Distinguished University of Chicago Professor Richard Epstein to Address the Mortgage Crisis at Pepperdine School of Law

"The Mortgage (Or, Subprime) Meltdown: Why One Bad Decision Deserves Yet Another"

MALIBU, Calif., March 18 /PRNewswire-USNewswire/ -- Richard Epstein, the James Parker Hall distinguished Service Professor at the University of Chicago School of Law will speak on government's current efforts to assist homeowners and consumers from 12:30 p.m. - 1:30 p.m., Friday, March 28 at Pepperdine University's School of Law. Professor Epstein will be introduced by world renowned real estate scholar and Pepperdine Law Professor Grant Nelson. "The topic Professor Epstein will be presenting is of utmost importance," said Nelson, "and should be at the forefront of economic concerns as the mortgage crisis is the core of our economy."

Nelson will be joined by Pepperdine Professors Shelley Saxer and Mark Scarberry, plus Dan S. Schechter from Loyola Law School who will present questions for discussion.

Preview:

"Collateral programs are almost always a mistake. They divert attention from long-term solutions to rationalize the tax structure and rests on assumptions that the tax dollars are near free goods when they always come from other sources. The effort to stimulate consumption presupposes that it is more needed than long term investment, which is not clear, and that the program will have that result, which is not clear either.

"The long term prospects are to follow the precedent, which will only invite further schemes of similar dubious value. The important lesson to learn is that there is 'no free money' and that those who take risks should be reminded that they should have to bear them. It is the best way to prevent an occurrence of the current melt-down.

"We do not need to subsidize euphoria after the fact."

This lecture is sponsored by the Geoffrey H. Palmer Center for Entrepreneurship and the Law, Pepperdine University, School of Law. For more information, call (310) 506-4292.

About Professor Epstein

He has taught at the University of Chicago since 1972. Previously, he taught law at the University of Southern California. He served as editor of the Journal of Legal Studies from 1981 to 1991 and of the Journal of Law and Economics from 1991 to 2001. Epstein is the director of the John M. Olin Program in Law and Economics, and an expert on numerous areas of law. His latest book is Antitrust Decrees in Theory and Practice: Why Less is More (AEI, 2007).

About Professor Nelson

Formerly from UCLA, Professor Nelson joined the Pepperdine Law School faculty in 2007 as the William H. Rehnquist Professor of Law -- the third institution to grant him tenure.

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Source: Pepperdine University

CONTACT: Molly Drobnick of Pepperdine University, +1-310-506-6586,
molly.drobnick@pepperdine.edu

Web Site: www.pepperdine.edu

2008-03-18 17:57:02 0315661 PRNEWSWIRE