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Overspending Crisis
January 30, 2008
I’ve read a variety of opinions related to the subprime crisis/housing collapse lately, and I’ve yet to form a specific opinion about who is “at fault.”
One thing I believe is that it’s definitely a multi-party problem. However, I do think one root cause is behind the mess - the inherent consumerism of being American. Now, I’m far from anti-capitalist, on the contrary, I believe in free trade and limited government interference in business affairs, but I’m also pragmatic, knowing that promoting unlimited spending to obtain false promises of happiness is a reckless endeavor.
This recent entry on Instapundit explains what I believe quite well… I especially like the comment in the first Update.
It’s hard not to love things - I know. But, as Christians, that is not to be our first regard. In fact, one of our first regards is really to give away as much as possible, not hoard it and spend it on items that only improve our lives here on earth. Making statements such as this are tough, because it’s one area where hypocrisy can sneak into the picture… but part of fixing the problem in one’s own life is recognizing that a problem exists.
As Americans try to fix this problem, I think it would be a good opportunity to change some of our priorities… less spending on new things, more family time, more reading, etc…
On a related note, I listened in to the beginning of the January Series Lecture from Bill McKibben on January 4, 2008. One of his opening statements really struck me. Allow me to paraphrase:
Why do we praise new home sales? Doesn’t the emphasis on new home construction and sales promote the denigration of the environment?If we were to focus more on home sales in general, specifically resale, it would put more emphasis on reuse, which is inherently more environmentally friendly. Reuse of existing housing stock limits natural resource use, promotes neighborhoods and community resources, and still allows for economic activity. Reuse can still use building trades - remodeling old homes could be a large market. Reuse allows existing neighborhood networks, complete with local schools and corner stores, to remain healthy. Reuse limits extensions of utilities, keeping capital money within existing networks, not extending systems without providing for enough funding to maintain them properly.
After I read Bill McKibben’s newest book, Deep Economy, I should be able to pontificate on these ideas a bit better. It’ll be a good book for winter reading.
Posted by paul at January 30, 2008 11:17 PM
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