Earlier this week, as the markets tumbled into panic, I sent an email to a friend of mine who works in the financial industry. He gave me permission to share it here:
I prayed for you today as you deal with your clients and the continued fallout of the markets. On the phone you tossed me the question about whether I had anything to say by way of perspective. I am certainly not a financial guy, but let me share a few thoughts.
I believe that the Lord is fully in control of all that is happening now. I believe he is doing something in the nation and in the world. As I said in a message recently, the god of this age (materialism) is being shaken and shown for the idol it has always been. At the same time, what we are experiencing has been brought on by human sin: war, and the crisis brought on by greed at all levels, people trying to have what they haven’t earned, political power plays, etc.
A pastor I respect named Bob Roberts recently blogged these thoughts:
“Our self-centeredness and greed have now come full circle and we are paying for it. It may take a generation to fix this — probably will. This will require a new approach — one that requires a new kind of person — which requires a new kind of parent. Adults aren’t made overnight — they require a good solid 20 years of being poured into by their parents — another 20 years of learning to succeed and fail at the same time to get to a point of significant leadership in their 40’s. Financial success can come quicker, but not maturity and depth of character.
I’m not sure a ‘President’ can lead us out of this — we need a Ghandi or Mandella or something we haven’t seen yet. BUT, Peter Drucker once said, “Those who handle change best are those with an unchangeable inner core.” I think he’s right. Wars, economies, and other things have come and gone, been up and down, but people who know who they are stay stable and don’t panic with the whims of society. Their hope is not in power or money - but truth and relationships.
How do you feel today? It is an indicator of where your hope is.”
____, as a follower of Christ, you have access to a changeless inner core: a standing in Christ and the power of a life yielded to him. At the same time, I know you are working with clients from all kinds of backgrounds and it will not be practical for you to speak to their anxieties and the impact on their lives by pointing them to a changeless inner core they might not have. But truly they have no other choice than to face the reality of the moment — and I hope more people will seek to know the God who provides us that changeless inner core.
I was in southern Africa earlier this year. It is a poor place; the average income is $750/year. There is much happening there that is not what God desires: half the people are without the most basic medical care, poor education, etc. However, there is also life there. People value relationships and the church in MZ has doubled in the last 8 years as people seek God. My point: when compared to human history past and current, we still have so much, even after a market crash. We are not in danger of starving, but we might have to keep working longer instead of retire. We can still have our bodies cared for even though it is the soul that matters eternally and the relationships in our lives that matter most.
As some speak of another Great Depression, here is what one observer reminded us how far from that we really are:
“Unemployment currently is at 6.1% — during the Great Depression it was at 25% Between 1979-1982 it was at 10.8% Between 1989-1992 it was at 7.8%
Growth declined during the Great Depression by 13%. It was down 7.8% between 1979-1982, down 3..0% between 1989-1992, but is only down 0.2% through 2007.
Prices during the Great Depression fell by 10.3% They went up by 13.3% during the early ’80s and by 6.1% between 1989-1992. Today prices through August were up 5.4%. With falling gas prices that should see a decline.
The largest point decline in the market’s history came on Sept. 29, when the Dow Jones Industrial Average fell 777.68 points. The largest percentage drop came on Dec. 12, 1914, when the market declined 24.39%”
You know the finance stuff better than I do, and I am not trying to say our 401ks will be peachy by next year. If our bar of what is acceptable in life is the Dow at 15,000, then life will be untenable for a long time. I am just saying that is not the bar. If we look at the wide-angle view of our material well-being in the light of history and humanity it looks much brighter than focusing on the market drop over the last 12 months. Even more, what matters most has not been taken away: our purpose for life on this planet, our value of relationships, our ability to hear from and know God and his eternal perspective — it’s all in place and maybe a little closer to the surface right now.