Product Description

All of the measures by the feds to stem the tide in the financial meltdown have added hundreds of billions of dollars to our national debt.  FRONTLINE reports on how this debt will constrain and challenge the new administration, and on the growing chorus, that without fiscal reform the US government may face a debt crisis of its own in years to come that make the current financial problems look almost painless by comparison.

Product Details

• Amazon Sales Rank: #34042 in DVD
• Brand: PBS
• Released on: 2009-06-16
• Rating: NR (Not Rated)
• Aspect ratio: 1.33:1
• Formats: Closed-captioned, Color, DVD, NTSC
• Original language: English
• Number of discs: 1
• Running time: 60 minutes

Customer Reviews

America's Economic and Ethical Crossroad
Frontline offers an objective and fact-based presentation of America's current economic and social crisis. Beginning with Reagan's attempt to borrow our way to prosperity while dismantling appropriate federal regulation, then moving into the casino capitalism of Bush/Cheney, this documentary precisely traces the sequence of events that have lead to our current ethical and financial debacle. The issues raised in this documentary are of greater magnitude than simple dollars & cents or an economic down turn. As is also well illustrated in David Callahan's best-seller "The Cheating Culture," America's moral meltdown is indeed bigger than Enron or the housing bubble.

When legal guidelines are lacking and mandates for transparency in corporate and governmental affairs are absent, we open the door to abuse, greed and corruption. This is as true today as it was in 1929. Even the champion of free-market ideology, Adam Smith, wrote that appropriate governmental controls are necessary to limit the excesses and abuses of the "invisible hand" of the market. The issues raised in this eye-opening Frontline video bring to mind a timely quote by Justice Louis Brandeis "We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both."

Horned Bush and Haloed Obama
The work begins and ends with Obama. However, as you watch, the work makes it clear that the current president is not responsible for the astronomical debt.

The work spends one-third of its time blaming George W. Bush. In fairness, the work shows how Bush the Son learned never to increase taxes via his father's lost election. However, the work says W. knew that you can't fight a war and reduce taxes simultaneously. Treasury Department heads are interviewed saying they were glad W. fired them because they could not promote his policies with integrity. The work says Bill Clinton faced a law stating that the federal government could not spend money if it did not have a source for that spending. Although many Republicans have promoted small spending, the work emphasized that Bush the Son NEVER vetoed a spending bill. The work implies that W. ran up bills and did not care about the consequences. Several Republicans who favor small government were interviewed condemning W. and his practices.

The work stated that there was no deficit problem when W. first entered office. Although I view the work as condemning Bush the Son, I see that it never gives Bill Clinton any credit for that previous great financial status. The work implies that W. was never punished for his poor policies. However, I would say the landslide elections of Democrats in 2006 and 2008 were the punishment for the last administration. Like everyone, I worship Obama. Still, many have noted that Bush's failures may have created the space in which Barack the bruthaman could win the election.

The work mentions many of the difficulties that Obama faces as president. However, they quote him sounding so smart, realistic, and professional that it made him look like he would be the perfect person to correct these problems. I imagine that many viewers will leave this work saying, "Obama is the man! This reminds me of why I was so happy to vote for him in the first place!" If you think 'Rack and Michelle are the grooviest things since extra-large Reese's butter cups, this will only re-affirm your position.

The work presents Social Security, Medicare, and Medicaid as the problems that are and will cause a crisis for the government. However, the work skips something crucial. It says we owe this debt to Chinese and other foreign investors. As I watched this, I wondered, "What if the Chinese say, 'Sorry, America! We want to focus on our own country. We no longer want to give our money to you.'"? To me, that is the main problem with the deficit and the work does not answer that concern.

We AND Our Government Needs to Control Our Spending!
A very good documentary that focuses on what has been done to our budget and national debt over the last few decades. Focuses on Reagan, Bush I and II, Clinton, and now Obama. Very good for the layman who wants to understand, while blowing the whistle on some of the dumb practices we've been allowing our elected officials to doom us with. My fingers are crossed for Obama to do what needs doin!