SMI Visitor's Weblog

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Austin Pryor returns to national radio in triumph   :-)

Well, that was interesting. Last night, I went along with son Andrew (SMI's esteemed webmaster) to visit with friend Hugh Hewitt, who was in town (Louisville, Ky.) doing his talk show for the evening. Hugh usually broadcasts from Southern California, and has (according to Talkers magazine) an audience estimated to be about 1.75+ million listeners who tune in at some point during the average week.

Hugh was in town for personal reasons, and was broadcasting from the studios of his local Salem Radio Network affiliate. The drawing card for us was not only a chance to visit with Hugh again, but to also connect with some Young Life friends who head up the YL outreaches in the UK — Tom and Ninie Hammon.

Andrew and I and our wives are friends and financial supporters of the Hammons, and always enjoy our visits to learn the latest about their efforts in England, Scotland, Ireland, and Wales. Hugh had invited them to be interviewed on his program last night.

It was really Andrew's deal, but at the last minute he invited me to tag along. Thought it would be fun to see everyone, and also be in a radio studio again. As many of you may know, I was a regular guest on Larry Burkett's call-in program throughout the 1990s, and continued on with Howard Dayton for a few years after Larry went home to heaven.

The last thing I was expecting was to be on the air, speaking off the cuff, to a national audience. But that's what happened. On something of an impulse, Hugh asked if I would be willing to do a segment and talk a little about SMI as well as the market's wild behavior yesterday. No prep time, but being the seasoned veteran that I am, I foolishly agreed.

It was fun, went by quickly, and it wasn't until this morning that I began thinking of how I might have expressed myself better. So I decided to give myself something of a "do-over" and write all about it in the upcoming June issue of the Sound Mind Investing newsletter. Look for my editorial "What I Should Have Said" (working title).

If you'd like to hear what, in fact, I did say, you can listen to that below. The first two segments contain Hugh's interview with Tom Hammon. I believe you'll find it very interesting — Hugh, Andrew, and I sure did. Then I come along in segment three. Those segments cover a total of about 25 minutes.

Foolish talk

This is April Fools' Day, but of course we're much too mature at Sound Mind Investing to play silly pranks on each other (ahem). Instead, we have engaged ourselves in a high-minded philosophical discussion of foolishness, recalling famous quotes about fools.

Here are three you'll probably recognize:

• "A fool and his money are soon parted" (English poet Thomas Tusser).
• "Wealth is the slave of a wise man, the master of a fool." (Seneca the Younger).
• "He is no fool who gives what he cannot keep to gain what he cannot lose" (missionary Jim Elliot, paraphrasing missionary Amy Carmichael).

Of course, the best source for wise talk about fools and foolishness comes from the Bible — and guess what? A lot of what Scripture has to say has clear implications in the financial/investing area.

• "The way of a fool seems right to him, but a wise man listens to advice" (Proverbs 12:15).
• "He who walks with the wise grows wise, but a companion of fools suffers harm" (Proverbs 13:20).
• "Of what use is money in the hand of a fool, since he has no desire to get wisdom?" (Proverbs 17:16).
• "The heart of the wise is in the house of mourning, but the heart of fools is in the house of pleasure" (Ecclesiastes 7:4, reminding us that our earthly lives won't last forever).
• "[E]veryone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand" (Jesus in Matthew 7:26).

In Luke 12, Jesus told a parable about self-focused foolishness — and again, there is a clear financial aspect:

The ground of a certain rich man produced a good crop. He thought to himself, "What shall I do? I have no place to store my crops."

Then he said, "This is what I'll do. I will tear down my barns and build bigger ones, and there I will store all my grain and my goods. And I'll say to myself, 'You have plenty of good things laid up for many years. Take life easy; eat, drink and be merry.'"

But God said to him, "You fool! This very night your life will be demanded from you. Then who will get what you have prepared for yourself?"

