bad debt

Donna Schaper 5-17-2013
Business man underwater, Minerva Studio / Shutterstock.com

Business man underwater, Minerva Studio / Shutterstock.com

Debt, multitudes think, is bad. It could be good, by helping more people manage the energy of money. The Lord’s Prayer helps the confusion along: some pray to be forgiven debts, others to be forgiven trespasses. Good debt does not trespass. Bad debt is most often done by banks, and trespasses inside people, insidiously, and shames them. Religious institutions help the shame along by mispraying the Lord’s Prayer.

Debt might be good. In his book on Debt: The First 5000 years, David Graeber opens with a story. The story is paradigmatic. A woman tells a man the story about a person who is “under water.”  “But, shouldn’t she have to pay her debt?”  Should. Have. Pay. Debt. Those four words go together. They mispray the Lord’s prayer. Instead we might pray, “forgive the banks their trespasses into our souls first and then our pocketbooks.”   

Jim Wallis 3-31-2009
$296 billion is a lot of money. Twenty-two months is a long time. But that's not the cost of the most recent bailout and 22 months isn't a prediction of how long our economic crisis will last.