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Posts Tagged ‘2008 crash’

Years ago, during a sermon about money, a preacher offered this observation (which I paraphrase):

People say that money is neutral; what matters is what you do with it. But money isn’t neutral — it’s powerful. If you have it, you have choices that other people don’t have, and those choices will tug and pull at you. We should not kid ourselves about that.

That message has stayed with me through the years, and it returns every time I think of the financial collapse of 2008. In his book “The Big Short,” Michael Lewis argues that the prospects of huge, immediate profits overwhelmed all caution in the financial sector. In essence, Lewis says, people acted in a manner contrary not only to their own long-term interests, but to the interests of their clients and society. It became a sort of collective delusion, fueled by the prospects of extraordinary profits.

However, Lewis’ argument is generous when compared to that of Charles Ferguson’s Inside Job (see trailer), which won the 2011 Oscar for Best Documentary. Ferguson sees in the finance industry willful greed and malevolence, not just delusion. He explores the ways in which that pursuit of money, accompanied by a sense of entitlement,  continues to taint not just Wall Street but government and (yes) university academics.

Whether you find Lewis or Ferguson more persuasive (and both are worth your time), their stories illustrate an observation from my pastor this Sunday: Money operates as an ideology from which we must be converted. When money, rather than God, becomes omnipotent in our lives, its power can distort and harm. The collapse of 2008 is but another cautionary tale of that power — a tale we still struggle to comprehend.

The consequences of 2008 persist today; they are not the abstractions of world set far from the Northwest. They continue to echo in our lives through lost jobs, foreclosed homes, and derailed hopes and dreams — even among those still fortunate enough to have homes and savings. It makes me wonder: Will my children have the same opportunities that my wife and I have enjoyed? I’m no longer sure about that.

But there’s a bigger question: Beyond those earthly worries, how can my wife and I steel our children against the pull of money and its pernicious ideology? How can we model for them a lives that are truly free? In a society rocked by financial uncertainty, perhaps one place we can begin is to put aside fear and trust in a God who will never abandon us. As Jesus said in the Sermon on the Mount:

Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where moth and rust do not destroy, and where thieves do not break in and steal. For where your treasure is, there your heart will be also. 

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