This is how it will be with anyone who stores up things for himself but is not rich toward God. (Luke 12:16-21)

Tomorrow is Good Friday, so we'll wrap up with this very appropriate "foolish" Scripture:

"For the message of the cross is foolishness to those who are perishing, but to us who are being saved it is the power of God" (1 Corinthians 1:18).

In scary times, looking to the God who gives a "sound mind"

Here is an interesting tidbit from former Treasury Secretary Hank Paulson's new book, On the Brink: Inside the Race to Stop the Collapse of the Global Financial System.

Back in my temporary office on the 13th floor, a jolt of fear suddenly overcame me as I thought of what lay ahead of us. Lehman was as good as dead, and AIG's problems were spiraling out of control. With the U.S. sinking deeper into recession, the failure of a large financial institution would reverberate throughout the country — and far beyond our shores. It would take years for us to dig ourselves out from under such a disaster.

All weekend I'd been wearing my crisis armor, but now I felt my guard slipping. I knew I had to call my wife, but I didn't want to do it from the landline in my office because other people were there. So I walked around the corner to a spot near some windows. Wendy had just returned from church. I told her about Lehman's unavoidable bankruptcy and the looming problems with AIG.

"What if the system collapses?" I asked her. "Everybody is looking to me, and I don't have the answer. I am really scared."

I asked her to pray for me, and for the country, and to help me cope with this sudden onslaught of fear. She immediately quoted from the Second Book of Timothy, verse 1:7—"For God hath not given us the spirit of fear, but of power, and of love, and of a sound mind."

The Wall Street Journal has a longer version of this excerpt, courtesy of the Hachette Book Group, Inc.

What is the recession for?

I don't do a lot of listening to sermons and other material (mainly because I don't focus well on other tasks while I'm listening to something else). Blessed with more than enough to keep busy with at work, a relatively short commute, and a busy family life, that doesn't leave a lot of time to sit and listen.

However, I made time to listen to a John Piper sermon this morning titled What is the Recession For? Wow. Great stuff. Made me feel a little guilty that I haven't been contemplating and writing more along those lines these past several months. The text of the link above is good, but is more of a short summary (not word for word), so I strongly encourage you to listen to it or watch it if you can. (Download and podcast links are also available.)

Piper explores five of God's purposes in this recession:

1. He intends for this recession to expose hidden sin and so bring us to repentance and cleansing.
2. He intends to wake us up to the constant and desperate condition of the developing world where there is always and only recession of the worst kind.
3. He intends to relocate the roots of our joy in his grace rather than in our goods, in his mercy rather than our money, in his worth rather than our wealth.
4. He intends to advance his saving mission in the world — the spread of the gospel and the growth of his church — precisely at a time when human resources are least able to support it. This is how he guards his glory.
5. He intends for the church to care for its hurting members and to grow in the gift of love.

The point of my first paragraph was simply to point out that I don't take it lightly recommending you spend 42 minutes watching or listening to this sermon. But if you can find the time, I think it will be well worth the investment.

"I will keep on expecting you to help me. I praise you more and more."

These regular posts from the Living Psalms were initiated when the market was at its lows and the economic outlook was grim. As conditions have begun to improve, you may have become a little more optimistic. The soothing words of the Psalms don't seem quite as relevant when the sky isn't falling. We're at the halfway point of the Psalms, and I think this may be a good place to temporarily halt these posts as we wait to see what the summer holds for us. Regardless, our hope, as always, is in the Lord.

