Economic Bailout

No matter how it is framed, the historic economic bailout of the U.S. financial system (the Emergency Stabilization Act of 2008, one act of Public Law 110-343) is most likely not one of America’s finest moments. By using extreme language coding, the response to the financial crisis has shifted from a bailout to a rescue bill to a taxpayer investment plan. Initially, Congress was unable to pass the essential $700 billion bill. In fact, Americans were told that every one of us would be impacted without the passage of the bill.  We consistently heard sound-bites suggesting economic demise would result if the plan had not passed. Yet, if this plan is partially an investment plan for taxpayers as it has been described, then why have we not heard positive sound-bites about the plan, like the ways in which the bailout will produce an economic upswing? What will the middle class actually own with this pernicious asset? The focus has been far more on fear than on hope.

So how did we get in such an apparent financial crisis? Did it start with the subprime meltdown and then unravel into an overall mortgage crises? Did it all begin when the Security Exchange Commission (SEC) deregulated the rule governing capital to cover losses in order to avoid excessive leverage? Did financial institutions deliberately lie to unsuspecting buyers about the affordability of their home or auto purchases? Did an exponential number of individuals lack personal responsibility for their buying decisions?

Corporate, political, and individual greed is a debilitating, perhaps evil, side of our consumption-driven culture. Greed not only implies excessive desire and consumption, it also includes the acrimonious manipulation of markets, institutions, and individuals. More importantly, greed breaks down the ability for people to embrace deeply committed, spiritual lives.

Greed is toxic to Christian values. Being focused on "getting it all" violates the first commandment and elevates money as a god, certainly a false god, in our lives. As recorded throughout the Bible, God instructs believers to be industrious and to make a living. At the same time, God instructs people that stockpiling money is not a central goal. Hoarding money will destroy our eternal lives. Paul stated in I Timothy 6:6-10 that "the love of money is the root of all evil."

 

However, money itself is not evil. Money is a tool that is to be used responsibly by God’s stewards. Christian stewardship is essentially the management of all of God’s resources to accomplish God’s will. Paul reminds us to acknowledge that money, like all of our possessions, belongs to God in the first place. We are entrusted to earn, give, save, and spend it in a manner that brings God glory and honor.

Stewardship begins with an attitude of gratitude. At the Last Supper, Jesus first gave thanks as an act of gratitude before commencing the sacred meal. Gratitude serves as a source of strength. Gratitude grounds our perspective in one of abundance, not scarcity. It shifts our focus away from greed. When gratitude to God becomes our focal point, we are freed from the constraints of rivalry and jealousy.

Enormous debt as an expected outcome of daily living or corporate existence is largely driven by greed. It is a contagion that seems to have impacted all levels of our society, including colossal financial institutions and major corporations. The reawakening of human values needed to combat this cultural disposition is only possible through a different kind of life-saving bill. It is a rescue plan that encourages individuals to be knowledgeable about their consumer tendencies and their relationship with God. This bailout is a call to all church leaders to elevate the priority for effective year-round stewardship best practices. Finally, it is an investment plan in the knowledge and promise of God’s amazing grace.

So, here is the sound-bite: We are called to serve God, not money. It is truly a calling worth more than $700 billion dollars!

 

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