Money

Why I Love Credit Unions

I finally “moved my money” from Wells Fargo to Lafayette Federal Credit Union. It’s local. It’s half a block from work. Charlotte, the branch manager, already knows my name.

Mind you, I never actually opened an account at Wells Fargo to begin with. I opened my account 20 years ago with a regional bank. But it was bought by Bank of America. I then switched to another regional bank. But it was bought by Wachovia. Last year, Wachovia was bought out by Wells Fargo. I’ve never been a big fan of the mega-money institutions. But ever since they drove our economy into a ditch and did it, in part, by taking the homes of poor people and minorities, I felt the biblical prophets giving me a kick in the pants. Hence, the next stage of my financial pilgrimage.

Credit unions, as we know them today, originated in Europe in the 1800s as financial self-help cooperatives among small business owners and farmers in particular locales, geared toward providing for and protecting their economic sovereignty. Eventually credit unions came to be organized around seven principles: 1) voluntary membership, 2) democratic governance, 3) member control of capital, 4) autonomy and independence, 5) education of members and public in cooperative principles, 6) cooperation between cooperatives, and 7) concern for the local community.

“If love is wise,” wrote Pope Benedict in his 2009 encyclical Charity in Truth, “it can find ways of working in accordance with provident and just expediency, as is illustrated in a significant way by much of the experience of credit unions.”

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Down and Outraged

FOR A PERSON from the educated middle class who is going to pieces spiritually from lack of employment, often the hardest thing is maintaining appearances. Practically every cent and reserve of dignity is diverted into the illusion of gentility. Your clothes, technology, home, and public habits cannot be shabby. If a professional acquaintance suggests an expensive lunch, there is no avoiding it. If he or she says, “I’ll just message you when I’m leaving for the restaurant,” you must possess the proper gadget for receiving messages while in transit, for you can’t await word on your home computer when the acquaintance expects to meet 10 minutes later.

Accompanying this financial shadow play is the anguish of what to call yourself. Diplomas, publications, and authenticity of intellect don’t define your status—credibility comes from your institutional base. Establishing this base is increasingly difficult. Look at the appellations people use when they publish little essays and commentaries: There are an astonishing number of fellows, advisers, experts, strategists, associates, analysts, and specialists, not to speak of freelancers and of course consultants, whose titles are not linked to any institution. Despite privileged backgrounds, this group’s privilege is now almost entirely theoretical. Lack of property, land, stock, and savings point to the decline of their class and status. Still, their most sickening fear comes from finding themselves marooned outside institutions, with little hope of climbing back in and no skills on which to rely when their ideas and insights are of no monetary value.

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Power, Prayer and Money

Author Eric Metaxas speaks at the National Prayer Breakfast. (Getty Images)
Author Eric Metaxas speaks at the National Prayer Breakfast 2/2/12. Photo via Getty Images.

It’s been several years since I’ve attended a National Prayer Breakfast, the annual event held Thursday morning in Washington, D.C., attended by the President, members of Congress, and guests — about 2,500 of them.

When I lived and worked in D.C. I attended almost every year. Senator Mark Hatfield, for whom I worked, was a faithful member of the Senate Prayer breakfast group which met weekly, and with the group in the House, sponsors the this national event.

My worry always has been that such a gathering merely sprinkles holy water on the nation’s powerful leaders without any real accountability to the prophetic message of the Gospel. As a breakfast speaker one year, Hatfield called for national repentance for arrogance and sin, referring especially to the Vietnam War. His comments broke with the normal rhetorical decorum of the event and angered President Nixon, but received widespread coverage and much respect.

These days, the early-morning prayer breakfast is also accompanied by countless luncheons, dinners, and seminars for people who come from around the nation and the world to attend. The idea behind the prayer breakfast movement is simple: Gather politicians and leaders together in a country (or state, or city) to pray with one another “in the Spirit of Jesus,” and hope that this dependence on God will transcend differences to build a movement grounded in love for one another and one’s neighbor. It’s supposed to be devoid of “politics.”

Chris Hedges' Occupy Wall Street Statement

Chris Hedges. Image via Wiki Commons.
Chris Hedges. Image via Wiki Commons.

Chris Hedges' statement on Occupy Wall Street read in part:

As part of the political theater that has come to replace the legislative and judicial process, the Securities and Exchange Commission agreed to a $550 million settlement whereby Goldman Sachs admitted it showed "incomplete" information in marketing materials and that it was a "mistake" to not disclose the nature of its portfolio selection committee. This fine was a payoff to the SEC by Goldman Sachs of about four days' worth of revenue, and in return they avoided going to court. CEO Lloyd Blankfein apparently not only lied to clients, but to the subcommittee itself on April 27, 2010, when he told lawmakers: "We didn't have a massive short against the housing market, and we certainly did not bet against our clients." Yet, they did.

WARNING: No Compassion. Proceed with Caution.

Visit msnbc.com for breaking news, world news, and news about the economy

Where is the compassion in our economy and our politics? It says much of the economic system that Sojourners even needs to campaign for a "moral budget." How do we, as Christians, challenge structures that allow billions of dollars to be wasted via tax loopholes while 1 in 6 Americans live in poverty?

Will we, as Sachs hopes,

The Gospel Should Be Offensive

kibera1

Scripture constantly should be challenging our assumptions about our lives and in every aspect of society. Transformation is needed on a personal and also a political level. Scriptural priorities shouldn't be glossed over in order to protect political ideologies and comfort zones.

If we believe that what Jesus taught remains just as relevant today as it did when he physically walked among us, then it should still be a comfort to those on the margins of society and offensive to the wealthy and powerful. That doesn't mean that the wealthy and powerful can't be good and faithful followers of Christ, but Jesus did warn them that their walk will be a hard one. Wealth and power bring unique and difficult temptations ... If you never feel uncomfortable when you read the Gospels then you aren't paying attention.

St. Francis, Pray for Us

Today (Oct. 4) Christians around the world celebrate the life of St. Francis of Assisi, one of the bright lights of the church and one of the most venerated religious figures in history.

The life and witness of Francis is as relevant to the world we live in today as it was 900 years ago. He was one of the first critics of capitalism, one of the earliest Christian environmentalists, a sassy reformer of the church, and one of the classic conscientious objectors to war.

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