Won’t Get Fooled Again: Strategies for Promoting Financial Literacy

Wednesday, June 24, 2009, 9:00 AM - 11:00 AM

Media Links
Podcast: Listenor Download
Factsheet
Speaker Bios

Today’s economic crises result from several mutually reinforcing factors. Individuals and businesses miscalculated the consequences of debts that they took on. These miscalculations were caused by failures to understand aspects of markets that are both simple and mind-numbingly complex. State and national regulations that might have protected the financial system from those who are irresponsible or predatory turned out to be inadequate. Underpinning all this, some believe, were troubling shifts in Americans’ cultural and moral views about the relation between debt and social well-being.

One of the country’s leading experts on consumer finance, Professor Christopher Peterson, will explain how these factors have led to personal and national disaster, and explore possible solutions. In his talk “Usury Laws, Payday Loans, and Statutory Sleight of Hand: Rediscovering a Common Language of Debt,” Professor Peterson will argue that, throughout the country’s history, the American people and their leaders have vigorously condemned the danger and immorality of usurious lending to vulnerable families. In his study of state usury laws, Peterson demonstrates that in the past fifteen years many jurisdictions have lost sight of their moral heritage on usury.

Joining the discusion of the local implications of Professor Peterson’s research will be Winnie Ballard, the First Lady of Indianapolis, who will discuss the importance of financial fitness for Indianapolis families. Other discussants will include researchers, religious leaders, community activists, regulators from state agencies, and officials from banks and credit unions who will address how these problems are battering our neighborhoods, and what we can do to protect and educate vulnerable groups.