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Tuesday, November 14, 2006



I disagree. Im an immigrant student myself and I feel that unless immigrant students and minorities take credit and go through all the hassles that nearly drives them to the point of suicide, they won't ever learn life. Thats probably a good way of teaching them NOT to take credit. Also they won't ever learn what made America a great country. After all who will make the rich Americans richer if not for the poor hapless students!!! ha ha just kidding

Debt Help Review

I HAVE to make it a point to rent this movie. I keep seeing it come up in this blog, but never heard of the movie until I recently found this CL&P blog. I have a daughter leaving for college this fall. It sounds like a must-see for her.

Jeff Sovern

As someone who has been teaching consumer credit law for nearly twenty years, I had never expected to see a deeply moving movie about the subject. And yet, Maxed Out is just that. I reacted to it much the way Deepak said I should: by wanting to show it to my students. I also recomended it as a teaching tool to my sister who teaches consumer issues to middle school students, among other things (though at least one part of it would not be appropriate to show to middle school students because of "bad" language).

I also had some thoughts about things I would have liked to have seen in the movie. In particular, I would have liked to have seen more about why the consumer credit industry functions as it does. That industry owes a duty to its shareholders to maximize profits. That means lenders should lend to those from whom they can elicit profits, regardless of the impact on those individuals. It also means that the industry has an incentive to fight regulatory proposals which would impair its ability to generate profits and to support proposals which would enhance its ability to earn profits (hence the recent amendments to the bankruptcy laws). It almost seems like lenders are trapped by their obligations to shareholders into behaving exactly as depicted in the movie. Given my lack of experience working for for-profit businesses, I may be wrong about that, but that's how it seems from an academic perspective.

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