Day: September 22, 2008

The Market and Personal Responsibility

The big news last week, of course, was the near-collapse of the market, fueled by the bailout of major firms by the federal government. Leading the way were Fannie Mae and Freddie Mac, the quasi-private, quasi-government lending institutions. Now the taxpayers have the burden of guaranteeing an additional $700 billion. Why did this happen? I’m not going to go into all the economics of it, but at the base of the problem is a spiritual issue. It has to do… Read more »