Results 1 to 9 of 9

Thread: Interview with James Scurlock, Creator of "Maxed Out"

Threaded View

  1. #1
    Join Date
    Jun 2006
    US, Europe and Asia

    Default Interview with James Scurlock, Creator of "Maxed Out"

    Eric Janszen of iTulip Interviews James Scurlock, author of the book Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders, and the movie by the same name, about the consumer credit bubble and what's in store for the US economy after it ends.

    Part I (free)

    • Do you see a generalized or systemic crisis in the making as a result of banking industry practices over the past few years?
    • Why did the credit standards required to get a credit card decline so much?
    • In the old days you needed very good credit to get a bank credit card. Now, you don't. Why is that?
    • Are historical lending rules, like 20% down on a home, likely to go back to return?
    • What does that imply for the economy?
    • We joked years ago that if Greenspan gave a 30 minute lecture on prime time TV on sound household finance, on following age old rules of finance such as not purchasing depreciating assets like flat panel TVs on credit, the US economy would implode. How much lending remains legitimate, and how much of total current lending might that represent?
    • What is the proper role for consumer credit?
    • Should households save up for big ticket purchases, such as autos?
    • Some argue that even houses are a poor use of credit, since according to Robert Shiller's research their price only rises at the rate of inflation, and interest expenses necessarily rise faster, else lenders don't make money.
    • We have interviewed a Dr Michael Hudson who contends that monetary and tax policy is intended to create inflation in home prices in order to keep them rising more quickly than the rate of CPI inflation, which largely determines interest rates. Does your research indicate intent or something else?

    Part II (iTulip Select only)

    Available now here.

    • What are the likely outcomes for changes in the lending laws, and how will the credit card folk try and work around them?
    • iTulip, as you know, has been a harsh critic of the banking industry for going on eight years now. We criticize the banking industry for creating what we call the Frankenstein Economy in which banks and borrowers no longer engage in lending and borrowing with the degree of mutual personal accountability that existed even ten years ago. Do you agree that both lender and borrower accountabilty has been lost?
    • We also coined the term Risk Pollution to refer to the credit toxins which have built up in the financial system, akin to the environmental toxins that chemical companies dumped into the ground after the Clear Air Act was passed in the early 1960s. Via securitization, banks have been allowed to externalize the costs of making risky loans, in effect turning them into social costs. Do you agree with this assessment and that the cost of the inevitable clean-up of risk toxins in the financial markets, like the Superfund cleanup of environmental pollution, will fall on taxpayers in a global S&L Crisis writ large?
    • Do you think the credit bubble was allowed to grow to such huge proportions because Fed and FDIC are incompetent or are they corrupt?
    • Do you think the banks are at risk or will holders of securities and, ultimately, taxpayers be left holding the bag?
    • Do you agree that asset inflation is an objective of monetary policy?
    • How do you expect the credit bubble to turn out and how deep do you expect the resulting recession to be and how long will it last?

    Sign up for iTulip Alerts to be notified when Part II is available.

    iTulip Select: The inside scoop.

    Special iTulip discounted subscription and pay services:

    For a book that explains iTulip concepts in simple terms see America\'s Bubble Economy: Profit When It Pops
    For a macro-economic and geopolitical View from Europe see Europe LEAP/2020

    For macro-economic and geopolitical currency ETF advisory services see Crooks on Currencies
    macro-economic and geopolitical currency options advisory services see Crooks Currency Options
    For the safest, lowest cost way to buy and trade gold, see The Bullionvault
    To receive the iTulip Newsletter or iTulip Alerts, Join our FREE Email Mailing List

    Copyright iTulip, Inc. 1998 - 2007 All Rights Reserved

    All information provided "as is" for informational purposes only, not intended for trading purposes or advice.
    Nothing appearing on this website should be considered a recommendation to buy or to sell any security or related financial instrument. iTulip, Inc. is not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. Full Disclaimer
    Last edited by FRED; 04-17-07 at 01:03 AM.



Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Opinions expressed herein are those of the posters, not those of iTulip, Inc., its owners, or management. All material posted on this board becomes the intellectual property of the poster and iTulip, Inc., and may not be reposted in full on another website without the express written permission of iTulip, Inc. By exception, the original registered iTulip member who authored a post may repost his or her own material on other sites. Permission is hereby granted to repost brief excerpts of material from this forum on other websites provided that attribution and a link to the source is included with the reposted material.

Nothing on this website is intended or should be construed as investment advice. It is intended to be used for informational and entertainment purposes only. We reserve the right to make changes, including change in price, content, description, terms, etc. at any time without notice. By using this board you agree that you understand the risks of trading, and are solely responsible for your own investment and trading decisions. Read full legal disclaimer.

Journalists are not permitted to contact iTulip members through this forum's email and personal messaging services without written permission from iTulip, Inc. Requests for permission may be made via Contact Us.

Objectionable posts may be reported to the board administrators via Contact Us.