Sing to the Lord, all the earth! Sing of his glorious name! Tell the world how wonderful he is. How awe-inspiring are your deeds, O God! How great your power! ... Let everyone bless God and sing his praises; for he holds our lives in his hands, and he holds our feet to the path. ... Come and hear, all of you who reverence the Lord, and I will tell you what he did for me: For I cried to him for help with praises ready on my tongue. He would not have listened if I had not confessed my sins. But he listened! He heard my prayer! He paid attention to it! Blessed be God, who didn’t turn away when I was praying and didn’t refuse me his kindness and love. From Psalm 66

I will keep on expecting you to help me. I praise you more and more. I cannot count the times when you have faithfully rescued me from danger. I will tell everyone how good you are, and of your constant, daily care. I walk in the strength of the Lord God. I tell everyone that you alone are just and good. O God, you have helped me from my earliest childhood—and I have constantly testified to others of the wonderful things you do. ... Your power and goodness, Lord, reach to the highest heavens. You have done such wonderful things. Where is there another God like you? From Psalm 71

You love me! You are holding my right hand! You will keep on guiding me all my life with your wisdom and counsel, and afterwards receive me into the glories of heaven! Whom have I in heaven but you? And I desire no one on earth as much as you! My health fails; my spirits droop, yet God remains! He is the strength of my heart; he is mine forever! ... I get as close to him as I can! I have chosen him, and I will tell everyone about the wonderful ways he rescues me. From Psalm 73

How we thank you, Lord! Your mighty miracles give proof that you care. From Psalm 75

"This one thing I know: God is for me!"

Admit it ... you feel a lot better about your financial life since I started posting these passages from the Living Psalms (the last one is here). Of course it doesn't hurt that the market is up 24% since my first Psalms post on March 10. But even if it were still at lower levels, it's always good to be reassured that our heavenly Father is in control, is utterly faithful to His children, and can be trusted to provide our "daily bread."

When I am afraid, I will put my confidence in you. Yes, I will trust the promises of God. And since I am trusting him, what can mere man do to me? ... This one thing I know: God is for me! I am trusting God—oh, praise his promises! From Psalm 56

O God, have pity, for I am trusting you! I will hide beneath the shadow of your wings until this storm is past. I will cry to the God of heaven who does such wonders for me. He will send down help from heaven to save me because of his love and his faithfulness.... O God, my heart is quiet and confident. No wonder I can sing your praises!... Your kindness and love are as vast as the heavens. Your faithfulness is higher than the skies. Yes, be exalted, O God, above the heavens. May your glory shine throughout the earth. From Psalm 57

O God my Strength! I will sing your praises, for you are my place of safety. My God is changeless in his love for me, and he will come and help me.... I will sing each morning about your power and mercy. For you have been my high tower of refuge, a place of safety in the day of my distress. O my Strength, to you I sing my praises; for you are my high tower of safety, my God of mercy. From Psalm 59

How I wish I could go into your sanctuary to see your strength and glory, for your love and kindness are better to me than life itself. How I praise you! I will bless you as long as I live, lifting up my hands to you in prayer. At last I shall be fully satisfied; I will praise you with great joy. From Psalm 63

Interstate Batteries

A friend of mine posted this on his Facebook page. I thought you'd be interested to hear about one of the corporate good guys, since it's usually the bad apples that get the attention.

Interstate Batteries - God's Love Commercial

Go see "The Cross"

I've been posting weekly encouragement from the Psalms ... last week's is here.

This week I want to send another kind of encouragement your way. I've just returned from watching The Cross, a documentary on the life and ministry of Arthur Blessitt. Before going, all I really knew about him was that he had traveled the world carrying a cross. It was a strange ministry, to say the least.

I came away so impressed with his faithfulness, courage, and humility. The film was much more moving and inspiring than I anticipated. If you want to be encouraged this week, go see it. Take others with you. I would think it will also speak to teens. It's hard to imagine a Christian going to see it and not hearing/seeing at least one or two things that they can relate to and apply to their spiritual walk.

As for non-Christians, they would see a loving, living, breathing example of the Christian faith. The gospel is there to be seen, but not in a confrontive way at all. I'd be surprised if they were offended by anything in the film. They may or may not be attracted to the gospel, but they can't help being impressed with Arthur Blessitt.

"The Cross" is slowly being released around the country. You can check out whether it's playing in your area here. Highly recommended!

"I want you to trust me in your times of trouble, so I can rescue you and you can give me glory."

