I have mixed feelings over the recently defeated bailout bill. I would like to see the American economy succeed without it, but there are strong indications that some sort of bailout is necessary to keep the economy afloat. Still, no one seems to know whether the bailout will succeed in fixing our problems or only delay the inevitable, perhaps even making things worse.

I can see why Congress is so divided on the bill. $700 billion ($700,000,000,000) is a lot of money to throw around when you are not sure if it will even work. As Bob Krumm writes:

How big is $700 billion? This source reports that to date America has spent $583 billion to fight the war in Iraq. That’s right, we taxpayers are being asked to add an immediate expense to the federal budget that is more than $100 billion greater than has already been spent on more than five years of war. (Bob Krumm: Call me a skeptic)

Of course the $1.1 trillion ($1,100,000,000,000) lost on Wall Street yesterday cannot be ignored either, although thankfully we are seeing some of that made back today. Thomas Sowell at Townhall recognizes the difficulties but still ends up arguing against the bailout:

Fannie Mae and Freddie Mac do not deserve to be bailed out, but neither do workers, families and businesses deserve to be put through the economic wringer by a collapse of credit markets, such as occurred during the Great Depression of the 1930s.

Neither do the voters deserve to be deceived on the eve of an election by the notion that this is a failure of free markets that should be replaced by political micro-managing.

If Fannie Mae and Freddie Mac were free market institutions they could not have gotten away with their risky financial practices because no one would have bought their securities without the implicit assumption that the politicians would bail them out.

It would be better if no such government-supported enterprises had been created in the first place and mortgages were in fact left to the free market. This bailout creates the expectation of future bailouts.

Phasing out Fannie Mae and Freddie Mac would make much more sense than letting politicians play politics with them again, with the risk and expense being again loaded onto the taxpayers. (Thomas Sowell: Bailout Politics)

Meanwhile Terence Corcoran at the Financial Post argues that we should let the market correct itself.

It would be unwise to read too much into the Dow plunge, or to link it exclusively to the political circus in Washington. Stocks appeared to be heading lower no matter how Congress voted. Indeed, from the moment congressional leaders announced Sunday they had a deal, filled with anti-market schemes and regulation, stock prices began falling in Asia and Europe. Early yesterday, when it was expected the bailout would be approved, the Dow was down 500 points.

Bailout or no bailout, the stock markets were heading lower as financial markets continue to undergo massive asset revaluations. No matter what elaborate new rescue packages Congress, the Bush administration and the U.S. Federal Reserve bring to the party, the market is going to continue marking stock prices and other assets down until values reach realistic levels.

This is not, nor can it be, the beginning of the end of the U.S. or world financial system. It’s simply how the financial market works, how it should work. And it is working, whatever the games being played out in Washington and whatever their belief that governments can resolve the crisis. (Financial Post: Financial markets go up and down as they should)

So, what do you think? Should we be bailing out the bailout? Or let the economy run its course?

Related posts:

• How Big Is a Trillion?
• Scary Financial Movie Trailer

Last week I posted an article called Palin, Prayer and Precedent. The article looked at Sarah Palin’s prayer for U.S. troops in relation to historical examples of U.S. presidents who also invoked prayer during times of war. (Gov. Palin’s remarks were made during an address to students at Wasilla Assembly of God Church in Wasilla, Alaska.)

The post was linked by Ann Althouse which prompted one reader to respond by raising an additional question concerning Palin and prayer — this time in relation to Palin’s request for prayer about the Alaskan pipeline (made during the same address to students at Wasilla).

We had a back-and-forth discussion in the comments section at Ann Althouse which I thought would be fun to reproduce here. A big thanks to Amy Jacobs for granting me permission to post her comments. Enjoy the discussion!

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Amy: The Ray Fowler post makes the same arguments seen elsewhere for Palin’s prayer. The problem with Fowler’s spin is that it doesn’t explain a similarly bizarre comment from Palin: “I think God’s will has to be done in unifying people and companies to get that gas line built, so pray for that.” In this instance it’s clear that Palin claims to know God’s will.

