Berkley Center

Prof. Warren addressed moral issues at the core of the ongoing financial crisis. Gandhi famously observed that economic exploitation takes its toll on both master and servant, and a similar dynamic faces both lenders and consumers in today’s economy. Matthew 25 reminds Christians to look out for the least of these, while Isaiah exhorts a society of economic and social justice. In an environment of flat wages and complex lending instruments, new strategies are needed to rise to these traditional ethical standards. The social protections existed in the United States through 1980 have since come under tremendous pressure. Rolling back of regulation created space for the creation of new and manipulative financial instruments that have proven unstable and exploitative. In the current crisis we are morally bound to see to the interests of the most vulnerable. The new Consumer Financial Protection Bureau has the potential to contribute to the country’s moral as well as economic recovery, reminding us of the responsibilities that citizens have to one another. Our repaired financial system must reflect our shared moral values and effectively combine individualism with idealism.