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Review of Capitalism A Love Story


by: John McClelland

Thu Oct 01, 2009 at 10:26 AM CDT


If you hiss at the screen or clap at movies, then this is the film for you.

Michael Moore's Capitalism A Love Story was screened to numerous non paying Dallas area residents at the Magnolia Theater in the West Village last night, before its release tomorrow. Thanks to redcarpetcrash.com and Sam the Mailman, I won a pass to see the movie. Many others received passes from AM1360 Rational Radio. And yes folks, it was definitely taken advantage of, with 1 million people attending! Ok not really. That was the tea bagger march-allegedly. But the theater did appear to have 99% of the seats filled.

I recently read a political hit piece aka movie review from the NY Post, that poo poo'd on every aspect of the film, so I went into it not expecting greatness. But having read that review it makes me wonder if the author even watched the movie? Granted there were a ton of recycled 1950s footage and a few Soviets marching, but the movie was a lot better than I expected.  

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One scene that stood out to me, was a foreclosure raid in Lexington NC. If you don't know a lot about me, this is a town where I have a great uncle who owns a good portion of the city's real estate, and a few cousins who have had run ins with the local Republican former sheriff due to his wanting to show boat on local and national TV with a pink jail cell. And parading for Michael Moore was no exception for the Davidson County Sheriff's Dept. It took 9 police vehicles to go to a house that had 4 people inside recording their arrival. The deputies then took a sledge to the deadbolt to open the door, breaking the frame in the process, since the residents would not come out. All over a foreclosure? It leads me to believe that the banks and government now considers a home owner a squatter that has to be relocated or simply thrown out, much like a prawn from District 9.

Feeling bad for foreclosure victims is not the entire premise of the film. All I need to do is look out my window at home for that. It also looks at how we got into this mess. It explains how Goldman Sachs infiltrated the government, and how spineless many of our elected officials have become-both Republican and Democrat. Nobody could explain what a derivative was, oddly enough. Not even the financial professors. But yet, the fat cats on Wall Street made billions on them. It was also what brought us to our knees.

Moore likens Wall Street to a giant casino, with brokers hedging bets on bets and parlaying what they can. He is right. You can't base an entire financial system on guesses and hunches. That is why we don't have an entire economy based on pork futures. If we did, we'd not only deep fry bacon and put it on a Whopper, but we'd be pushing sub prime pork to every corner of the country for consumption to drive up the price of pigs. Except in our current case, the pigs have titles like CEO.

Go watch this movie. Even if you hate Michael Moore, watch this movie. It will at least get you thinking about what you should really be protesting and how you can change what is going on.

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I want to see it (0.00 / 0)
Now I want to see it.  

Excuse me, but doesn't Rupert Murdoch own the Post? (0.00 / 0)
Why wouldn't you expect a political hit piece on anything to the left of Attila the Hun coming out of that rag?

More to the point, why would you further Murdoch's agenda by supporting such spew?


lib friend (0.00 / 0)
I have a Libertarian friend who posted the link on FB a couple days ago. I do not purchase the Post, or any newspaper for that matter.

www.stonewalldemocratsofdentoncounty.org




[ Parent ]
During an interview with Amy Goodman (5.00 / 1)
of Democracy Now Moore said:

"Imagine there are 10 people at a table.  A pie sits on the table.  It is cut into 10 slices.  One person gets 9 slices.  The other 9 have to fight over the remaining slice."

He could not have described today's circumstances better.

 


yes the pie analogy is true, (3.00 / 1)
But today's circumstances are not reflective of capitalism. In fact a truer analogy would be if there were 10 people, 1 pie, 10 slices. Each slice would be reduced by 30-40% and given back to the baker who would allow one of the 10, the one who just bought him a fancy new kitchen knife, to delegate the slices according to the "general well being" or whatever ambiguous benevolent term you want to use. In the process of dishing out pieces where he sees best served, crumbs fall on the ground, his fingers smash the crust, and then those lucky enough to get a piece end up with a half-ass pie slice that they could have just pick out in its entirely without a well connected person serving it to them, and a baker that was willing to be whored-out.

