Sightings 2/9/09
Wall Street
-- Martin E. Marty
This week's collage of Wall
Street Journal headlines, none of them explicitly but all of them implicitly
evoking "public religion" themes, is broken up by passages from the King James
Version of the Bible, and from me – my attempts to see if we can find
perspective. For beginnings: Since some of the
public some of the time trusted the princes of finance (and government, the
church, the academy, et cetera), recall the bracing word of Psalm 146:3: "Put
not your trust in princes, nor in the son of man, in whom there is no help."
What follows are some effects of helpless princedoms,
chronicled.
These headlines appeared in
theWednesday, February 4th Wall Street Journal: ¨Detroit Reels as Auto
Sales Skid." "California Credit Rating Lowest in U.S."
"Disney Net Sinks As All Units Lose Steam." "Heat
Rises on Dow Chemical…$1.55 Billion Loss." "Motorola Chiefs under
Pressure to Stem Losses." "After Uproar, Wells Fargo Calls Off
Trip to Las Vegas." "CME Took Hedge-Fund Hit." "The
Battle Over Lehman Brothers' Real-Estate Carcass." "Condo Boom
Goes Bust for Corus Bankshares." "Early Filers Pile on
Errors."
Now for comment: Most
of these devastations occurred because the princes were confident about the
future, made bad investments, gave worse advice. Micah 5:12 warns,
"...and thou shalt have no more soothsayers." Or: "Go to now, ye
that say, Today or tomorrow we will…buy and sell, and get gain: Whereas ye know
not what shall be on the morrow…But now ye rejoice in your boastings: all such
rejoicing is evil."
From the Thursday, February 5th
Wall Street Journal: "More Call for Probe on Financial
Crisis." "Kodak Fails to Calm Skeptical Investors."
"Auto-Parts Makers Seek Bailout." "Kraft, Sara Lee Reduce
Forecasts as Consumers Trade Down." "Roche Offers Dim Outlook as
Profit Drops 8 Percent." "Cisco CEO Presages Gloom for Retailers."
"Allergen Net Drops 6.1 Percent; Job Cut…" "Station
Casinos Mulls a Bankruptcy Filing." "Forget Golf: [Wall] Street
Junkets Get Junked." "Securities-Lending Business Made Risky Bets.
They Backfired on Insurer." "Mortgage Banks Push for Federal
Support." "Prudential Says It Lost $1.57 Billion." "Lazard's Net
Falls 36 Percent." "AIGs Risky Wagers Helped Cripple Firm."
"Costco's Profit Warning Creates A Warehouse of Worry for
Investors."
From Psalm 2:4: "God
that sitteth in the heavens shall laugh: the Lord shall have them
in derision."
From the Friday, February 6th
Wall Street Journal: "Madoff Clients Exposed."
"Deutsche Bank Fallen Trader Left Behind $1.8 Billon Hole."
"Connect, Fabulous…and Broke." "Retailers Stop
Making Sales Forecasts." "Estée Lauder Profit Declines 30
Percent." "Glaxo Net Fall 7.1 Percent ; Job Cuts Planned."
"McClatchy Posts Loss." "At UBS, Questions Over
Bonuses." "Watchdog Says U.S. Overpaid For Troubled Assets of
Banks." "Traders Wonder How Low These Banks Can Go."
"Buyers: Beware False Profits."
And a postscript:
Reinhold Niebuhr, in The Irony of American History,
comments about Psalm 2:4's "sting of judgment upon our
vanities," that "if the [divine] laughter is truly ironic it must symbolize
mercy as well as judgment. For whenever judgment defines the
limits of human striving it creates the possibility of an humble acceptance of
those limits. Within that humility mercy and peace find a lodging
place."
Sunday, February 8, 2009
The Roman Forum 2009 Symposium entitled "A Tale of Two Enlightenments: Modern Image Versus Catholic Truth," will take place in Garone Riviera, Italy from July 2-13. The application deadline is April 15. For more information, click here.
Here is a taste of the topics to be addressed:
"A Tale of Two Enlightenments, one founded on the false modern image of itself, the other based on Catholic Truth, needs to be told in all its fullness. That tale has its roots in the Catholic revival of the High Middle Ages and the opposition and distorted imitation of its goals that Christian successes aroused. It is a tale that requires a discussion of everything of importance to human life: theology, philosophy, education, psychology, art and architecture, music, statecraft on the international and national level, family life, the errors of both the French as well as the Anglo-American Revolutions, and the twin evils of capitalism and communism."
Saturday, February 7, 2009
Villanova Law and University of St. Thomas School of Law are pleased to announce the third season of their summer law study program in Rome. Located at John Cabot University in the heart of Rome, the summer program offers comparative law courses and, when possible, courses related to the Catholic mission of the sponsoring schools. Students may earn six credits, while experiencing the many religious, cultural, and historical aspects of Rome. Courses offered in summer 2009 are Comparative Consumer Protection, International Art & Cultural Heritage Law, International Entertainment Law, and Professional Responsibility in the United States and Abroad.
Students in good standing who have completed at least one year of full-time or part-time study at an ABA-accredited law school are welcome. Applications will be accepted through February 16 or until the program is filled.
For more information, see www.law.villanova.edu/rome or contact Assistant Dean Diane Edelman at [email protected].