Widely known philosopher and University of Chicago Law School professor Martha Nussbaum explores the ethical implications of the financial crisis during three sessions with a group of ten talented ...
Widely known philosopher and University of Chicago Law School professor Martha Nussbaum explores the ethical implications of the financial crisis during three sessions with a group of ten talented law and philosophy students. The grounds of the University of Chicago provide a compelling arena, since it is here that both economist Milton Friedman, staunch promoter of free market capitalism, and president Barack Obama, lectured. Together with some of America's brightest young minds, Backlight explores the ethical principles that might guide our post-crisis society. Examples of crisis related issues discussed during the sessions are: mortgage lending practices, foreclosures, bail outs and CEO pay. The students will test their ideas both on eminent professors from the University of Chicago and on field experts. The discussion is fueled and illustrated by case stories that the students themselves provided. Examples of crisis related issues discussed during the sessions are: mortgage lending practices, foreclosures, bail outs and CEO pay. The students will test their ideas both on eminent professors from the University of Chicago and on field experts. The discussion is fueled and illustrated by case stories that the students themselves provided. Most of what happened on the financial markets in the ascent to the credit crisis was perfectly legal, but is it, given the outcome, also just? Looking at the USA today, we see the destructive consequences the credit crisis has had and still has on fundamental human needs, such as shelter, income and education. Citizens see their livelihoods being threatened, while the financial industry got their bailout. What is going on? Did we put too much faith in free markets when it comes to delivering just outcomes? Does the crisis reveal a need to rethink some of the foundational principles that define our society? These cases show how the financial crisis really affects the people of Chicago and in one example shows the consequences of the foreclosures in a neighborhood not far from the university and president Obama's home.
Director: Marije Meerman Research: Marijntje Denters/ Gerko Wessel Producer: Janneke van de Kerkhof Commissioning Editors: Jos de Putter / Henneke Hagen
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If the loans were unaffordable to begin with, the buyers shouldn't have signed on to them! And removing people from their homes is not a benefit to the banks. People need to take responsibility for their own actions, and stop blaming others.
A loan is a shared responsibility that must work and be fair to both parties or it is not a good loan. Loans, especially home loans should be regulated
Melnick, I think that is the argument they are trying to make. Who should be responsible? I think there are a lot of culpable people, including the individual, but not everyone has access to education explaining how mortgages work. I believe most people would assume that the broker would act in the clients best interest according to their own economic status. But, it's just as typical for the "conservative" parties to place blame on the victims, saying "pull your self up by the bootstraps."
6:36 ITS ABOUT RACE thats what liberals do make everyone a victim, and direct the responsibility away from the individual who refinanced their home 2 or 3 times. PERSONAL RESPONSIBILITY REGARDLESS OF RACE
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