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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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My banker friend and FREE board member Leon Royer recently wrote: "Too many people (borrowers, bankers, investors and investment bankers) have done too many dumb things for this situation to be resolved without substantial pain disbursed over many folks. No optimistic happy talk will change the curing time; it's likely measured in years."
Economist Peter Linneman nailed it more harshly in "Making Sense of the Current Capital Markets Disarray." He observed: "As for the idiots who lent (often without down payments or documents) to the idiots who bought speculative homes, they deserve to lose. People must understand this simple fact."
Our pressing danger is not that many folks will go broke, but rather that opportunistic politicians will bail them out and insulate them from past and future folly. We need to find and support those who instead recognize the ecological question: "If correction is not swift, then what will follow?" The longer we wait for a correction, the more massive and painful their suffering -- and ours -- ultimately must be. That's the way the world works.
Read it all.
Next entry (above): Sydney Morning Herald: For Anglicans, A question of staying or straying
Previous entry (below): Anglican Essentials Canada on Wikipedia
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