Acton Institute PowerBlog - Entries from Wednesday, September 24, 2008

The 'New' Ownership Society

Wednesday, September 24, 2008

I don’t think government ownership is what President Bush had in mind when he talked about his vision for an “ownership society,” which had ostensibly included a plank focused on “expanding homeownership.” But it looks like that’s where we’re headed in an era of government takeovers and bailouts.

For some background on how we go to this place, check out this 1999 piece from the New York Times (HT): “In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.”

All this seems like case of good intentions (increasing private ownership, extending capital access to the poor and oppressed) executed by means of bad policy (lowering credit standards for loans, bailing out failed corporations) resulting in negative (albeit unintended) consequences (foreclosures and bankruptcies).

Oh, and are you one of the people who didn’t borrow beyond your means? Guess what? You got pwned. As one blogger wonders, “Am I just a sucker or something to play by the rules? Are all of us who paid taxes suckers?” Think of that as the “pwnership” society.

Posted by Jordan J. Ballor in Business and Society at 10:44 | Comment (1) | Trackback

Defined tags for this entry:
bailout, credit crisis, fannie mae, foreclosure, homeownership, mortgage, ownership society, pwned

Marriage Movie

Wednesday, September 24, 2008

Opening this weekend in many markets is an enjoyable movie with a meaningful message, Fireproof.

My wife and I had the opportunity to screen it a few weeks ago, and came away impressed. The story behind the story is itself interesting: A Georgia church decided several years ago to try to influence the culture in a positive way, and determined that making movies was the way to do it. They enlisted a handful of professionals, but in large part the effort was amateur. Their second attempt, Facing the Giants, enjoyed some success—great success, considering the film’s resources and provenance. (They made an earlier picture, too, Flywheel, which I have not seen.)

I watched Facing the Giants only after I saw Fireproof. The latter is a much superior product, both in message and production quality. The Giants storyline reflected a facile “health and wealth” gospel: if you give your life to Jesus, all good things will come to you (even a new truck!).

Echoes of Giants’ screenplay, acting, and theme problems are still present in the third movie, but Fireproof improves enough in every area to make it a compelling drama. Kirk Cameron, as leading man, Caleb Holt, is very good. In an odd way, the acting novices, though obviously not as polished as professionals, bring emotional credibility to the story. The film’s frequent and effective episodes of comic relief provide just enough respite from the strong moral theme: the search for genuine love in the context of the institution of marriage.

In light of the mounting evidence that healthy marriages are vital to the maintenance of a free and virtuous society, it’s a theme that PowerBlog readers ought to find relevant.

If it’s available in your area and you’re looking for a couple hours of edifying entertainment, you might want to check it out.

Posted by Kevin Schmiesing in News and Events at 10:16 | Leave a comment | Trackback

Defined tags for this entry:
family, fireproof, marriage, movies

Programs in the History of American Economy

Wednesday, September 24, 2008

Three items have crossed my email inbox over recent weeks that may be of interest to PowerBlog readers. The first two are from the Program in Early American Economy & Society (PEAES).

The Seventh Annual Conference of the Program in Early American Economy & Society conference is titled, “Markets & Morality: Intersections of Economy, Ethics, and Religion in Early North America.” The conference will be held on November 7, 2008, at the Library Company in Philadelphia, PA. There are a number of sessions that look promising, including papers like “The Moral Economy of Competition in Early National New England,” from Jason Opal of Colby College and “A Wealth of Notions: Interpreting Economy and Morality in Early America,” by Christopher Clark, University of Connecticut.

PEAES has also announced its fellowships for 2009-2010, including a resident post-doctoral research fellowship with a stipend of $40,000, a research dissertation fellowship with a stipend of $20,000, and four to six short-term fellowships to scholars at any level of scholarly or professional achievement with stipends of $2,000 each.

Finally, Harvard University will also be hosting a graduate student conference from November 6-8, 2008, titled, “The History of Capitalism in the United States.” The conference is “intended as a forum in which to encourage dialogue, debate and more inclusive approaches to the writing of the history of capitalism in the United States.”

Posted by Jordan J. Ballor in News and Events at 10:12 | Leave a comment | Trackback

Defined tags for this entry:
america, capitalism, history, peaes