Theory and Practice of Ethics Research Paper Example | Topics and Well Written Essays - 2500 words - 1

Theory and Practice of Ethics - Research Paper Example It cannot be achieved by advancements in science and metaphysics. There can be differences of opinion about what is good for the human beings collectively. It has given rise to many theories in ethics. This paper aims at studying the role of media and its responsibilities from the ethical perspective. With the advancement in technology the role and shape of media is also fast changing. Technological advancement has made information very much accessible to everyone via various means. With internet and telecommunication and other mass media sources information travels very swiftly and fluidly all over the globe. With this wide reach and access of mass media comes the responsibility. Thesis Statement: Is the media playing its role responsibly for the collective well being of human kind? The Importance of Media Media has a strong role to play in forming the opinions of the public. Hence it in a way moulds what is acceptable and what is not acceptable by the society. It has a strong influ ence in determining ethical boundaries of the society. Ever since its inception media has been a powerful tool in shaping and molding people’s perception but with the current mushroom growth of mass media its importance has increased manifolds. The outburst of internet has fueled it further taking it to new heights. Every individual now has access to loads of information and that too is so easily available just a click away. It has not only increased the role of media but also increased the importance of the opinion of the people. Now public opinion matters in almost all walks of life even in important policy decisions. Public opinion matters most in politics. This growth in mass media has made individuals very opinionated and now we have opinions about almost everything and that too is an informed one (Vivan, 2006). Ethical Issues Created by Media Media and politics are strongly interrelated. What we observe today is the emerging phenomena of mediatization of politics, growi ng role of E-Politics and governance. These days’ media is extensively used by governments, political parties and all other stake holders in forming opinion of the public. It includes traditional media as well as all the modern electronic forms such as twitters, websites, social networking channels etc. Recently we observed an example of the influence of media in politics in countries like Egypt, Jordan and Libya (Street, 2010). But the question arises here, is the media brought revolution justified? Is it ethical? Is it really in the interest of the citizens of the country? With this increasing trend of mediatization the important question is no more about assurance of independence of media from politics and society but the need is to ensure independence of politics and society from the influence of media. Mediatization is a two pronged process. At one hand media emerge as independent institution, with independent thinking based on its own logic with which all the other soci al institutions must adapt. On the other hand it has become an integral part of all the other institutions of society such as politics, work, religion etc. Increasingly all the activities of these institutions are performed with the interaction of the mass media. The impact of mediatization can be understood from the fact that a headline in the newspaper may change the voting behavior of the people in the elections. Is the media playing its role sensibly and responsibly? Are they raising the right

Federal National Mortgage Association(FANNIE MAE) and Federal Home Essay

Federal National Mortgage Association(FANNIE MAE) and Federal Home Loan Mortgage Corporation (FREDDIE MAC) and the Housing Crisis - Essay Example It allowed for banks charging low mortgage interest rates to encourage anyone interested in buying a home. It led to the creating a secondary market for mortgages. In this market, companies like Fannie Mae borrowed money from foreign markets at minimal interest rates since they were financially supported by the US Government. This enabled Fannie Mae to give fixed rate mortgage that have a very low deposit to any home buyer. Fannie Mae monopolized the secondary market for the first thirty years after its inception. In 1968, the Vietnam War created great fiscal pressure. This led to Fannie Mae’s privatization and its removal from the national budget by President Johnson. This is when it started to operate as a Government Supported Enterprise, GSE. It made profits for its shareholders and at the same time enjoyed being exempted from tax and oversight, despite being backed by the government. To prevent any further monopoly, another Government Supported Enterprise was formed in 1970. It was known as Freddie Mac. These two companies currently command a 90 per cent of the national secondary mortgage market. GSEs have experienced great growth financially over the years. Their combined asset base is currently at 45 per cent more than those of the biggest bank in the country. However, their combined debt equals 46 per cent of the present national debts. This high growth as well as over-leveraging has caused concerns in the Congress, the SEC and the Justice Department regarding their financial practices. Freddie Mac and Fannie Mae happen to be the only corporations in the Fortune 500 league that do dot abide by the requirement to furnish the public about any difficulties in finances they undergo. In case they collapse, the taxpayers will have to foot the multi-billion dollar outstanding debt. A recent probe into Freddie Mac by the SEC and the Justice Department discovered accounting errors to the tune