AIG, Lehman Bros., Fannie Mae, Freddie Mac, IndyMac, Bear Stearns, and Merrill Lynch are just a few of the big financial names to go down on Wall Street. Some have been rescued by large banks or brokered deals between other financial giants to keep them afloat and many are sitting on pins as they await the fate of a controversial $700 billion proposed Federal buyout. The Congress is not on the same page in regard to the proposal. Members within the same political party aren't even in agreement about the bailout. In South Carolina both Republican senators are split on the proposal. Senator DeMint is opposed to the idea and Senator Graham is for it. It's hard to believe that bad mortgage debt is responsible for most of this financial crisis. A good friend is a seasoned CPA and while he doesn't like the bailout proposal, he thinks it's unavoidable. Today's editorial in the Greenville News was more like a half-hearted endorsement given the lack of a credible alternative.I'm not a financial expert. I'm just an average person and many people like myself do not understand such complicated matters. You see, if we don't pay our bills, or we default on our loans we are responsible and no one is going to rescue us. There are consequences for our actions. In serious situations a judge will outline a payback plan and possibly give us some jail time. The question of personal responsibility and accountability for bad loans, poor financial restraint and a total lack of institutional control seems to be of little concern until the who, what, how much and when of the bailout is settled. Isn't that kind of like rewarding a teenager convicted of DUI with a brand new car? How will he ever learn to be responsible?
Giving the fund managers, loan officers and traders who contributed to this mess a pile of federal money to rescue their companies and save the economy seems absurd. Oh sure a few heads at the top will roll and be dismissed, but no one believes this giant mess was created by a handful of Wall Street top bosses on their own. So after we have the ceremonial and obligatory punishment of the tailored suit, yacht-riding crowd (and yes they need to answer for it), who do you think is going to be hired to help resuccitate these failed financial giants? ---The very financial wizards in the trenches and on the floor whose unbridled greed contributed to this mess. And let's be honest. Not every mortgage exec or loan officer is greedy and irresponsible. In fact, most of them care about their clients and abide by federal law, policies and procedures.
Long ago in a seminary leadership class my professor cited a leadership guru who said, "Managers focus on doing things right. Leaders focus on doing the right thing." Whatever the Wall Street and Washington officials decide is going to be painful for all of us. However, sometimes doing the"greater good" sacrifices things like morality, responsibility, and consequences. I sure hope succeeding generations don't follow their lead if ethics are sacrificed on the altar of financial rescue.
My 401 retirement plan is lower than what many of these wealthy execs spend in a week to maintain their private jets, yachts and homes in the Hamptons, or on Martha's Vineyard. However, if doing the right thing means my retirement fund may take a major hit so ethical business standards can be upheld, so be it. I'd rather have my future grandchildren go without an ice cream cone or two from their grandfather and be able to look back on this place in time and see a shining example of ethics bathed in corporate and personal responsibility.
Today I'm just grateful that my personal security is not found in investments, retirement funds, stocks, real estate, gold or gas futures. My security is found solely in Jesus Christ. Yes we all need to save, spend less and prepare for the future. But we need to live life now. My goal (Philippians 3:7-12) and joy in life is not dependent upon circumstances, even economic ones. And joy does not mean the absence of pain, disappointment, loss, or heartache. However, my joy, hope and future are rooted in the person of Jesus Christ (Colossians 3:1-4). I'm with the Apostle Paul who said that any pain or trouble in this world (even economic loss) pales in comparison to what those who profess Christ now will receive (Romans 8:18). One day this stuff is going to matter to those who've put all their faith and energy into earthly investments. One day they will learn (way too late I fear) that life is about so much more than our personal assets. Reminds me of the line from a George Strait song, "I've never seen a hearse with a luggage rack." I really do enjoy living, but my ultimate home is not of this world and I can cry in confidence with the last human words uttered to God in Scripture: "Come, Lord Jesus." (Rev. 22:20)
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