He provides a good, simple explanation of this week's banking and mortgage crises (quoting David Cotter from CBMW) for all you non-financial types, plus some very Christian advice.
For believers, this is just one more reason to "not love the world or the things in the world" which is "passing away along with its desires" (1 John 2:15, 16). In Louisville we have been without electricity since Sunday, and it makes me increasingly grateful that our God is independent and powerful enough to accomplish his good will every moment. Lighting candles each night reminds me that I am not!
Although it will be harder to obtain aggressive mortgages, Christians who are practicing prudent financial stewardship (modest houses, large down payments, monthly payments easily within their means, diligent participation in the work force) should not have much problem. Everyone will want to verify that their savings account is government insured, but believers with a generous "wartime mindset" should have no trouble keeping their bank accounts under $100,000 FDIC limit. Above all, don't be anxious about your life, what you will eat or what you will drink, nor what you will wear. Remember that journalists, markets, and lemmings tend to move in herds. The media never reports on thousands of planes that land safely, but solely focuses on one that doesn't. In that light, if you are saving for retirement more than 10 years from now, this actually would be a good time to invest in the stock market. But don't let your IRA be a substitute god or distract you from treasuring Jesus Christ (Matthew 6:24-34)
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