My Inbox of Daily Inspirations: Daily Heartlight -- April 3, 2008

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April 3, 2008

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=========================== TODAY'S ARTICLE ==========================

Root of the Problem, by Rubel Shelly

Have you heard that there are economic problems afoot in the United
States? Have you heard about people buying big, expensive houses with
almost no money down and going into foreclosure? Have you heard about
the subprime mortgage industry meltdown and its repercussions on Wall
Street?

Oh, of course you've heard all those things. You probably understand
them far better than I do, for I have no formal training in economics.
I just know about the gyrations in the stock market, the plunging value
of houses in the part of the country where I live, and the number of
people losing their jobs.

There is no way I can explain the complex economics of it. But we all
understand the ethical implications of what has happened. There is an
evil impulse that has percolated through human hearts from the
beginning of time. The Bible says: "[T]he love of money is a root of
all kinds of evil" (1 Timothy 6:10 NIV).

Our culture has addicted itself to leveraged debt. Big corporations,
small businesses, churches, homeowners, individuals -- all have been
guilty.

We are enticed by the sort of radio commercial I heard day before
yesterday. "Come to our big home furnishings sale this weekend. Fill
your house with beautiful new furniture. No down payment. No payments
for two full years. And we even pay the sales tax for you!" So we have
had people borrow 110% of the value of a new house, fill it with
furniture from stores like that one, and abandon both to foreclosure
and repossession. What's wrong with this picture?

Long ago and far away, thrift was a virtue.

Americans spent some 10.8 percent of our after-tax money on servicing
debt back in 1982. Today the average consumer must spend more than 14
percent of after-tax income just to stay current on household debt.

Long ago and far away, thrift was a virtue. On what must have been
another planet, saving was encouraged. And I've even heard of people
who actually refused to buy houses, luxury cars, and jewelry they
couldn't afford!

Stinginess is not virtuous. Tightfistedness is not a good thing.
Parsimony is not to be envied. But thrift, financial prudence, and
thinking about long-term consequences over short-term gratification
will have predictable outcomes: You are more likely to have money for
your own needs and with which to serve God by helping others.

The single driving force that will prohibit these good effects is the
same one that has put us in the mess we face: greed.

---------
(c) 2008 Used by permission. From Rubel Shelly's "FAX of Life"
printed each Tuesday. See Faith Matters for previous issues of
the "FAX of Life."

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Daily Heartlight -- April 3, 2008