Fowler’s attempt to spin Palin’s prayer offers up this distinction: “There is a big difference between claiming that something is God’s plan and praying that something we do lines up with God’s plan.” Palin says that building the gas line is God’s will. I have no idea how Palin claims to know God’s will regarding US economic and energy policy. In any case an invocation of Lincoln doesn’t help Palin out on this one.

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Ray: I don’t think Gov. Palin is necessarily saying she knows God’s will for the pipeline. I am sure if you asked her she would explain more clearly what she meant. It is similar to Senator Obama and the lipstick on a pig comment. His words could have been interpreted negatively towards Palin, but when given a chance to explain himself, he told us what he meant by the words. In the same way I think we should let Gov. Palin interpret her own words instead of jumping to conclusions.

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Amy: I can only go by what Palin says. In this case it’s perfectly clear: Palin claims to know God has a plan for building a gas line. Words have meaning, which is why you spent so much time analyzing precisely what Palin said about our troops in Iraq. We should hold our politicians responsible for their actions and their words.

Except the new Republican game is to defend ridiculous comments by Republican politicians by arguing that it’s just “verbiage.” Palin did this when she defended McCain’s assertion that the fundamentals of the economy are strong: “Well, it was an unfair attack on the verbiage that Senator McCain chose to use.” I think you use the same sort of defense of Palin: “I am sure if you asked her she would explain more clearly what she meant.”

It’s perfectly clear what she meant. She’s used phrases like “God’s will” and “God’s plan” on more than one occasion in support of political positions. If Palin had used the phrase “God’s will” in urging humanitarian work, it wouldn’t be a concern since the Bible offers instruction about charity and giving. But the Bible offers no guidance about gas lines. Therefore when Palin talks about “God’s will” regarding gas lines, she’s using religion to carry a political agenda.

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Ray: Well, it’s more than possible that I am reading my own worldview into this whole scenario, but I don’t think it is perfectly clear that she meant what you say. Palin said: “I think God’s will has to be done in unifying people and companies to get that gas line built, so pray for that.” Couldn’t she simply be saying that if its God’s will for this pipeline to be built, then it is going to take a lot of people coming together, so let’s pray for that?

Once again, I could be pushing my own world view onto this, but I come from a Christian background where we talk about God’s will a lot. And we never assume that “my will is God’s will.” We hope that what we are doing lines up with God’s will, and we pray for God’s will to be done, but I sincerely doubt that Sarah Palin was claiming divinely revealed knowledge about the Alaskan pipeline.

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Amy: That might be what she meant to say, but it’s clearly not what she did say. What she did say is that it’s God’s will for Alaskans to build a gas line and the project will require people and companies to come together.

I come from a Christian background too. I’ve heard people talk about “God’s will” and “God’s plan” in regard to Biblical lessons, but not in referencing specific political projects like building gas lines. Based on your Christian background, can you provide a textual reference to support the idea that God has a plan for gas lines in Alaska?

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Ray: How about Zechariah 4:12? (“Again I asked him, ‘What are these two olive branches beside the two gold pipes that pour out golden oil?’”) Just kidding. I am sure both you and I would agree that this is an irresponsible use of the Biblical text by taking it out of context. But that is exactly my point. From what I know of Gov. Palin’s background, she also would be firmly against using a text like this to justify building a pipeline in Alaska.

I don’t believe Gov. Palin was saying or has ever said that she has Scriptural warrant or a direct decree from God to build a pipeline in Alaska. But she was asking for prayer about it. And she was praying for God’s will to be done.

Just as we let Senator Obama explain what he meant by “lipstick on a pig,” (and I accepted his explanation), I think we should let Gov. Palin explain her words instead of interpret them for her. Now, if she suddenly starts spouting Zechariah 4:12 in favor of two Alaskan pipelines, I will grant you your point and come over to your side.

