Debt Trap (5 of 5)
Nov 8th, 2008 by admin
Some facts established in this documentary:
- Canadians collectively owe $1,000,000,000,000+ of debt, almost 10 times that of 30 years ago.
- in the last 20 years bank profits up 900%. Half is of debt interests.
- avg household consumer debt: $70,000 - $80,000.
- personal bankruptcies up 400% in 25 years.
- savings rate now an all time low of 0%.
- avg house price in 1978: $50,000+ (amortization: 15 years).
- avg house price in 2008: $300,000+ (amortization: 25 or 30 years).
- avg wage increase 0% while cost of living up 200% to 300% in the last 30 years.
- “free trade” did not translate to a higher standard of living for all Canadians. Instead the rich got richer, the poor got poorer, and the middle class is struggling to stay afloat.
- only 1 in 3 of the unemployed get E.I. (was 4 in 5 20 years ago).
- avg student loan debt $25,000+.
- politicans are pushing a U.S. style education system in which only the rich is able to afford higher education.
- payday loan shops charge up to 3041% interests.
- over 60% interests is considered usury according to law
- federal government has not enforce the usury law against loan shops.
This movie contains alot of distortions. For example this black lady, it wants us to feel sorry for her student loans, she’s still in school etc. But if you put her story together, it means she’s been in college for 10 years…obviously they are gonna want some payment back. Duh. And the indian guy complaining that he’s not getting cost of living increases in his wages? Wtf is his problem? Does he think he’s special? What fuckin complainers.
Love the last part….start with cutting up the cards! Amen to that!
terrific series. thanks for posting. sadly while superficial bimbo of the week type vids will get a zillion views, this is 2 important 2 miss. thanks again!