Albert Mohler: Are We Promised Prosperity?

Friday, October 03, 2008

Now that the economic "bailout" plan has been passed by Congress, expect all parties involved to claim credit if it appears to work and deny blame if the crisis worsens. Though the primary problem is a crisis in the credit markets and the financial sector, the entire economy feels the crunch. The crisis now may lie in the awareness of uncertainty -- and no one likes uncertainty when it comes to matters economic.

The public is also bracing for more bad news. Just today, the State of California announced that it might need a $7 billion bailout. The state's credit rating is not the problem, but the state has been unable to get the short-term money it needs, given the constriction of credit. Who is next?

There are a host of issues to be considered here. Many Americans are just waking up to the basic facts of economics. Most, sad to say, remain oblivious. Some among the more curious are discovering how much borrowing and lending goes on in the course of business -- and among their neighbors. the rest image