Elizabeth Warren discusses how the dreams of the middle class american family are being depleted by the dramatic increase in bankruptcies and foreclosures. Warren discusses the role that credit card companies and ballooning interests rates have played in rapidly increasing mortgage rates as well as the how the over consumption myth is clouding our understanding of the average middle class family, who is in fact experiencing a lower standard of living than their parents and still finding themselves one payment away from losing their home.Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard Law School and chaired the Congressional Oversight Panel created to investigate the U.S. banking bailout .
This program originally aired in April 2004. it is being re-aired because Professor Warren's predictions of economic disasters and the reasons for them have proven correct, and she is a candidate to head a commission to guard against recurrence.