10.17A Christian Response to Financial Crisis
By Pete Crabb
We are in a panic. The headlines scream with more and more losses in the stock market. Other headlines discuss political leaders’ proposed responses and the need for calm. What can Christians do during times of financial crisis? Much has been said as to how Christians should respond to natural disasters or critical breakdowns in society’s moral values. What is to be said when we face a breakdown in the financial system? What is to be said when we see a financial disaster?
There are three steps every Christian should take when discussing the financial and economic problem of today. Christians should refrain from playing the blame game, Christians should show compassion, and Christians should continue to save.
Many articles are in the press, or television and radio commentators are expounding upon, the ‘root’ causes of this financial crisis. These causes are always directed at someone – the government failed us, the greedy Wall Street titans put us at risk, or the bankers failed to tells us the truth. Human nature as it is, there are corrupt politicians, greedy financial executives, and business people that lie. However, the majority of people in all of these positions are good. The vast majority of people in all three of these groups having been going to work each day for many years trying to do what is best for every one of their constituents, clients, or employees. Mistakes were certainly made. But there is no cure in the pointed finger. Further, generalizations insult those that acted with the upmost integrity.
In any crisis, there are people that get hurt. What is going on in financial markets today will eventually make its way into the real economy – the market for goods and services. When this happens, people will lose their jobs. The financial industry specifically is likely to lose over 1 million jobs in the next year or two. When people are out of work, no matter what industry, Christians can do well by helping them out. A neighbor needs to come to the rescue while these families search for new employment. Christians can further support educational programs like those that retrain workers, increase knowledge of financial markets, or improve personal financial skills.
Finally, the Bible clearly instructs the Christian to avoid debt and save for the future. Proverbs contains many passages on how debt enslaves us. Paul, in his letter to Timothy, warns that those that do not save for the future place an undue burden on their family, which includes fellow Christians. Thus, the Christian must save. The best time to be doing so is when prices of financial assets are cheap. If you continue to fund your retirement and other savings plans through this time you will undoubtedly be rewarded financially by buying low and gaining the opportunity to sell high.
Christians can weather any storm because we place our trust in Him. We can further serve him by not being judgmental, helping others, and acting prudently ourselves. I pray the Church is salt and light throughout the current economic and financial turmoil.
I think Dr. Crabb is giving some good advice here.
I would ordinarily be inclined to think that there
is not a specific Christian response to a financial crisis,
(no response different from a prudent personal response
by anyone) but Dr. Crabb makes a good case for
a Christian response based on Christian scriptures.
I would add one thing at the present time.
American Christians should exercise citizenship rights
and vote their consciences in the current election
cycle. Christians have a public role, not just private role in response to the financial
crisis. This includes the responsibility to vote and
by so doing directing a future public response to the
crisis. This will be part of a solution which should be
compassionate; Dr. Crabb rightly indicates compassion is part
of a Christian response. There is nothing in the Bible about
voting, but the Bible has plenty of commentary
about helping the poor, and avoiding unrighteous situations
where the leaders of society achieve wealth at the expense of the poor.
As Dr. Crabb points out, there will be real suffering as an outcome of the financial
crisis. Many Christians and other fellow citizens will suffer. There will be more among us
who are poor. We can help our neighbors personally and collectively in this time of crisis.
October 17th, 2008 at 9:04 pm
I agree that Christians should not panic and that our response should be compassionate and grace-filled. However, some people with whom I have talked are worried about having a job or having their jobs cut back. If that happens, they won’t have enough money to feed and provide shelter for their families. Gas prices and food prices and health care costs are up and this is a hard situation for some people already. What do we tell them? “I’ll pray for you and God will provide” seems a little trite.
October 17th, 2008 at 9:56 pm
One thing that Christians can offer to a world in crisis is hope. Many in our world are stressed and worried and focused on the present situation. As oftentimes happens, Christians are able to quietly witness to those around them through their actions in the midst of a storm. Sometimes these storms come as a personal health crisis, a broken relationship, or social injustice. How much more can the Christian community communicate the message of hope when faced with a situation which affects every member of society? The urge to worry is strong. It is certainly a challenge to rest in our Lord and trust that no matter what our physical circumstances, He will keep and protect us. Nothing will separate us from His love — not a shrinking stock portfolio, the loss of a home, or a daily diet of Top Ramen, if that is where this road takes us.
October 17th, 2008 at 11:35 pm
The General Superintendents of the Church of the Nazarene posted their response to the financial crisis on the Nazarene Communication Network http://www.ncnnews.com/nphweb/html/ncn/article.jsp?id=10006511
October 18th, 2008 at 12:44 am
I enjoyed Dr. Crabb’s commentary on the Christian’s response to the current financial crisis, as well as the comments from others about the current election cycle. I agree wholeheartedly with Dr. Crabb, that it’s unfortunate how some have fallen in line with the “talking heads” on TV, blaming financial institutions, politicians and others for the crisis. Obviously things could have been done differently; however, it’s much more productive (not to mention more Christ-like) to focus on what we can do now to help each other in times of difficulty.
Dr. Van der Ploeg’s response to Dr. Crabb’s blog is also insightful. God calls Christians to make a Kingdom difference in our world. I would, however, caution Christians not to place their hope in the U.S. political process. I hear many Christians expressing concern, even fear about the outcome of the upcoming presidential election. Some even imply God Himself would choose one candidate over another. The truth is, God’s Kingdom is so much bigger than the United States. God chose all of us when He sent His son to die on the cross for our salvation. Jesus Christ made that sacrifice because He chose ALL of us. Our hope should be grounded in God’s grace, not political promises. I’m remembering the words from the great hymn written by Edward Mote. Based on Matthew 7:25, the hymn says, “My hope is built on nothing less than Jesus’ blood and righteousness. I dare not trust the sweetest frame, but wholly trust in Jesus’ Name. On Christ the solid Rock I stand. All other ground is sinking sand!” What amazing truth is found in those poetic words!
Of course we should be concerned about the economic situation, but we should not be fearful. Fear does not come from God. Certainly the current financial crisis is challenging. People are hurting, and God calls Christians to respond in love. The upcoming presidential election has critical implications for our country, and Christians should exercise our right to vote. But no matter what happens with the economy, no matter who resides in the white house, God is in control. The LORD was at work in the world before the financial crisis, and He will continue to work in the hearts and lives of people after the election. God is faithful. Our hope is in Him alone. Praise be to God!
October 18th, 2008 at 12:53 am
I think the one thing no one has mentioned is that during any crisis we should 1) not panic – as Dr. Crabb noted, 2) not try to conquer the situation on our own, but instead, 3) seek the Lord. God knows each of us and loves each of us. On a philosophical level we can comprehend why God allows trials (financial or other), but on a personal level it is hard not to question our maker with, “Why me?”. This is a scary time, many of us know individuals already seriously effected by this “recession”. When trials hit for neighbors, friends or to us personally, the only answer is to seek the Lord and then trust in Him.
October 21st, 2008 at 9:38 pm
The encouragement to save is a message too often overlooked. Each of us should be responsible as Christians to prepare with God’s help for the future. Yes, some of us will find this a critical time due to no fault of our own. But others of us need to remember the distinction between wants and needs. So that big screen T.V. won’t be sitting in my home for awhile . . . wonder if my husband can still see those football games on the smaller one?
October 24th, 2008 at 1:26 am