In Light of the Gospel

I’m no economic expert, but the bailout doesn’t look promising. On one hand, something needs to be done. I had lunch with a friend yesterday who lives in the “market” world, and he is not responsible for the housing market bust or the loans, but if the market goes down because of the poor decisions of others, it will take all of us with it. I pastor a small church, and our budget is off by over $10,000. Even with the bailout, we will still have to face inflation and the loss of jobs.

One of the more interesting pieces that I have read on the issue is George Will’s column at the Washington Post: “McCain Looses His Head” (HT-Gene Veith). Will says,

The political left always aims to expand the permeation of economic life by politics. Today, the efficient means to that end is government control of capital. So, is not McCain’s party now conducting the most leftist administration in American history? The New Deal never acted so precipitously on such a scale. Treasury Secretary Paulson, asked about conservative complaints that his rescue program amounts to socialism, said, essentially: This is not socialism, this is necessary. That non sequitur might be politically necessary, but remember that government control of capital is government control of capitalism. Does McCain have qualms about this, or only quarrels?

And he is right. I have deep problems with this bailout, and what could be done with the “money.” There are all kinds of other possibilities.