As a banker, I couldn’t help but share my thoughts on what has been dubbed the worst financial crisis since the Great Depression.
What started as a "slowdown" in the residential real estate market has led to Government seizures of Fannie Mae and Freddie Mac, the largest bankruptcy filing in the history of the U.S. (Lehman Brothers), an $85 billion emergency loan from the Government to rescue AIG, the conversion of Goldman Sachs and Morgan Stanley into bank holding companies, the largest thrift failure in the history of the U.S. (Washington Mutual), Wells Fargo's acquisition of Wachovia, and of course the unprecedented $700 billion Housing and Economic Recovery Act of 2008.
The Dow Jones Industrial Average has fluctuated wildly since its largest one-day point drop in history (777.68 points) on 9/29/08 and was down 40% from its peak on 10/9/07.
All of this has left us with a tremendous sense of uncertainty and while I was reading
Francis Chan's Crazy Love last night, I was reminded of what Paul says in 1 Timothy 6:17-19: "Command those who are rich in this present world not to be arrogant nor put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. In this way they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of the life that is truly life."
I think Paul hit the nail on the head when he warned of the uncertainty of wealth 1,944 years ago. The only thing that was certain then and the only thing that is certain now is God.
Emily and I have decided to sponsor a child through Compassion International. As a parent, it breaks my heart to know there are children around the world living in extreme poverty and it only takes a small sacrifice on our part to make a difference.
