Broke: The New American Dream is a documentary by writer Michael Covel who wrote, produced, and directed this film. Covel has written books about the economy, including Trend Following: How Great Traders Make Millions in Up or Down Markets, The Complete Turtle Trader, and Trend Following: Learn to Make Millions in Up or Down Markets.
The Media’s Influence on the Public
This documentary looks at how the media influences the public even though many in the media do not know what they are talking about. They are just filling air time and the public listens and often takes the advice of the “experts” on TV.
The Real Estate Market
The show also looks at the real estate market and how people were taken in by the low rates. Many people bought homes they could not afford and shouldn’t have purchased, and have since had to abandon them because they could not afford the payments any longer. The loan companies are scrutinized for their part in the real estate fiasco as well as the government.
Gambling and the Lottery
Gambling and the lottery is another part of the program. Covel talks about how people spend their money on something that in all probability will not make them a cent, yet many people continue to rely on the lottery for their retirement funds. The chance of winning a big payoff from any lottery is almost zero.
Poker is one game in which someone could actually win. However people have to know the rules and have to be able to fold their hands when they should. As Kenny Rogers’ song says, “You’ve got to know when to hold, know when to fold.” The show looks at the government’s decision to make internet poker illegal, yet state lotteries continue to thrive. The people can actually make money from poker but mostly lose money on the lotteries. Is the government looking out for the economic welfare of the people?
With interviews with several Nobel Prize winners, real estate agents, and Wall Street pros, this documentary is a hard-edge look at the state of the economy and includes advice by those who actually know what is happening in the money market.
People are Followers
In a rather amusing way, Covel demonstrates how sheep follow each other and how people are the same way. But following what others are doing is not wise when it comes to money. People have to take their own finances into their own hands and understand what they have, what they need, and learn how to get there, whether their friend is doing the same thing or not.
“Government is the path to the poorhouse if you are counting on them for retirement,” states Covel. “I am excited that Broke will premiere on The Documentary Channel,” says Covel. “My message is one that some people don't want to hear, but it is a hard hitting message very new for most people. Bottom line, the government, media and mutual funds are a path to a dead-end retirement. Ignore that message at your financial peril.”
“Broke is a powerful film we all can relate to right now, and director Michael Covel is a kind of American 'Everyman' who tackles this sore subject with insightful depth and flair,” says Kate Pearson, senior vice president of programming at The Documentary Channel. “We’re proud to be the first network to make this fascinating work available to television audiences, because viewers are in for a thoroughly honest and thought-provoking examination of just what's going on in our economy, and where we go from here.”
Broke: The New American Dream premiers Monday, October 12, 2009 at 9 PM ET/PT on The Documentary Channel.
Quote Source: Press Release from The Documentary Channel
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