Money talks. Most politicians can't get elected without getting complete support from centralized financial systems and the real estate industry. Politicians from both parties are bought and paid for. We may well be on our way to seeing a credit card and sub-prime lending economic tsunami that could create chills down the spines of all. In March 2007, the Senate Banking Committee started investigating lending practices and how they negatively impacted middle-class, low -income consumers and students. There used to be a law that capped the amount of interest that could be charged. Thanks to the politicians who needed the financial banking from industry, the Usury law and other consumer protections have been wiped out and replaced with "market competition". We see how well market competition works. California has almost no consumer protections left in telecommunications where giant carriers have merged to provide more options in technology and almost no competition. We see how well it works in the oil industry where the major players work together with refineries to keep supplies "appearing" low and prices higher than most of us can pay.

Banking Committee Chairman Carl Levin of Michigan said, "Millions of families...are kept in debt and are in over their heads not just because of their own purchases...but because of the abusive practices and excesses of the credit card companies." Who cares whether the debt is personal or global if we see continually growing foreclosures and bankruptices ripping through our economy and world markets?

Debt is taught via advertising from the time we learn to point to something we want. Our children are indoctrinated with ads and we are forever trying to live the American dream as it's marketed to us. I went to H&R Block and was offered both a loan to pay my taxes if I owed money and was offered an advance if I couldn't wait for a possible tax refund. It looked like a 600-700% return on the company's money to offer me money in advance or to take out a loan; whichever was going to apply. While waiting, I watched two people sign on the dotted line without taking the time to read all of the terms and conditions.

When my daughter was in med school in the 90's, MBNA sent credit cards and blank checks for cash advances to all of the students in their first year at Texas A&M. We found out that being academically bright does not translate into being financially bright. The parents were furious! many students were there on student loans, scholarships and grants and had NO credit. After meeting with the parents and the school, no one was clear on how MBNA got the student names. The question posed to the school officials as to whether or not the school gave out the names was never answered. The real issue is how credit card companies can issue credit to students not earning a dime. The company swore it checked out credit worthy applicants. Yeah, right. The truth is that credit card companies were looking at potential earnings only. My story is not unique as I listened to the televised testimony before the Senate Banking Committee. On top of college, living expenses and then med school, we're talking some serious money that could have followed my daughter and her peers the rest of their lives.

It would have been my fault that I failed to educate my daughter properly on credit and debt if I had known this type of predatory lending was possible. All I know for sure is that market competition and lack of regulation in almost every arena could well create a spiral downfall that will become another lesson not learned.

"In Debt We Trust: America Before the Bubble Bursts" is a direct documentary worth viewing. I am not a film critic and can only say that few have tackled the topic of credit in plain English as forthright as this writer and producer. Perhpas it will be helpful to the target populations---You and Me!