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Thanks, Amy, for a fun discussion. I enjoyed the back and forth even if we ultimately end up disagreeing with each other on this one. And the comments are open if you would like the last word!

Related posts:

• Palin, Prayer and Precedent
• Journalists Code of Ethics
• Sunday at Sarah Palin’s Church
• Sarah Palin Roundup

• Pastors’ Pulpit Politics Draw Complaints. Americans United for Separation of Church and State has already filed complaints against six of the 33 pastors who deliberately defied federal tax law by endorsing candidates from their pulpits on Sunday.
• The Perelandra Project. The Oxford C.S. Lewis Society and the Donald Swann Estate are planning a production of PERELANDRA the Opera to debut in June 2009. (Perelandra is the second book in C.S. Lewis’ space trilogy.)
• Iron Man 2 Conflicts with Dawn Treader. Not again? As much as I enjoyed the first Iron Man, I still think it’s release schedule had a negative impact on Prince Caspian at the box office.
• Incognito Browsing. Tim Challies warns parents about new features on web browsers which could allow children to browse the web without leaving a history of the sites visited. (See Taming the Internet in the Home for further tips on protecting your children online.)

This past weekend was the 2008 Desiring God National Conference. The theme of the conference was on the power of words. Speakers included John Piper, Sinclair Ferguson, Bob Kauflin, Mark Driscoll, Dan Taylor and Paul Tripp. You can find links to the messages in written, audio or video form here: 2008 Desiring God National Conference

Related post: 2008 Desiring God Pastors Conference

This past weekend was the 2008 Ligonier Ministries West Coast Conference. The theme was Tough Questions Christians Face. Speakers included R.C. Sproul, John MacArthur and Ligon Duncan. Here are summaries of each of the sessions as live-blogged by Alex Chediak and posted on the Ligonier Blog.

• Has Science Disproved the Existence of God? (Ligon Duncan)
• Why Does God Allow So Much Suffering and Evil? (John MacArthur)
• Q & A Session (R.C. Sproul, John MacArthur, Ligon Duncan)
• If God is Sovereign, How Can Man be Free? (R.C. Sproul)
• Is Jesus the Only Way? (John MacArthur)
• Q & A Session II (R.C. Sproul, John MacArthur, Ligon Duncan)
• Should the Church Embrace Postmodernism? (Ligon Duncan)
• What is the Gospel? (R.C. Sproul)

I had hoped to see the movie Fireproof this weekend but could not find it in any of the local theaters. According to the news it did quite well, debuting at no. 4 over the weekend with a gross of $6.5 million dollars, the second highest debut this year for a film released on 1,000 screens or less.

Here are some links and reviews:

Christian Post: ‘Fireproof’ Debuts at No. 4

The movie, produced by church-based ministry Sherwood Pictures, tells the inspiring story of a fireman and his struggle to save his faltering marriage from ending with his newfound faith and with the help of the “Love Dare,” a 40-day spiritual guide that utilizes Scripture to reveal what true love is.

New York Times: Fireproof (2008)

“Fireproof” may not be the most profound movie ever made, but it does have its commendable elements, including that rarest of creatures on the big (or small) screen: characters with a strong, conservative Christian faith who don’t sound crazy.

Christianity Today: Fireproof (See also Peter Chattaway at FilmChat)

After a shaky start and a steady middle, the film ends on a genuinely moving note that didn’t quite have me in tears, but still got me where it counts, both times I saw the film. With this, the folks at Sherwood Baptist Church have made their most impressive movie yet.

Good News Film Reviews: Fireproof Rakes in the Cash

In my original view of the trailer I claimed this looked like “another groan-inducing, half-baked flick that begs to be ridiculed.” It still looks like that to me, but apparently I may be in the minority here.