We continue to look to the Lord for wisdom ("I keep asking that the God of our Lord Jesus Christ, the glorious Father, may give you the Spirit of wisdom and revelation, so that you may know him better" Ephesians 1:17) and the Psalms for encouragement:

But, O my soul, don’t be discouraged. Don’t be upset. Expect God to act! For I know that I shall again have plenty of reason to praise him for all that he will do. He is my help! He is my God! From Psalm 42

O my soul, why be so gloomy and discouraged? Trust in God! I shall again praise him for his wondrous help; he will make me smile again, for he is my God! From Psalm 43

God is our refuge and strength, a tested help in times of trouble. And so we need not fear... From Psalm 46

For all the animals of field and forest are mine! The cattle on a thousand hills! And all the birds upon the mountains! ... for all the world is mine and everything in it.... I want you to trust me in your times of trouble, so I can rescue you and you can give me glory. From Psalm 50

Earlier weekly selections from the Psalms can be found here: Week 1, Week 2, Week 3, Week 4, and Week 5.

"May the joy of the Lord be given to everyone who loves him and his salvation."

As is our custom, the SMI office is closed today for Good Friday. But I'm dropping by the blog briefly to post our weekly meditations from the Psalms (previous such posts can be found here). Today I've gathered our passages from Psalms 36-40.

Your steadfast love, O Lord, is as great as all the heavens. Your faithfulness reaches beyond the clouds.... How precious is your constant love, O God! All humanity takes refuge in the shadow of your wings. You feed them with blessings from your own table and let them drink from your rivers of delight. For you are the Fountain of life; our light is from your light. Pour out your unfailing love on those who know you! Never stop giving your blessings to those who long to do your will. From Psalm 36

Be delighted with the Lord. Then he will give you all your heart’s desires. Commit everything you do to the Lord. Trust him to help you do it, and he will.... all who humble themselves before the Lord shall be given every blessing and shall have wonderful peace.... Day by day the Lord observes the good deeds done by godly men, and gives them eternal rewards. He cares for them when times are hard; even in famine, they will have enough.... The steps of good men are directed by the Lord. He delights in each step they take. If they fall it isn’t fatal, for the Lord holds them with his hand. I have been young and now I am old. And in all my years I have never seen the Lord forsake a man who loves him; nor have I seen the children of the godly go hungry. Instead, the godly are able to be generous with their gifts and loans to others, and their children are a blessing.... Don’t be impatient for the Lord to act! Keep traveling steadily along his pathway and in due season he will honor you with every blessing.... The Lord saves the godly! He is their salvation and their refuge when trouble comes. Because they trust in him, he helps them and delivers them from the plots of evil men. From Psalm 37

Lord, help me to realize how brief my time on earth will be. Help me to know that I am here for but a moment more. My life is no longer than my hand! My whole lifetime is but a moment to you. Proud man! Frail as breath! A shadow! And all his busy rushing ends in nothing. He heaps up riches for someone else to spend. And so, Lord, my only hope is in you. From Psalm 39

I waited patiently for God to help me; then he listened and heard my cry. He lifted me out of the pit of despair... and set my feet on a hard, firm path, and steadied me as I walked along. He has given me a new song to sing, of praises to our God. Now many will hear of the glorious things he did for me, and stand in awe before the Lord, and put their trust in him. Many blessings are given to those who trust the Lord.... may the joy of the Lord be given to everyone who loves him and his salvation. May they constantly exclaim, "How great God is!" From Psalm 40

I'm sure I speak for all our staff when I wish you a joyful and meaningful Easter worship experience.

Training inmates to become legitimate entrepreneurs

The Washington Times has an update on Catherine Rohr, the woman who quit her Wall Street job and now helps turn prisoners into businessmen. (We first mentioned her in a post last summer.)

In 2004, while helping out with a Prison Fellowship outreach at a Texas prison, it occurred to Ms. Rohr that "the very entrepreneurial skills that landed these drug dealers and thieves in prison might be the very thing that could help them get back on the right track," according to the Times.