Pure capitalism would treat everyone better, as we have it now the rich see the most benefit while the poor end up getting watered-down pie, that's not capitalism folks, that's modern American corporatism. There's a difference! Unfortunately free-markets have been misleadingly accused of our current economic crisis. NEWSFLASH: we haven't lived in a capitalistic free-market in a long time, that's not the source of today's troubles, so at least for the sake of proper diction blame today's crisis on illegal activity and laws encouraging such behavior, aka modern American corporatism.  


[ Parent ]
Pure capitalism... (0.00 / 0)
gave us gypsum powder instead of flour & sawdust in bread prior to the FDA.   Corporations need to be controlled by the creators....governments.  

[ Parent ]
Exactly... (3.00 / 1)
We've had unregulated capitalism in this country. Read The Jungle by Upton Sinclair. The few regs we have left on the books are the remains of the ones we started enacting almost a century ago BECAUSE of a abuse.


[ Parent ]
Waiting to see it... (0.00 / 0)
Been reading various reviews and interviews. The interviews don't seem to match the tale of the tape. On Larry King, he said capitalism had failed and claimed we needed more democratic influence on economic policy. I can't get behind either of those ideas. Criticism of the bailouts is definitely needed - they were poorly planned and executed (a reaction not a response) - but the ideas presented in the interviews give me pause.  

Funny (0.00 / 0)
How does "pause" work? And for how long? I think Michael Moore is just stating the obvious. Unregulated capitalism almost brought our country down. I think that he makes valid points.

[ Parent ]
There is no unregulated capitalism. (0.00 / 0)
There are all kinds of regulations on businesses and markets; governments pass them on a regular basis. Even in the housing crisis, there were regulations governing the loans, and there were regulations governing the bailout money (obviously not enough, or the right ones, on either count). As I haven't seen the movie - and it comes out today - I can't say whether or not he is stating the obvious. I'm going with what I've read, which not a statement of the obvious (such as "capitalism has failed") or even the whole story.

[ Parent ]
Uhm... (3.00 / 1)
While it's true there are regs regarding banking and many involving the origination process, these were haphazardly enforced.

The CRA didn't cause the collapse, neither did Fannie or Freddie, at least in so far as their underwriting policies. What caused it was too much leverage in financial companies (commercial and investment banks as well at as non-bank financial companies, like Fannie and Freddie) coupled with a securitization scheme in which complex debt securities were 'insured' against potential losses with default swaps and other even more esoteric derivatives. When default rates rose to predictable levels (something even I knew would happen) and the derivatives didn't pay off (because the parties who wrote them didn't have the balance sheet to cover their insurance in force), investors panicked and you had run not on an individual bank but on the entire fragile system.

When the banks were forced to buy some of this back, it ate up their equity which put them in jeopardy. And that, my friend, is a full fledged crisis.

My question is how much in depth did Moore go? My impression of him is that his analysis and research tends to be puddle deep and only to the level where finds a simplistic support of his preconceived notion... and runs with it. Just like right wing morons like Beck and Limbaugh.

Further, while I feel bad for people who are being foreclosed, it's not like banks don't try to work things out. Banks as real estate companies do not work. They NEED the money to pay off depositors and investors. If the asset, say a mortgage, is not paying then they have to get it off the books as fast as they can or work something out with the mortgagor. In the inland empire area of CA, just east of LA, a bank who forecloses can expect to receive, maybe, 25% of the loan amount on eventual sale. It's not like this is anyone's first choice.

Finally, despite what Moore might think, capitalism didn't fail. Our regulation of it failed. We reverted back, in many ways, to a state that existed prior to the depression in terms of financial regulation. And, unsurprisingly, we went through the same damn thing all over again. In short, markets do regulate themselves... by occasionally thoroughly collapsing and crushing everyone. Which is why you have regs in place to keep that from happening. But you also have to have a system that actually enforces those regs, something our previous President decided was unimportant. Moore's idea that the system is inherently corrupt is silly since we managed to regulate it for almost a century. The corruption more accurately was with the people TASKED with regulating it, something which must get fixed.


[ Parent ]
I agree with that... (0.00 / 0)
and I'll be interested to see how in-depth he goes into this story. Now I just need to find time to actually see it.

[ Parent ]
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