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Psalm 78
. . . we will tell the next generation the praiseworthy deeds of the LORD, his power, and the wonders he has done. .
so the next generation would know them . . . and they in turn would tell their children.
Then they would put their trust in God and would not forget his deeds but would keep his commands.

Friday, October 3, 2008

Political Distractions: Jubilee

Consider this quote from Senator Biden in his debate with Gov. Palin last night:
Number two, with regard to bankruptcy now, Gwen, what we should be doing now -- and Barack Obama and I support it -- we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.

That would keep people in their homes, actually help banks by keeping it from going under. But John McCain, as I understand it -- I'm not sure of this, but I believe John McCain and the governor don't support that.

(My emphasis added. For the full transcript, click here.)
I loved Governor Palin's performance, but I wish she would have hammered him for this point. Judging from the feedback the House of Representatives has received, it is hard to think that anyone here (except for someone saddled with a mortgage they can't afford) would cheer this line.

Adjusting the principal is another way of saying that a portion of the loan is forgiven. Why on earth would anyone feel obligated to their debt obligations after that precedent was set?

1 comment:

Anonymous said...

Ugh! This aggravates me to no end. I believe that it is the people of our country (along with the greed of the banking industry) who have created this mess. I think a strong emphasis needs to be placed on individual responsibility. As far as government, why can't finance be a large focus along side of reading when it comes to our schools, instead of "bailing out" those who have gotten in trouble. It reminds me of the task of raising children. If you always bail them out, they will never learn.

I realize that there may have been some people who indeed experienced some kind of crisis that may have been unpreventable, but for the most part, I feel like the people in our country got too carried away with wanting more and feeling entitled.

My husband has been teaching Financial Peace University classes ( for a couple of years now, and I am dumbfounded at how many people there are out there who are in serious finacial crisis! I have seen people from all walks of "class," (people who make A LOT of money, to people who make little,) and it appears that there is not certain group that is affected as opposed to another. By the end of the classes, the people who have stuck around are the ones who have admitted that they need to take a deeper look inside to determine what is important in their life- and it usually is not more stuff!

I apologize about the rant... it felt really good to get that off my chest :)

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