[S]he secured permission from the Texas Department of Corrections to launch the Prison Entrepreneurship Program (PEP), where murderers, burglars and drug lords are given the chance to become businessmen....

In five years, the program has graduated more than 400 prisoners. Ninety-eight percent have landed steady jobs within four weeks of release, most making at least $11 per hour. Fifty-eight have started their own businesses, ranging from T-shirt printing to software development.

PEP now has nearly 1,500 volunteers involved in training, including more than 1,000 business executives and 450 MBA students from 24 schools.

Many graduates [from the PEP program] find well-paying jobs, and several become the entrepreneurs they dreamed they would be. While more than half of the nation´s prisoners are rearrested within three years, PEP's recidivism rate is less than 10 percent.

The Times story is a welcome reminder in a world of bad news that good things are happening too.

"I will praise the Lord no matter what happens. I will constantly speak of his glories and grace."

With the market up 20%+ over the past four weeks, perhaps your anxiety is falling a bit. Nevertheless, our hope is not in the market's recovery but in the faithfulness of our Father in heaven. Here are this week's selections from the Psalms (chapter 34, TLB) to remind us to keep looking up:

I will praise the Lord no matter what happens. I will constantly speak of his glories and grace. I will boast of all his kindness to me. Let all who are discouraged take heart. Let us praise the Lord together and exalt his name. For I cried to him and he answered me! He freed me from all my fears. Others too were radiant at what he did for them. Theirs was no downcast look of rejection! This poor man cried to the Lord — and the Lord heard him and saved him out of his troubles. For the Angel of the Lord guards and rescues all who reverence him.

Oh, put God to the test and see how kind he is! See for yourself the way his mercies shower down on all who trust in him. If you belong to the Lord, reverence him; for everyone who does this has everything he needs. Even strong young lions sometimes go hungry, but those of us who reverence the Lord will never lack any good thing.

For the eyes of the Lord are intently watching all who live good lives, and he gives attention when they cry to him. But the Lord has made up his mind to wipe out even the memory of evil men from the earth. Yes, the Lord hears the good man when he calls to him for help and saves him out of all his troubles. The Lord is close to those whose hearts are breaking; he rescues those who are humbly sorry for their sins. The good man does not escape all troubles — he has them too. But the Lord helps him in each and every one.

Earlier selections can be found here: Week 1, Week 2, and Week 3.

"Because the Lord is my Shepherd, I have everything I need!"

My final blog of last week was a downer, so thought we'd finish this time on an up note. Here's the latest in our weekly series of encouraging passages from the Psalms. This week's selections are from Psalms 21-33 (TLB):

Because the Lord is my Shepherd, I have everything I need! ... He gives me new strength. He helps me do what honors him the most.... Your goodness and unfailing kindness shall be with me all of my life, and afterwards I will live with you forever in your home. From Psalm 23

Show me the path where I should go, O Lord; point out the right road for me to walk. Lead me; teach me; for you are the God who gives me salvation. I have no hope except in you.... The Lord is good and glad to teach the proper path to all who go astray; he will teach the ways that are right and best to those who humbly turn to him. And when we obey him, every path he guides us on is fragrant with his loving-kindness and his truth. From Psalm 25

The Lord is my light and my salvation; he protects me from danger—whom shall I fear? ... Don’t be impatient. Wait for the Lord, and he will come and save you! Be brave, stouthearted, and courageous. Yes, wait and he will help you. From Psalm 27

Let your favor shine again upon your servant; save me just because you are so kind! ... Oh, how great is your goodness to those who publicly declare that you will rescue them. For you have stored up great blessings for those who trust and reverence you.... So cheer up! Take courage if you are depending on the Lord. From Psalm 31

Let all the joys of the godly well up in praise to the Lord, for it is right to praise him.... For all God’s words are right, and everything he does is worthy of our trust. He loves whatever is just and good; the earth is filled with his tender love.... No wonder we are happy in the Lord! For we are trusting him. We trust his holy name. Yes, Lord, let your constant love surround us, for our hopes are in you alone. From Psalm 33

Free gift book for blog readers (while supplies last)

In celebration of Christmas 2003, I offered John Piper's The Dangerous Duty of Delight to SMI readers. It's an adaptation of his Desiring God book, one that was wonderfully meaningful to me during some difficult days in the late 1980s. Perhaps this message would be encouraging to some of you during these challenging financial times and/or as an Easter meditation.

