Rationale: Many conferences and debates are focusing on the economics and politics of the crisis, but much less attention is being focused on the core ethics issues involved. So I have solicited papers from several scholars on topics such as the following:
* Whether greed is a good explanation for the crisis.
* The role of altruism in justifying Fannie Mae, Freddie Mac, or legislation such as the Community Reinvestment Act.
* The ethics of paternalism as a justification for such political institutions and legislation.
* The actions of political versus market entrepreneurs in the mortgage industry and/or financial sectors.
* Whether the mortgage industry and/or financial sectors were, prior to 2008, free markets, lightly regulated, or heavily regulated.
* Moral hazard in the regulated industries and sectors.
* The ethics of regulatory capture.
* The ethics of BB&T’s, Wells Fargo’s, and US Bancorp’s decisions not to pursue subprime mortgages.
* The Community Reinvestment Act as an affirmative action program for housing.
* The CRA as a housing welfare program.
* The moral difference between lobbying proactively versus in self-defense.
* The (im)morality of rent-seeking in general with application to the bailouts.
* The ethics of the government’s use of coercion, direct or indirect, to get banks to accept TARP funds.
* The ethics of the government’s accounting methods in administering the bailouts.
* Ethics and responsibility for unintended consequences.
When the session’s panel is finalized, I’ll post it.
Tags: Association for Private Enterprise Education, BB&T, ethics of Community Reinvestment Act, ethics of Fannie Mae, ethics of subprime mortgages, ethics of TARP, lobbying in self-defense, moral hazard, regulatory capture