Crises, like wars, are not exactly cultural artifacts, let alone cultural “goods”—they are, almost by definition, the kind of cultural collapse that only creativity can reverse. But there is no doubt that the current credit crunch is culture. It is the accumulation of cultural goods (subprime mortgages, fiendishly complex derivatives, markets regulated and unregulated) and culture-shaped values (easy lending, easy borrowing, and unwavering faith that house prices would never fall).
So what does the current crisis make possible and impossible? What new culture is created in response? A rule of thumb might be helpful in guiding our thinking: when a cultural artifact is presented as unambiguous progress (like most technology), look for the cloud behind the silver lining. Even the most beneficial goods often bring unintended negative consequences in their train. On the other hand, when all the world is screaming “crisis,” there are likely to be some real and durable opportunities that come along as well. So let’s not dwell too much on the obvious destruction that has been and will be wreaked in the wake of Wall Street’s folly. What new culture might emerge? What may become possible that should have been possible all along? Most importantly, what new culture can we, and must we, create now? Share your thoughts with us here.
It is the conclusion to the age old (and never changing) cycle of greed and fear.
—Carl CatonThe love of money is the root of all evil.
—Mary KingWe live in a materialistic world and have all fallen prey to consumerism. We live for ourselves and try to gain riches and treasures here on earth. The world is very influential and it works hard pulling us in to its mindset.
—Second YangThe crisis assumes that we as adults will learn the same way we did as infants, toddlers and teens. Failing is a single portion of the process of growing. Do we learn from our failures and share what we have learned or shield others to the point of their own perhaps more painful failure.
—Erik BeutlerBehold, I go and prepare a place for you…Our dream for a place to call home is real.
—Mary KingWe need to live within our own means instead of at a level that is out of our reach. We all want the American dream of the house, car, and early retirement. Instant gratification has become the norm.
God’s plan has always been to work and rest on the Sabbath. There is no mention of retirement in the Bible. Judges, prophets, and the disciples never planned for retirement.
—Second Yangempowering someone means letting them take the steps necessary instead of helping them skip forward
—erik beutlerDealing with the consequences of overleverage requires that we hunker down and work through our excess. The blessing in all this is that it reminds us that the best things in life are free (or almost free). For some of us, it is a time when we rediscover the joy of simple things.
—Carl CatonLove your enemies, do good to them, and lend to them without expecting to get anything back.
—Mary KingIt slows the world down and lets everyone take a deep breath. Now we can all stop and take a look at our lives and see what is really important.
Instead of reading the newspaper we can now read scripture. Instead of hoping for rate cuts we can put our hope in the Lord.
—Second YangIf you have not been trustworthy with someone else’s property, who will give you property of your own?
—Mary KingI think it’ll get worse before it gets better. It’s impossible to know what the future has in store. It will be impossible for us to go back to the way things were.
—Second YangA culture more focused on family, faith, and the meaningful things of life.
—Carl CatonCome, follow me.
—Mary KingSadly, I personally think it’ll make people find more loopholes in the future. A large percentage of people and companies have been bailed out. Will we really learn from this? People have been saving for decades and they lost it all in a week. What will be the next scheme? People have stopped thinking for themselves. People just wait and react now.
—Second Yangwe get to determine the culture around us… is it one of being faithful with little? is it a culture of community with multiple families combining resources? perhaps through all of these circumstances we create cultures that build highly influential, accountable leaders.
—erik beutlerit might open up some space for a culture of living according to our means and an appreciation for budgeted spending
—Tony