It's come to my attention that we have about 50 of these still on hand. I'm offering them to our blog readers on a first come, first serve basis. You can read more about the book, along with reader reviews both pro and con, here.

If you are interested in reading this book and would like to request a free copy, email your request to feedback@soundmindinvesting.com. Please include your name and mailing address (U.S. addresses only) and put "Piper Gift Book" in the subject line. Enjoy it with my best wishes.

Update: Boy, you blog readers are a very spiritual group (or you just like free stuff). One-half of the books were gone within a few hours of the posting, and the rest were claimed overnight. Sorry, but we had more requests than books available. The books are going out today, and should be arriving within the next week. If you asked but didn't receive, take heart ... there'll be another book offer in the next month or two.

"My contentment is not in wealth but in seeing you and knowing all is well between us."

Last week, in a reminder that we are to keep our eyes up, I posted the first in a series of encouraging passages from the Psalms. This week's selections are from Psalms 11-20 (TLB):

The Lord is still in his holy temple; he still rules from heaven. He closely watches everything that happens here on earth.... For God is good, and he loves goodness; the godly shall see his face. From Psalm 11

I will always trust in you and in your mercy and shall rejoice in your salvation. I will sing to the Lord because he has blessed me so richly. From Psalm 13

Save me, O God, because I have come to you for refuge. I said to him, "You are my Lord; I have no other help but yours." ... The Lord himself is my inheritance, my prize. He is my food and drink, my highest joy! He guards all that is mine. He sees that I am given pleasant brooks and meadows as my share! What a wonderful inheritance! I will bless the Lord who counsels me; he gives me wisdom in the night. He tells me what to do. I am always thinking of the Lord; and because he is so near, I never need to stumble or to fall. Heart, body, and soul are filled with joy.... You have let me experience the joys of life and the exquisite pleasures of your own eternal presence. From Psalm 16

My contentment is not in wealth but in seeing you and knowing all is well between us. And when I awake in heaven, I will be fully satisfied, for I will see you face to face. From Psalm 17

Lord, how I love you! For you have done such tremendous things for me. The Lord is my fort where I can enter and be safe... What a God he is! How perfect in every way! All his promises prove true. He is a shield for everyone who hides behind him. For who is God except our Lord? Who but he is as a rock? From Psalm 18

God’s laws are perfect. They protect us, make us wise, and give us joy and light. God’s laws are pure, eternal, just.... they warn us away from harm and give success to those who obey them.... May my spoken words and unspoken thoughts be pleasing even to you, O Lord my Rock and my Redeemer.
From Psalm 19

"Those who know your name trust in you..."

The mood of the market is dark. The mood of many SMI members is darker. Time to raise our eyes and look at our blessings and the One who has promised to protect and provide.

I've been reading in the Psalms (NLT) of late, and have selected various passages to pass along to you each week for a while. My hope is that you will be encouraged and strengthened. This week, from Psalms 1-10:

Oh, the joys of those who ... delight in the law of the Lord, meditating on it day and night. They are like trees planted along the riverbank, bearing fruit each season. Their leaves never wither, and they prosper in all they do. From Psalm 1

You, O Lord, are a shield around me; you are my glory, the one who holds my head high. From Psalm 3

O God who declares me innocent. Free me from my troubles. Have mercy on me and hear my prayer. ... Many people say, "Who will show us better times?"? Let your face smile on us, Lord. You have given me greater joy than those who have abundant harvests of grain and new wine. In peace I will lie down and sleep, for you alone, O Lord, will keep me safe. From Psalm 4

