Gender: Female
Industry: Law
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Maxed Out Americans!

Maxed Out, a documentary depicting Americans in debt, was released on March 9th.  It takes its audience on a journey showing the worries of Americans when the minimum time to repay their debts sets in.  The filmmaker James Scurlock also wrote a book, Maxed Out: Hard Times, Easy Credit, and the Era of Predatory Lenders, which is an escort to the documentary.

The documentary was screened at the Harvard Law School’s Ames Courtroom. 

After the screening of Maxed Out, James Scurlock, the director of Maxed Out and Professor Elizabeth Warren, leading bankruptcy expert, were present for a group discussion.

The current financial industry’s favorite customers are the Bankrupt and the Broke, shows Maxed Out.  A mixed Bag, Maxed Out is deeply alarming and entertaining at the same time.  Throughout the movie, James Scurlock interviews pawnbrokers, debt collectors, people in debt, and experts like Liz Warren.  Through these interviews, he shows how the credit industry unfairly targets consumers, thereby wreaking havoc upon the lives of Americans.
 
In the movie, award-winning journalist Mike Hudson interviews the leading financial institutions in America.  These popular institutions are now targeting the young generation; FirstUSA signed up two high school students as billboards.  Through these kids, they try to create the impression that it’s hip and trendy to own a card.  Another shocking incident shown in Maxed Out: FirstUSA partnered with colleges to dig up students’ personal information and mess up their lives.  In such situations it becomes necessary for America to take a stand against companies encouraging the young lot to buy plastic. 

The documentary depicts how Americans openly discuss the latest fashion trends, cocktail parties, and ecstasy.  But discussing Debt is Hush Hush.

James Scurlock writes in the Production History:
“We're all led to believe that people get into financial trouble because they are irresponsible, but I've learned that most people are getting in trouble because the banks and credit card companies are setting their customers up to fail.”

Liz Warren, also featured in the movie, conducted research on broke Americans.  Liz’s study proves that it’s not the desire for brands and luxuries, but the basic needs that are killing American families. 

Maxed Out forces us to think about harsh outcomes of our national debt addiction: the suicides, the ruined lives, and, ultimately, the disappearance of the American middle class.

Warren has written a number of books and articles that reveals the dirty secrets of the credit industry.  These include The Two-Income Trap: Why Middle-Class Fathers and Mothers are Going Broke and All Your Worth: the Lifetime Money Plan. 

In the past, credit cards were issued to those who could very well pay their bills and denied to those who were financially weak.  Maxed Out shows the current situation contradicting this sound principle.  The present government needs to pass tougher regulations to the credit industry.  It should take into account an individual’s income while giving credit.

We are led to think about what we ought to do when the nation at war is going through an economic and emotional crisis.  But through the faulty credit system, Americans are encouraged to spend more and then suffer the consequences.  Why don’t we realize the addiction and get out of it?  The economic culture is changing at a high pace and the movie brings out the reasons for it.  The movie is a must see not only for those studying Bankruptcy law, but also for the common American. 

03-29-2007

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Random, non-legal news

http://www.msnbc.msn.com/id/17819432/?GT1=9145

Ok, so usually, I try to write about firm or political stuff in the blog, but we all need a break from the legal world right?  Here’s a happy story about a dog that saved its owner from choking to death.

03-28-2007

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Anna Nicole’s Cause of Death Released

http://tv.msn.com/tv/article.aspx?news=256173&GT1=7703
You guys asked for celebrity news, so here you go: apparently, Anna Nicole’s death was due to an unintentional overdose of NINE prescription drugs. Ugh, the thought of this just makes me cringe.

03-27-2007

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Gonzales is Feeling the Heat

http://www.msnb c.msn.com/id/17783788/

Wow, these are dark days for the GOP—they’re even turning on each other!

03-26-2007

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Giffen goods

The market had been awash with news of large raises in associate salaries for the past few months.  It’s been that way since Simpson, Thatcher & Bartlett announced that they were going to raise 1st year associate salaries to $160, 000 this season.  Some say it’s devastating.  Some think it’s going to start an ugly salary war http://almresearchonline.type pad.com/almresearchblog/2007/02/associate_compe_6.html.< span>  Some believe the recruiters had no other choice and the partners would have to share a larger part of their profits ht tp://www.abanet.org/journal/ereport/f2raise.html.& nbsp; But, we all know that when the taxes are raised and the price of something goes up, it’s only the consumer, and in this case the client, who’ll really face the music.  Some feel it’s outrageous, compared to the salaries of judges who also don’t get any bonus http://www.ne wyorkpersonalinjuryattorneyblog.com/2007/01/simpson-thacher- first-year-associates.html and that people might start leaving the bench to join law firms.

In fact, the news also made it to Congress when Justice Anthony Kennedy, testifying before the Senate Judiciary Committee remarked that law clerks leaving the court made more money than judges do in their first year in a law firm.  But in the March 1st issue of the American Lawyer, Arik Press summed the scene on the first year associate: “There is … a price to taking the king’s shilling.  … going to work at a “lifestyle firm” means not having a lifestyle.”  And, Erik at Erik Mazzone’s Blog came out with “The Dark Side of increasing Associate Salaries,” at http://erikmazzone.wo rdpress.com/2007/03/04/the-dark-side-of-increasing-associate -salaries/ that shows part of the real story of 1st years dying from the 16 hours workload.  Now, all that set me to thinking, and I thought, “How can it be a ‘salary raise’ if the workload is increased at the same time?”  I mean, a salary raise means more money for the same work doesn’t it?  If it’s more money for more work, then it’s not a salary raise but a raise in workload while the rates of payment remain almost the same.

So, what do such high salaries mean?  While the fallouts are many, including advertisement of the firm, attracting new talent, putting the pressure on smaller firms, encouraging lateral recruitment etc., to me it seems legal service may be seen by the firms as Giffen goods.  Now, that’s very old economic theory, attributed to Sir Robert Giffen, that says when consumers are not in a position to judge the quality of goods in a market, then only the price needs to be raised to get an increase in demand.  It’s seen as an exception to the normal rule of demand being inversely proportionate to price.  There’s no doubt that in the legal market, client’s are rarely in a position to judge the quality of service and its worth.  So, the raise may just be a justification to try the Giffen goods approach.  That’s what I think.  Higher salaries mean higher fees charged, and the demand for the Giffen goods happily increases.  Thanks to Simpson, Thatcher & Bartlett.

03-23-2007

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