Fraud: Why The Great Recession Happened

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2012 -The Great Recession has not been the fault of the free market. On the contrary, its origin should be sought for in the State´s and central bank´s deep intervention in the economy, causing in a fraudulent way, recurrent cycles of artificial expansion, the” bubble effect” and economic recession that all citizens end up paying for.The great depression is what happens when the government sticks its hands in everyone’s business. How come we still haven’t learned? America was created to have less government control, and it worked amazingly well. When Franklin Roosevelt stuck his hands into everything we spent twelve years with 25% unemployment.

 

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Frontline: Secret History of the Credit Card , 4.4 out of 5 based on 7 ratings
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Frontline: Secret History of the Credit Card

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In “Secret History of the Credit Card,” FRONTLINE® and The New York Times join forces to investigate an industry few Americans fully understand. In this one-hour report, correspondent Lowell Bergman uncovers the techniques used by the industry to earn record profits and get consumers to take on more debt.

“The almost magical convenience of plastic money is critical to our famously compulsive consumer economy,” Bergman says. “With more than 641 million credit cards in circulation and accounting for an estimated $1.5 trillion of consumer spending, the U.S. economy has clearly gone plastic.”

Millions of American families use their personal, general-purpose credit cards such as Visa, Mastercard, American Express and Discover to make ends meet; credit cards have been a discreet lifeline for families in financial straits.

But other consumers, like actor and author Ben Stein, use plastic purely for convenience. While it would appear that Stein — who says he charges a small fortune every month on his credit cards — is the ideal customer, in reality, he is what some in the industry call a “deadbeat.” That’s because he pays his balance in full every month.

The industry’s most profitable customers, the ones being sought by creative marketing tactics, are the “revolvers:” the estimated 115 million Americans who carry monthly credit card debt.
 

Watch The Secret History of the Credit Card on PBS. See more from FRONTLINE.

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Frontline: Secret History of the Credit Card , 4.4 out of 5 based on 7 ratings

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