The REAL giving myths
By Donald Hank
In an article Giving in Today’s Economic Crisis, Dr. Steve McSwain (author of the book The Giving Myths) advises Christians to keep on giving despite the economic climate. Commenting on the causes of the crisis, writes:
…It’s not just corporate big shots, however, who are to blame for the failure in our financial markets. Granted, many of them have watched their companies close while they’ve safely floated away in “multi-million dollar parachutes.” But, there are many ordinary folks who are to blame, too. The majority of people in our culture have, in the words of Will Rogers, “borrowed money they don’t have, to buy things they don’t need, to keep up with people they don’t even like.”
Dr. McSwain never once mentions government culpability in this article. While claiming to be a myth buster, he seems to be a victim of the most pernicious myth of our time, namely, that the recent bank meltdown is due almost exclusively to Wall Street executives on the one hand and to you on the other. His article shows absolutely no recognition of the root causes of the problem, namely, government forcing Government Sponsored Enterprises (GSE) like Fanny and Freddy to give (under the CRA) to their favorite charities, the interest groups, in order to score political points – by forcing them to treat high-risk borrowers like low-risk borrowers.
The press release then gives advice to parents:
Don’t fret over the money markets, especially in front of the kids.
So not only does the author deny the root causes of the crash (or is he ignorant of them?), but he actually advises parents to make sure the kids don’t catch wind of this meltdown at all. In other words, let’s make sure history gets repeated, through ignorance. Continue reading