Honestly, I had trouble trying to learn about All the Devils are Here and the financial crisis. I'm not sure I would ever feel comfortable teaching a classroom in depth about the issue and I'm not sure many students would be able to handle the concept in very much depth. I would most likely bring in an expert to help me with this topic if I were to teach it.
Discussion questions 7 states:
"This book holds sacred the view that desire for increased home ownership spurred the growth of mortgage-backed-securities and subsequent other financial investments. It was with this mindset that banks and other financial institutions moved away from traditional 30-year mortgages and expanded into shady areas such as sub-prime mortgages and other predatory tactics such as hidden fees, fraudulent appraisals of homes, and robo-signing loan documents. Does the American Dream place too much emphasis on homeownership or to what extent should homeownership be encouraged on a national policy level?"
What I find most disturbing about this is not necessarily the emphasis on home ownership itself, but the way people go about achieving home ownership. In my opinion, there is an apparent culture of immediate satisfaction in America today. This leads to feelings of entitlement as Bethany McLean mentioned in her interview. While this may allow financial institutions to use predatory tactics, I think there needs to be a change in consumerism culture. Citizens should be aware of the decisions they are making and what long term effects those decisions will have. Encouraging home ownership when one does not have the means should not be practiced by any government or financial institution. Perhaps the government should promote awareness about the economy and finances so that American citizens have a better understanding of the financial decisions they are making. The media would also need to play a huge role in this shift. We cannot place blame on any one player.