Monday, December 29, 2008

Easy Credit Easy Belief

During the easy credit era that began this century, everyone seemed to get in on the act. The financial sector got into leverage. Households started a building boom. It seems that the church all wanted its share of the cake. The New York Times reports that increasing numbers of churches are facing foreclosure, because they cannot afford to pay the mortgage on their building.

Some of the mentality that you saw taking hold of the residential marketplace probably shifted into the church. Lenders loaned far too much, they loaned into lofty projections of future growth, and they just saddled the churches with far too much debt.

What has happened to the idea that the church should be different from the world.

Who will rescue these churches? Bernanke or God?

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