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
Duration : 0:49:6
[youtube 9ZkXDUcD_SM]
Tags: bail out, banks, bonus, capitalism, credit, economy, financial crisis, foreclosures, free market, Justice, law school, lending, Martha Nussbaum, Milton Friedman, mortgage, Naomi Klein, obama, Republic windows, students, Welter
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maurijndewit
351 days ago
Learn true meaning …
Learn true meaning of Liberalism first, then try to comment.
Socialist interventionism makes us pay up for damage done.
anglofiles87
351 days ago
completely …
completely misleading
TAJSAM
351 days ago
@TAJSAM The …
@TAJSAM The government gives stupid and not thought through incentives to people based on their own wish to be hailed for (such as everyone has to have a house of their own). This causes people to make stupid decisions, since they are greedy like we all are. The world will never be safe and sound and leftist should face it. People should feel the burn and understand its their fault for what happened, or else we will never learn not to take credits we cannot pay for.
TAJSAM
351 days ago
this has nothing to …
this has nothing to do with capitalism, the fact of the matter is that people who claim this have no feeling of cause and consequence. Capitalism is a mechanism where two parties exchange their assets based on a deal they make that both parties agree upon. If the banks gave credits to people that had no money to pay for it, its their fault and they should go bankrupt. If a person goes for a credit that is aware that he/she cannot pay for its their fault and they should go bankrupt.
rockheart2007
351 days ago
heeeeeeeee obama
heeeeeeeee obama
erikvdln
351 days ago
The government and …
The government and the Federal Reserve are most responsible for all these problems. watch?v=jj8rMwdQf6k
greenroom72
351 days ago
These law students …
These law students are morons…seriously. Their argument that mortgage brokers thought property prices were going up so that these loans they were making to poor folks were ethically sound because they could refi is nonsense. There is a pretty clear formula that mortgage brokers use to decide if you can afford a loan, and this formula does not, nor has it ever (even in 2004) included anything about rising property prices…they just chose to ignore the formula. End of story, no defense.
brainlife
351 days ago
This Naomi is as …
This Naomi is as dumb as I have ever seen. Bet she hasn’t ever run a business and balanced a set of books. Its her and Obama types who mandated banks give loans to unqualified citizens.They are 100% responsible for the meltdown.
bapyou
351 days ago
@melnick1985 “ITS …
@melnick1985 “ITS ABOUT RACE thats what liberals do make everyone a victim”
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The man in the video is discussing statistics concerning race and finance. That’s not “playing a race card,” that’s just stating statistics.
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Conservatives, such as yourself, endlessly repeat “personal responsibility” … “personal responsibility.” And, in all cases, what you leave out of the discussion, are any and all systemic explanations, which are far more germane to a discussion of the sub-prime scandal.
bapyou
351 days ago
David Harvey: A …
David Harvey: A Brief History of Neoliberalism. Video on YouTube. Book.
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The problem of excess capital.
LemonG08
351 days ago
Trash! Does anyone …
Trash! Does anyone know about the great depression of 1920? No, that’s because government cut spending in half. Employment in the 1st quarter of 1920 dropped lower than 1929 but it bounced up the next quarter leading to the one the biggest booms of the 20th century.
eatandtravel
351 days ago
LOL! A bunch of …
LOL! A bunch of law students talking about how the real works is quite amusing. A bunch of morons.
Ranger4564
351 days ago
I don’t think …
I don’t think people realize that Capitalism is just a mechanism of commerce and exchange, and it is not the best or the end of all economic systems. As it causes harm, it needs to be redefined. The criminals who have been looting the poorer classes need to be stopped and punished for breaking their trust to society. It’s not excusable as just an “extreme” version of capitalism. People are suffering real pains – homeless, jobless, unable to eat. That is not a working economy. It is dystopia.
Ranger4564
351 days ago
Fantastic …
Fantastic documentaries. I am startled to think these people consider themselves educated when they make such mistakes in reasoning and logic. The women in the broadcast seemed to have a much better grasp of the crucial concepts while the men appeared to be misguided. Clearly, none of them really expressed what it means to fail in a capitalist system – the closest one got was Eviction. Wow. Sorry, but when you fail in Capitalism, Poverty / Unemployment / Death are the result. Homelessness.
RosicrucianAlchemy
351 days ago
mrtbass, you are so …
mrtbass, you are so stupid it’s incredible.
mrtbass
351 days ago
If the loans were …
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.
wakkaboom1987
351 days ago
Yes, very true.
Yes, very true.
Larkinchance
351 days ago
Simply put, these …
Simply put, these loans were traps to remove homes from their owners
Larkinchance
351 days ago
A loan is a shared …
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
paralaks
351 days ago
Glad to see that …
Glad to see that audio is synchronized!
callagi
351 days ago
Melnick, I think …
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.”
melnick1985
351 days ago
Daniel Groll is …
Daniel Groll is ABSOLUTELY BRAINLESS it is not the responsibility of a broker to take care of someone else YOU ARE RESPONSIBLE FOR YOUR SELF.
melnick1985
351 days ago
6:36 ITS ABOUT RACE …
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
morskisrle
351 days ago
VPRO has really …
VPRO has really good docus…really in depth…nice job