Credit Crunch: Live the Crisis, See the Movie, Iousa
Documentary set for release ignores climate change and aims to warn Americans of debt
It has been called An Inconvenient Truth for the economy. Instead of a former vice-president delivering a cinematic presentation on the perils of climate change, a documentary set for release at the end of this month aims to warn Americans of a different global horror: debt.
IOUSA charts the role of debt in pushing the US economy towards the sort of cliffhanger ending beloved of movie makers. Like Al Gore's Oscar-winning documentary, it features an array of talking heads, whizz-bang graphics, pie charts and timelines. And like Gore's movie, it has been met with early acclaim, receiving a standing ovation at this year's Sundance festival.
"It is a scary story made more scary by the fact that most people in America don't understand what the problems are," the director, Patrick Creadon, said. Creadon previously made Wordplay, an acclaimed documentary about crosswords.
Instead of Gore, his latest film features a former head of the US government accountability office, David Walker, as well as a supporting cast ranging from financial guru Warren Buffett to comedian Steve Martin.
While many are used to living with a national deficit of $9.6tr, the documentary points out that once social security, healthcare and other obligations are accounted for, the debt is closer to $53tr. One estimate is that it rises by $1m every minute.
Yet while the film and its makers counsel against debt - the core message is not to spend more than you have - IOUSA itself is the product of debt financing.
Made in 2006, its dire warnings of a mortgage crisis and impending recession came true before the documentary was released. As it became necessary to embark on a costly re-editing of the film, it exceeded its $500,000 budget, lost its main financial backer and ended up being financed by a production company set up by a Baltimore financial newsletter.
The film will open in 10 cities across the country on August 21.
Whether moviegoers seeking escapism will flock to a film advertised by a poster bearing the image of a shuttered White House under the slogan "For Sale. Foreclosure. Inquire within" remains to be seen.
· This article was amended on Monday August 11 2008. In the article above we again turned the financial analyst Warren Buffett into Warren Buffet. This has been corrected.
IOUSA charts the role of debt in pushing the US economy towards the sort of cliffhanger ending beloved of movie makers. Like Al Gore's Oscar-winning documentary, it features an array of talking heads, whizz-bang graphics, pie charts and timelines. And like Gore's movie, it has been met with early acclaim, receiving a standing ovation at this year's Sundance festival.
"It is a scary story made more scary by the fact that most people in America don't understand what the problems are," the director, Patrick Creadon, said. Creadon previously made Wordplay, an acclaimed documentary about crosswords.
Instead of Gore, his latest film features a former head of the US government accountability office, David Walker, as well as a supporting cast ranging from financial guru Warren Buffett to comedian Steve Martin.
While many are used to living with a national deficit of $9.6tr, the documentary points out that once social security, healthcare and other obligations are accounted for, the debt is closer to $53tr. One estimate is that it rises by $1m every minute.
Yet while the film and its makers counsel against debt - the core message is not to spend more than you have - IOUSA itself is the product of debt financing.
Made in 2006, its dire warnings of a mortgage crisis and impending recession came true before the documentary was released. As it became necessary to embark on a costly re-editing of the film, it exceeded its $500,000 budget, lost its main financial backer and ended up being financed by a production company set up by a Baltimore financial newsletter.
The film will open in 10 cities across the country on August 21.
Whether moviegoers seeking escapism will flock to a film advertised by a poster bearing the image of a shuttered White House under the slogan "For Sale. Foreclosure. Inquire within" remains to be seen.
· This article was amended on Monday August 11 2008. In the article above we again turned the financial analyst Warren Buffett into Warren Buffet. This has been corrected.
Use the feedback form below to submit your comments.
Use the form below to email this article to your friends.
- How Benelux is Tackling the Economic Crisis
- Gordon Brown Plans Financial Crisis Talks With George Bush
- PM Meets Bush for Financial Crisis Talks
- US Government to Limit Pay Packets for Wall Street Bankers in Bailout Package
- Economy: Eurozone Teeters on Brink of Recession After Output Drops for the First Time
- US Election: Buffett Joins Obama to Solve Economic Crisis
- Economics: Eurozone May Beat Britain to Recession
- Credit Crunch: Australian Bank Adds £480m to Write-downs
- Credit Crunch: Fannie and Freddie Rescued By Government Loan
- It's Back to the 1970s As Economy Grabs Limelight
- Chancellor Dismisses Recession Talk
- Credit Crunch: Central Bank Likely to Raise Eurozone Interest Rates Despite Downturn
- Credit Crunch Forcing Us Middle Classes to Live in Their Cars
- Can Internet Companies Survive a Recession?
- What is a Recession?
- Causes of Economic Recession
- Congress Passes Historic Economic Bailout Plan
- Congress Struggles to Revise Bailout Bill
- House Vetoes Wall Street Bailout
- Lawmakers Say Deal on Bailout Reached