Failing Banks, Foreclosures, Unemployment

[Suzanne Sutton]

Failing Banks, Foreclosures of Mortgages, Unemployment

Here is an interesting statement from Fundamentals of Christian Education, pp. 317, 318, by Ellen White:

"...The land boom has cursed this country, extravagant prices have been paid for lands bought on credit; then the land must be cleared, and more money is hired; a house to be built calls for more money, and then interest with open mouth swallows up all the profits. Debts accumulate, and then come the closing and failure of banks, and then the foreclosure of mortgages. Thousands have been turned out of employment; families lose their little all, they borrow and borrow, and then have to give up their property and come out penniless. Much money and hard labor have been put into farms bought on credit, or inherited with an incumbrance. The occupants lived in hope of becoming real owners, and it might have been so, but for the failure of banks throughout the country."

Comment: Very interesting, ...The Bible and the Spirit of Prophecy have many, many statements admonishing us to handle our finances with prudence and commen sense. At the some time we are also mindful that we serve a loving God who watches out for us:

"I have been young, and now am old; yet have I not seen the righteous forsaken, nor his seed begging bread." Psalm 37:25.

Suzanne

[phkrause]

Isn't that interesting, and that's 100+ years ago, wow.

pk

[Gerr]

If families can't live on debt with impunity, I'm afraid neither can our gov't. I fear that debt, more than anything else, will be the undoing of our beloved country. That's why this outpouring of bail-out and stimulus money trying to revive what once was that actually got us into this mess, is the wrong thing to do.