Financial crisis - Christian perspective

[TallMan]

"the love of money is the root of all evil."People that love money more than other things (incl. people or God) will seek a way to get personal gain even at the expense of others."You cannot serve two masters." If mammon is your master you will not compromise it if you can get away with it.So what is the evil?It's not evil to be rich.There was deceit in masking toxic debt and presenting it as safe.Governments & regulators could have seen it coming, but chose not to act, taking temporary gains and hoping it would be OK. They gambled, we lost.

 

[Follower]

(TallMan;60597)
Governments & regulators could have seen it coming, but chose not to act, taking temporary gains and hoping it would be OK. They gambled, we lost.
The government caused this, saw it coming, and didn't care.

 

[Christina]

I agree however I dont think they will fix it because they can't get their greed out of the equation they are trying to preserve the status quo. out of greed.They dont even fully get the problem. It isnt just regulators. I know many people that could afford their houses when they bought them but they outsourced all the good paying Jobs and replaced them with low paying Jobs. They allowed the illegals to take over our base Middle lower class Jod stucture in Construction, factories, then when they statred depending on cerdit cards to make ends meet what did government do? Passed a Law to double credit card payments. So now the Jobs are gone your credit card payments doubled, So now the Jobs are gone, your credit cards payments are doubled, Food costs raise, fuel costs raise, and what happens people cant make their mortagage and then they turn around and say you bought a house you couldnt afford?? In my opinion the base cause of this is wages not keeping up whether they are from outsourced Jobs, illegals, or greed, it all boils down to greed big profits for the few, Instead of a fair wage for a fair days Work.

 

[Jordan]

That's true. Today in this world, they think money is going to solve EVERYTHING. And greed is foolishness as we know. Anything with unwise decision is going to cause more and build more problems...

 

[TallMan]

After hearing what the G7 meeting came up with the IMF leader said the global financial system was on the brink of meltdown.In a surprisingly brief statement after a 3-1/2 hour meeting, the G7 -- the United States, Britain, Canada, France, Germany, Italy and Japan -- stopped short of backing the British interbank lending guarantee, something many on Wall Street saw as vital to end growing market panic.Kenneth Rogoff, a Harvard University professor and former IMF chief economist, said the G7 would have been better served adopting some version of the British plan so that banks would feel confident enough to loosen their grip on lending."Saying that they'll take all steps necessary leaves hanging the question of whether they know what is best and necessary," he told Reuters. "It was a signature moment for the G7. I think markets are going to be very disappointed."BBC's Robert Preston said that if it doesn't convince the markets next week may well make last week seem like a tea party.