It's tough to distinguish between political posturing and actual leadership as Congress and the Administration respond to the economic crisis. I do think there are actual leaders and people of character and resolve who hold high political office. I don't think it's 100% of the people who hold high political office.
One of the things that we keep hearing over and over is that any bailout has to include protection for homeowners. But, where is their responsibility in all this? Didn't they commit to pay their mortgages? True, financial institutions shouldn't have kept feeding the Greed Beast with unsafe loans to unqualified borrowers simply to line their own pockets. But, it also seems like at some point there should be some personal accountability for the decision to sign a loan for more house than you can afford.
Three things seem necessary:
1. Remember that God is our Provider and not a bank, a government, or even ourselves.
2. Based on #1, Accept responsibility for wisely managing the resources God chooses to put in our hands.
3. Pray for God to give wisdom--and COURAGE--to those making decisions and policy that will ripple out to not only every single one of us, but also throughout the entire world.
But remember the LORD your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your forefathers, as it is today.
Deuteronomy 8:17-18
9.26.2008
Economic Uncertainty, 2
Posted by Mac Richard-- at 9/26/2008 09:30:00 AM
Labels: Faith, Uncertainty
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Mac,
ReplyDeleteI agree with you that many people who borrowed more than they could afford should accept responsibility for their own financial mistakes. The American taxpayer should not be responsible for the irresponsibility of others.
However, many lenders lured borrowers into unsafe loans by misleading them about the risks and painting a rosy picture of the housing market that couldn't be sustained. Many of these brokers inflated the amount that lenders could borrow simply to inflate their own fees, knowing that they could sell these bad loans and keep their profits.
I don't know how one can distinguish between truly irresponsible home-buyers and those who were legitimately duped, but my heart tells me to err on the side of those who lost their homes.
Jeff, good point well made. I agree that there was definitely some predatory lending going on. My point was only that the predators were feeding on the universal tendency to want "more" regardless of the cost.
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