This morning, the week after the bailout package passed, the DOW dropped below 10,000 for the first time in quite a while. Sounds like the worst is yet to come, and the promise of the bailout package wasn’t enough to stabilize global markets, at least not right away.
I’m not Catholic, but I had to agree with Pope Benedict XVI’s words this morning:
Pope Benedict XVI says the global financial crisis show the futility of money and ambition.
Benedict says that “now with the collapse of big banks we see that money disappears, is nothing and all these things that appear real are in fact of secondary importance.” He urges those who build their lives “only on things that are visible, such as success, career, money” to keep that in mind.
The pontiff was speaking Monday as he opened the works of a meeting of 253 bishops at the Vatican.
Benedict says “the only solid reality is the word of God.”
As Proverbs says:
Cast but a glance at riches, and they are gone, for they will surely sprout wings and fly off to the sky like an eagle. Proverbs 23:5