The first thing that stands out about a documentary and its credibility, is the ability to be even handed. It is nauseating to see and hear opinion after opinion that blames this party or that party. To do so only shows bias and casts doubt on the validity of the expressed opinion. “Overdose” points the finger not Just at one party ,or even one government for that matter, as it cites the faults of weak economic thinking on a global level. The focus of the documentary is on the lowering of interests rates to facilitate continued and expanded spending by nonusers worldwide.
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The documentary points out that in the wake of the “. Com bubble” the Federal Reserve lowered interest rates to close to one percent in order to stimulate consumer buying power, and the economy. And it worked for awhile. Consumers bought like crazy. From cars, to electronics, to clothes, and most importantly houses. The fact that this documentary places some blame on the individual consumer for the collective financial meltdown strengthens its appeal. As this aspect of the “blame game” is often neglected, as fingers so often point at George
Bush or Barrack Obama and victimizes the middle class. The documentary also points out that the majority of middle class consumers and sub prime borrowers are not minorities in Los Angles or New York, but rather Caucasians in middle America. “Overdose” points out that the main thing to worry about at this time is the spread of erroneously lowered interest rates coupled with unscrupulous practices in the credit rating system that is now happening on a global scale. Countries like Germany are implementing the same scheme.
Thus the appearance of lath and stability, even as shaky as it seems to be, is an illusion. It is “funny money’. The documentary finishing segments point out that the stimulus packaging is also mere “funny money’ and that it too is spreading globally, Greece is used as an example. Stimulus packages implemented by both Bush and Obama, back to back, are seen as supreme wastes of money and dismal failures. Thus predicting their negative repercussions. The best aspect of Boors’ film is the appearance of the trend analyst Gerald Celeste, also known as a modern day
Nostradamus of finances. While working at the Trends Research Institute for the past thirty years he was able to predict the stock market collapse of 1987, and the “. Com bubble” bursting. He appeared on numerous talk shows predicting the current crisis years before it happened and was ridiculed. He points out that the current crisis was the easiest forecasts he’s ever done since his firm began analyzing trends. He goes on to predict a financial collapse on a global scale, as all of the policies that caused our current crisis are being repeated globally.
Boors’ film does not give any time to differing opinions. There are no opposing arguments being shot down. There is nothing in this film that would seek to coax one to embrace its opinion. It is rather course in its take-it or leave-it demeanor. This would make the documentary almost unwatchable, or believable, if its politics weren’t so even handed. Lastly, “Overdose: The Next Financial Crisis” offers no solutions, and seemingly no hope. Not just for America, but the entire world. Is extremely gloomy as it Just abruptly ends.
While the whole economic crisis is confusing as there are so many opposing opinions and so much conflicting information, the altitude of government folly is seen clearly in this film, and it is more than believable. It would have ended better if Boors would have included the role individual citizens can play in protecting themselves as well as the nations they live in by becoming more financially save. Y. After all, if the middle class and individual consumers share the blame, they surely can affect the change.