"Love of money" economic sin

[nordskoven]

PAX CHRISTI + Major American lenders made obscene profits from subprime mortgages that preyed on generally under-educated creditors. Major companies crashed as defaults grew, and some were bailed out in a neo-fascist blend of government and private industry. No such help was extended to those left homeless. The immoral usury extends to various check-cashing facilities that encircle poor neighborhoods where banks refuse to offer services. Blight and poverty are trickling down, and interest rates will go to absolute zero. Some Catholic parishes are wisely operating credit unions to shelter their flock.

Rents are high, often higher than house payments, yet those with bad credit or no downpayment are not eligible for traditional loans. Banks generally refuse to make loans on houses under $40,000.00 Housing blight is being reversed by one Catholic community in downtown St. Louis. Their non-profit foundation has placed families in once-empty homes around the cathedral complex, seeding a new generation to continue the great Christian tradition of coming alongside one another.

The most moral means of protecting one’s self and community is through affordable health insurance, as catastrophic illness is the number one cause of bankruptcy. One Christian non-profit operates a “letter” that is circulated to members who have been screened for non-smoking and other unhealthy behaviors. They are solicited for donations to cover other members’ hospital expenses and function as a de facto insurance company without all the regulation. Members forward their donations and all expenses are covered.

High gas prices make corn and soybean more likely to end up processed into fuel than feeding people or cattle. Food and bio-fuel can be delinked with non-profits garnering volunteers to crop urban lots for fuels as contamination prohibits food use. All can fast, pray, and give donations to effect true change as the lovers of money are a substantial stronghold of evil that will need these “Big Three” spiritual weapons to conquer.

John Paul II related a disturbing dream he had when visiting New York. He saw an old woman walking in the snow followed by a stray cat. She was being ignored by clerics in the great churches as she walked by doors closed against her and her faithful rat-eater. John Paul II made special mention of the Jesuits, as if to challenge them to use their great intellectual resources to transform the world.

May the King of Kings work mighty miracles in using all Catholic resources to creatively effect heart-felt solutions to housing and crop blight, and poverty; received in humblest thanks and highest praise; all for His honor and glory. AMEN

 

[KingAlfred]

“Major American lenders made obscene profits from subprime mortgages that *preyed *on generally under-educated creditors.”

Spin. Freddy and Fanny were Democrat inventions to help poor people (mostly minorities) to own homes, even though they didn’t qualify for financing, under traditional criteria. In other words, the whole undertaking was a Leftist initiative. Lefties have no one to blame but themselves for its collapse.

 

[RobHom]

Fannie Mae, FNMA was created back in FDR’s day to help people purchase homes with self amortizing loans. Up until the creation of Fannie Mae as a government entity, home loans were generally only for five years…and if you didn’t pay it off at the end of five years… you were out in your backside unless you could get an extension or a new loan. politicalpeon.com/2008/09/privatizing-or-piratizing-fannie-mae.html It worked just fine until it was “privatized”… Now, ask yourself "who is the big bunch of people that are all hopped up over “privatizing”? I’ll give you a hint, its not the Democrats…

I find it interesting…that while all the stuff that has happened under a Republican administration…so many people are blaming everything on Democrats. There was a Republican at the top of pile, and in my world…the buck stops at the top, always did, and always will… But Republicans have no apparent problem blaming everyone under the sun for things that have happened on their watch. Republicans held control of the government for how long? For the first 6 years of the current administration, and it has only been in the last two that Democrats have taken some control, and even then its not enough to break a filibuster in the senate.

I am neither an R or D, I think they all are cretinous single minded border line criminals out to line their own pockets, but such is the nature of politicians.

Lets not blame one group more than the other…after all not a one of them in the house or senate was a “whistle-blower”…and if you tracked the money…you would probably be surprised to find out where it has gone…

 

[grampben]

“Major American lenders made obscene profits from subprime mortgages that *preyed *on generally under-educated creditors.”

Spin. Freddy and Fanny were Democrat inventions to help poor people (mostly minorities) to own homes, even though they didn’t qualify for financing, under traditional criteria. In other words, the whole undertaking was a Leftist initiative. Lefties have no one to blame but themselves for its collapse.

This is a global crisis and if you think it was all caused by one incident, you are very wrong.

The whole unregulated model doesn’t work. With a social market economy there are no sweatshops.