Boundless: Watching Fireproof

You know what? Despite the film’s “poor production values,” I found my heart elevated by the story. I adjusted my expectations based on the limitations placed on the film crew because of the available expertise and technology, and was able to engage the story to my benefit. (Note: You must read this one for context. It is not what you think it is.)

So, have any of you seen Fireproof yet? What did you think?

Related post: Kirk Cameron: “I’ll Only Kiss My Wife”

Yesterday’s message in the Called series was titled Called to Holiness. The main idea of the message was that God calls all Christians to a life of holiness. Here is a brief outline of the message:

I. God calls you to be holy. (1 Peter 1:15-16)
    A. It is God’s will that you should be sanctified. (1 Thessalonians 4:3)
    B. Without holiness no one will see the Lord. (Hebrews 12:14)

II. Holiness is not what you (may) think it is.
    A. Holiness does not mean acting “strange.”
    B. Holiness is not separated from practical daily living.
    C. Holiness is not achieved through self-will or determination.

III. Holiness comes through Christ.
    A. Jesus died to make you holy. (Ephesians 5:25-27)
    B. Growth in holiness is a life-long process. (Philippians. 1:6)

Note: Click on the Sermons tab at the top of the blog for this and other messages.

R.C. Sproul answers the question: Does prayer change things? “Does prayer make any difference? Does it really change anything? Someone once asked me that question, only in a slightly different manner: ‘Does prayer change God’s mind?’ My answer brought storms of protest. I said simply, ‘No.’ Now, if the person had asked me, ‘Does prayer change things?’ I would have answered, ‘Of course!’”

Glenn Reynolds responds to reports of various political supporters losing faith in their candidates. “Don’t people wind up feeling this way every four years? Which isn’t to say they’re wrong. As for me, I haven’t liked a candidate enough to be actually disillusioned by one in … well, ever, really. The good news is that the guy you don’t like usually fails to live up to your fears almost as much as the guy you like fails to live up to your hopes…”

Ray Ortlund discusses our real problem. “The good news of the gospel begins with some really bad news. Our sins only provoke a bigger problem: the wrath of God. Our real problem is not our sins but God. He is angry, he isn’t going away, and there is nothing we can do about it. If God is against us, who can be for us? But here is the good news. God has made God our salvation. He did it at the cross. God has provided a way of escape from God: in God. We run from his wrath by running toward his grace in Christ. And if God is for us, who can be against us?”

Tullian Tchividjian quotes Cornelius Plantinga on human yearning and hope. “The truth is that nothing in this earth can finally satisfy us. Much can make us content for a time but nothing can fill us to the brim. The reason is that our final joy lies ‘beyond the walls of this world,’ as J.R.R Tolkien put it. Ultimate beauty comes not from a lover or a landscape or a home, but only through them. These earthly things are solid goods, and we naturally relish them. But they are not our final good. They point to what is higher up and further back…” (from Engaging God’s World, pg. 5-7)

Scott Nehring gives a great movie watching tip on the treatment of religion in film. “When you see a religious figure on screen, note how they’re treated, how they’re presented. Then look at the followers of that religion you’ve met in real life. Does the real people and their presentation in film match up? If not, if say the believers are shown to be violent, wild-eyed fanatics and the real people you’ve are generally good people not given to theocratic impulses, ask yourself why the filmmaker would create a disproportionate image of those people. Is the misleading image the result of bigotry or ignorance? This is good to do any time you see a specific social group presented in film.”

Jesse Johnson encourages believers towards lifestyle evangelism. “For Jesus, evangelism was a way of life. When He crossed paths with people, He seized the opportunities to preach repentance and the forgiveness of sins. In fact, much of Jesus’ evangelism took place in conversations with individuals … Evangelism in the book of Acts follows Jesus’ example. Peter, Stephen, and Paul did not stand on street corners and shout. Instead they seized whatever opportunities God gave them, and implored people to be reconciled to God. There are at least 15 examples in the book of Acts of Christians going about their daily activity, and then getting involved in evangelistic conversations with individuals with whom they came in contact.”

