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2-17-2010 100
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Posted on February 25, 2009 4:54 AM

Hollywood offers economic insights

Stories about the struggling economy normally center on stimulus packages, bailouts and Wall Street's ups and downs.

But Hollywood, including Sunday's Academy Awards, can provide us with examples of how America views the dismal spending habits that put the economy where it is.

The comedy Confessions of a Shopaholic, which reflects the poor spending mentality of "buy now and pay later," recently premiered to a poor showing at the box office. The movie suffers from unlucky timing -- the book was written nine years ago, and producer Jerry Bruckheimer started his attempt to make it into a feature film a year later.

But the movie's failure encourages me that, in some small way, the American public has begun to accept that the economy is in a recession and it's time to start acting like it by curbing our spending habits and putting away the credit cards.

Movies can be the most concrete way to display the problem that the American population has when it comes to the obscene spending -- the average family has $8,000 in credit card debt -- that has contributed to the failing economy.

Throughout history, Hollywood has been the mirror for the state of the union. When World War II was at its peak in 1944, Going My Way, starring singer Bing Crosby, was the highest-grossing movie and won Best Picture. The lighthearted musical comedy was meant to lift the spirits of a country stuck in a devastating war.

As the United States struggles to correct itself from the plunging stock market, failing automobile industry and increasing home foreclosures, Hollywood should begin to react by paving the way for the American public to step away from wasteful spending and unchecked credit card limits. We need movies to lift our spirits again, but we also need time-sensitive features that do not coddle our need to shop and spend.

The 81st Academy Awards is another example of the test Hollywood faced, which showed the need for discretion.

Though the show fared better than I expected in regards to humility, the night was still an overblown affair of glitz and glamour, estimated to cost about $35 million. The curtain alone cost $1 million.

The Oscars is not usually standard viewing for most Penn State students, but we wanted to see the dresses on the red carpet.

We waited to see Heath Ledger awarded Best Supporting Actor posthumously for his role as the Joker in The Dark Knight, which was left out of all of the other major categories.

This year, the Oscars attempted to have the best of both worlds by being a throwback to the Great Depression era, when movie stars put on their glittering best to give the public a night to forget their worries. By channeling the past, the Oscars could put on an expensive show while appearing sensitive to the difficult economic times. Host Hugh Jackman took the audience back to the 1930s -- which is exactly where the economy seems to be heading -- with song and dance numbers on a stage that was reminiscent of a jazz nightclub.

It was a smart move by show producers, but viewers saw through the act.

The Academy Awards can stand as another example of the change that needs to occur in the American mindset to start responsible spending at a time when it is most needed.

Americans resist the logical and rational practice of making money before spending it, not vice versa. As a consumer country, we continue to resist the consequences of our spending habits.

Hollywood has only pushed this mentality, but movies such as Shopaholic provide an example to the world of how Americans unwisely spend their money.

Jessica Turnbull is a senior majoring in journalism and is the Daily Collegian's Wednesday columnist. Her e-mail is jlt5044@psu.edu.



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