation. Indeed, through his powerful and entertaining documentary, In Debt We Trust, Schechter takes us behind the scenes where the profits and power of the financial services industry are protected by federal regulators, elected officials, and even the U.S. Supreme Court.

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