[Tim Challies points us to…] Warren Buffet, in an op-ed at the Times, shares some staggering facts. “Congress is now spending 185% of what it takes in; the deficit is a post WWII record of 13% of GDP; the debt is growing by 1% a month; the US is borrowing $1.8 trillion a year.” Read it all HERE.
Our government talks today of spending not just millions, or billions of dollars, but of spending TRILLIONS of dollars. How much money is that? Someone has done a neat and simple sequence of illustrations HERE for you to see…. Enjoy (before the reality of our country’s shameful spending spree sets in).
Tony Reinke posts some good quotes from Pastor Josh Harris’s two recent messages, which are outlined (by Tony) as follows:
Part 1: The Folly of Greed (Luke 12:13-21)
This recession can be good if we allow it to open our eyes to folly of greed and covetousness.
Part 2: Don’t Worry . . . Seek the Kingdom (Luke 12:22-34)
This recession can be good if it helps reset our definition of ‘need.’
This recession can be good if it makes us more aware of our helplessness and God’s faithful provision.
This recession can be good if it helps us see that only King Jesus and His kingdom are worth living for.
This recession can be good if it encourages us to lay up treasure in heaven.
As we all follow the financial crisis in DC, WORLD magazine – HERE – has a pretty good summary article on where this crisis came from.
I would add this to the “step 2” of the article: greedy home owners, seeing their equity value increase, did lots of refinancing to get their hands on that (inflated) value, then they SPENT it. When values dropped, they have more mortgage than house — which banks really don’t like.
Such greed is a sin, and sin always pays out hard wages.
I’m afraid that, at this juncture, our government will need to do something (spoken by a fierce capitalist), but hopefully not a bailout, but something which gains taxpayers some value. (This may just be what those House of Representatives’ Republicans are seeking today too).
We must be praying.