Tag: financial crisis

A Counter-cultural Word on Financial Crisis

Posted on January 15, 2009

During times of financial crises it is natural to slip into the self-preservation mode. We have a responsibility to provide for ourselves and our families. But what makes Christ-followers different is that our hearts and lives are shaped by the One who renounced self-preservation for the sake of our salvation. He was rich, but became poor so we could be enriched by his sacrificial love. As the people of God, we are called to be a community of radical generosity and hospitality. It is the poor in our city that might suffer most through these days. But, these times will give us amazing opportunities to exercise the radical generosity of the Gospel by giving, not simply out of our surplus, but sacrificially out of our limited resources. We will have amazing opportunities to show the hospitality of God by opening up our homes to those who might lose theirs. God forbid we should think only of ourselves and fail to love our city and those who live in it. But, with the mind of Christ, we will consider others more important than ourselves and look not only to our interest, but to the interest of others (Philippians 2:4).

By friend and colleague, JR Vassar. Read the rest.

David Brooks on Bailout Plan

Posted on September 30, 2008

David Brooks with a scathing critique of both Democrats and Republicans regarding the failure of theBailout Bill.

And let us recognize above all the 228 who voted no — the authors of this revolt of the nihilists. They showed the world how much they detest their own leaders and the collected expertise of the Treasury and Fed. They did the momentarily popular thing, and if the country slides into a deep recession, they will have the time and leisure to watch public opinion shift against them.

He underscores the foolishness of revolting against this bill given the financial crisis. Markets have continued to tumble under the unnecessarily prolonged economic uncertainty. In the face of wobbly leadership and House nihilsts, Brooks calls for stabilizing authority:

What we need in this situation is authority. Not heavy-handed government regulation, but the steady and powerful hand of some public institutions that can guard against the corrupting influences of sloppy money and then prevent destructive contagions when the credit dries up.

The Congressional plan was nobody’s darling, but it was an effort to assert some authority. It was an effort to alter the psychology of the markets. People don’t trust the banks; the bankers don’t trust each other. It was an effort to address the crisis of authority in Washington. At least it might have stabilized the situation so fundamental reforms of the world’s financial architecture could be undertaken later.

A wise and eloquent word.