Let all who take refuge in you rejoice; let them sing joyful praises forever. Spread your protection over them, that all who love your name may be filled with joy. For you bless the godly, O Lord; you surround them with your shield of love. From Psalm 5

Defend the righteous. For you look deep within the mind and heart, O righteous God. God is my shield, saving those whose hearts are true and right. ... I will thank the Lord because he is just; I will sing praise to the name of the Lord Most High. From Psalm 7

The Lord is a shelter for the oppressed, a refuge in times of trouble. Those who know your name trust in you, for you, O Lord, do not abandon those who search for you. From Psalm 9

Musical encouragement?

Everyone can use a little encouragement, so here's a musical first for the SMI blog - a praise song. It was sung at our church recently in connection with a sermon reminding us of God's faithfulness, even in the midst of economic upheaval. Here are the words:

Even though I walk through the valley of the shadow of death
Your perfect love is casting out fear
And even when I'm caught in the middle of the storms of this life
I won't turn back
I know You are near


Chorus:
And I will fear no evil
For my God is with me
And if my God is with me
Whom then shall I fear?
Whom then shall I fear?
Oh no, You never let go
Through the calm and through the storm
Oh no, You never let go
In every high and every low
Oh no, You never let go
Lord, You never let go of me

And I can see a light that is coming for the heart that holds on
A glorious light beyond all compare
And there will be an end to these troubles
But until that day comes
We'll live to know You here on the earth

Chorus repeats:

Yes, I can see a light that is coming for the heart that holds on
And there will be an end to these troubles
But until that day comes
Still I will praise You, still I will praise You

Warning for traditionalists: it gets a little loud. Not sure if Matt Redman writes your kind of music, but if you'd like to listen, go here and click on "You Never Let Go" in the music section. (Your browser may need additional plug-ins to play the song. Sorry, we can't troubleshoot that for you.)

Wesley's paradox

Long-time SMI contributor Mike Cave forwarded me an extremely insightful article recently, questioning whether free markets can survive in a secularized world. It begins:

The 18th Century English cleric and theologian John Wesley was troubled by a paradox that emerged as his teaching spread. He, like other Protestant thinkers stretching back to Calvin, taught that one could honor God through hard work and thrift. The subsequent burst of industry and frugality generated by Wesley's message improved the lot of many of his working-class followers and helped advance capitalism in England. But, "wherever riches have increased, the essence of religion has decreased in the same proportion,"? Wesley observed, and subsequently pride and greed are growing more common, he complained.

Wesley could see only the beginnings of this trend; two hundred years later, the world is reaping the full brunt of its aftermath. So where do we go from here?

The meltdown of the financial markets in the last few months has left us grappling with how we can keep markets free and principled at the same time. The only debate so far is between those who want more government regulation - who want to impose from the outside via the regulator's eye the restraint that our institutions once tried to instill in us - and those who think that more government will only undermine our prosperity. Neither side seems to be winning the public debate because most Americans are probably equally as appalled by the shortcomings of the markets as they are by the prospect of more government control of them.

A weighty subject to say the least. Can free markets stay free when the majority of their participants no longer hold to the traditional "Protestant Ethic"? While obviously a return to values like thrift and honesty aren't enough to save a man's soul, is it possible for our society to return to those values short of a widespread religious revival? And if so, will that be enough to allow another run of prosperity for our economy after the current poisons are flushed from the ailing economy's body?

Let's open this up and discuss - your comments on these questions, or any other related thoughts, are invited below.

On the radio

Ron Blue and Jeremy White discussed their new book, Surviving Financial Meltdown: Confident Decisions in an Uncertain World (Tyndale House) this week on the Focus on the Family radio program.

Part one is here, part two is here.

On Crown's MoneyLife program, Chuck Bentley chats today with Rusty Leonard of Stewardship Partners about "protecting your investments." Details here.

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