SOCI201 Lecture Notes - Lecture 10: Chemical Industry, Baby Boomers, Early Christianity

• School: University of Delaware
• Department: Sociology
• Course: SOCI201
• Professor: Best Joel

Document Summary

Borrower & a lender ---> debt is people. Early christians said it was okay to lend but if lent with interest it was usury. Jews were not bound by christianity, were usurers. Max weber said protestants were associated w/ capitalism because they redefined usury. Credit card is putting yourself in debt constantly. People will only lend money if they are going to get paid back. People with high credit score get charged lower rates. A reasonable amount of debt is a good thing in our society. Government wants things that they have on tax forms. Marriage, house (you can deduct high first year of mortgages) Government wants stability in members of their society. 2008 economic crisis was a result of policies that encouraged home ownership. Banks started making loans to high-risk customers (ninja no income no jobs or assets) People thought houses always go up in value. People suddenly owed more money on the house than it was worth.