Here are some examples of putting the cart before the horse this political season. I’ve got two examples from Barack Obama and one from John McCain.

• Obama’s Presidential Seal: Sen. Obama unveiled this Presidential Seal at a round-table discussion with Democratic governors on June 20, 2008. The seal was dropped from campaign use several days later.

      Obama Presidential Seal                 Actual Presidential Seal
         

• Obama’s Presidential Coin: A Birmingham company is minting presidential coins for Sen. Obama. They have already sold more than 300 limited edition coins to the Democratic Party to hand out to key members of the campaign to elect Obama. (HT: Don Surber)

  

• McCain’s Early Debate Ad: Hey, there’s nothing wrong with either candidate declaring victory in the debate. But Sen. McCain ran this ad in the Wall Street Journal online Friday morning before the debate even took place. You can see a screen shot of the ad in the WSJ here. (HT: Museum of Hoaxes)

  

Check out the amazing Lego NXT Autonomous Wall-E Robot built by a member of the Trossen Robotics Community Forums.

(Video length: 1:18)

Creator bazmark writes:

He is entirely made of Lego parts and Lego NXT Mindstorms Robotic System for brains, he is fully automated and animated and programed using Labview’s NXT-G software. I have built many prototype before coming to this final revision (wall-e rev.3)

Technical specs:
    – 1 Mindstorms NXT with rechargable pack,
    – 3 Lego NXT Servo Motors,
    – 4 Lego PowerFonctions motors,
    – 2 PF IR receiver,
    – 1 UltraSonic sensor,
    – 1 Sound sensor,
    – 1 InfraRed link sensor (HiTechnic),
    – 1 NXTservo module,
    – 1 mini RC servo (Mindsensors),
    – 10 AA batteries,
    – Lego parts mainly from the Bulldozer set #8275, and
    – other parts from various technic sets.

Related post: 6 WALL·E Video Vignettes

Here’s a great quote from Jared Bernstein on Treasury Secretary Paulson’s announcement earlier this week on the $700 billion bailout.

“The situation is like that movie trailer where a guy with a deep, scary voice says, ‘In a world where credit markets are frozen, where banks refuse to lend to each other at any price, only one man, with one plan can save us,’” said Jared Bernstein, senior economist at the labor-oriented Economic Policy Institute in Washington. And yet, the more he looked at the data, the more Mr. Bernstein became convinced the financial system really does require some sort of bailout. “Things are scary,” he said.

I am pretty much a free market guy, but I must admit I am at a loss on this one. What do you think is the best solution at this time?

Note: Here are a few articles dealing with the economic crisis from a Christian perspective.

• Albert Mohler: A Christian View of the Economic Crisis
• Chuck Colson: God and Wall Street
• World Magazine: Anatomy of a Crisis (How Washington and Wall Street got into trouble)

Related post: Bailing Out the Bailout?

We need to encourage one another daily in this battle against sin. The book of Hebrews tells us:

“See to it, brothers, that none of you has a sinful, unbelieving heart that turns away from the living God. But encourage one another daily, as long as it is called Today, so that none of you may be hardened by sin’s deceitfulness.” (Hebrews 3:12-13)

Did you get that? Sin is deceitful. Sin never comes right out and advertises itself or its consequences. Sin sneaks into our lives unawares and takes us down slowly one heart decision at a time. But the cumulative effect of all those decisions can be deadly. It is like hardening of the arteries. It doesn’t happen all at once; it takes place over a period of time and often in places unseen. But the damage is building, the danger is real, and all of a sudden you find your heart hardened towards God.

How do you guard against this gradual hardening of your heart? By the daily encouragement of your brothers and sisters in Christ. “Encourage one another daily … so that none of you may be hardened by sin’s deceitfulness.” (Hebrews 3:13)

(From this past Sunday’s message: Called to Community)