Prosperity theology and the subprime mess
From the department of provocative headlines: "Maybe We Should Blame God for the Subprime Mess."
And from the department of serious questions, the article -- by Time's David van Biema -- asks what role prosperity theology has in the mortgage crisis.
Prosperity theology's tenet that "God will 'make a way' for poor people to enjoy the better things in life," and its emphasis on upbeat faith as a key to material bounty seem conducive to a less-than-cautious approach to borrowing, and David quotes prosperity theology expert Professor Jonathan Walton saying “prosperity theology ha[s] developed an additional, dangerous expression during the subprime-lending boom."
Namely, belief that divine intervention rather than bad banking policy was delivering home loans to borrowers with bad credit scores.
However Walton also thinks the theology can be "empowering to those who've seen themselves as financially or even culturally useless," and that, "in some cases the philosophy has matured with its practitioners, encouraging good financial habits and entrepreneurship.”
Seems like the system and the culture as a whole, not just the Prosperity Gospel, need to mature.
Comments
What about the other, more insidious effect of prosperity theology--the belief that one's material success in life is a sign of God's favor? This kind of thinking affirms the wealth and moral goodness of the rich and supports the false belief that the poor just aren't trying hard enough. Although some versions of prosperity theology do recommend good stewardship (e.g. generous giving to charities, self-discipline in spending), this idea of self-regulation is often forgotten in the scramble to justify large disparities in wealth between rich and poor.
Posted by: treehugger | October 7, 2008 09:10 AM
treehugger: good point. I hadn't logically followed the point to its conclusion, but you're right, a mentality in which the poor aren't "trying hard enough" certainly isn't one I'd want to subscribe to.
Posted by: Kristin | October 7, 2008 11:21 AM