HOME | CONTACT US | DONATE LoginLOGIN Ask the RabbiASK THE RABBI
Chabad.org - Torah, Judaism and Jewish Info News & Current Events
 
Chabad.org » Community & Family » News & Current Events » Views on the News » A Historic Bailout








Views on the News
PrintSend this page to a friendShare this
Comment5 Comments

A Historic Bailout

It's all but final. In a bipartisan effort, the Congress will soon enact a gargantuan 700 billion dollar bailout aimed at securing the failing banking industry and bolstering the depressed economy. Almost all agree that to allow the banking industry to fail would spell chaos for all, leaving the government with no option but to implement this historic bailout.

What is causing the financial markets to fail? I just read an article in Newsweek that suggests that "the chief cause of the credit market meltdown is not folly, or reckless lending." Rather, "in the past five years Wall Street firms created huge volumes of new kinds of complex securities, such as subprime bonds... [which] lacked long trading history or deep markets." In reporting the value of their assets, these firms had to estimate the value of these new securities. Once many of these debts went sour, confidence in these types of securities plummeted, forcing these firms to reassess their values, thus drastically reducing their firm's reported assets, which in turn leads to bankruptcy, etc.

(The article is filled with technical terms. I hope I properly deciphered its logic...)

What is the personal lesson we can take from this crisis and the resulting bailout, as we prepare ourselves for the approach of the new year, 5769?

Here's one lesson I've taken:

During the past year(s) I have made foolish decisions—in all areas of my life, both material and spiritual. Largely, these mistakes stem from faulty "evaluations." I considered work more important than family, surfing the web more important than prayer, splurging more important than charity, ego more important than my wife's feelings, etc.

And next week as I stand in the synagogue on Rosh Hashanah, standing with my soul bared in judgment before G‑d, the thought will occur to me. "My G‑d, so many of the 'assets' I've accumulated over the past year are virtually worthless." A modicum of thought will reveal that I am teetering on the brink of insolvency.

But this upcoming week we will be ushering in a new year. A new start. I'll approach G‑d and ask for a monumental bailout. Not because I am deserving, but because otherwise the whole "spiritual economy" is doomed. Without a solvent humanity, His master plan is for naught. Rosh Hashanah is the anniversary of the creation of Adam and Eve. G‑d created us to be His partner in implementing His vision of a world of good. He will bail us out because He, as it were, actually needs us for this vision to be realized.

I am confident that G‑d will hear my prayers. He will bail me out, together with all others who are in need of assistance. He will provide each and every one of His children with a year of tranquility, happiness, prosperity and meaning.

And I eagerly await the ultimate and most historic bailout—the coming of Moshiach. May this year be the long-awaited "bailout year."


Reader Comments
Latest Comments:
Posted: Oct 3, 2008
Bailout
As a Christian (Dutch/Norwegian heritage) perhaps I should be ashamed, yet in my heart I know it is much easier being careless with anothers money than my own.
Much need of change is known in my life, to be bailed out certainly is the only way to lift this burden, but are there not those so careless they would rather see man bail them out, and continue their merry way.
G_d bless you Rabbi, should you look like Moses, in my mind and heart you look remarkably like G_d Himself.
I look forward to your day Isaiah tells of, where the chosen will be a joy unto G_d forever.
Posted By DeWayne E. Benson, Blaine, MN./USA

Posted: Oct 2, 2008
Historic Bailout
I'm glad to know that I'm not the only only one who has worshiped at the altar of stupidity. My prayer for life is to begin with the first commandment, daily.
Posted By Mark Wagner, San Antonio, Texas

Posted: Sep 28, 2008
Wow--Interesting Article
This is really a good way to look at the current situation with our financial institutions. Thanks for this, Rabbi Silberberg. And thank you for resisting the impulse to suggest that it is all about having trusted people who did not deserve to be trusted.

I like the spiritual lesson. Actually, none of us is truly deserving of spiritual credit, but hopefully G-d in his infinite mercy will bail us all out anyway. May we have a "bail-out" year so we can keep trying to live in a right way. Kein y'hi ratzon.
Posted By Melissa, Fort Kent, ME

Posted: Sep 28, 2008
Emotions prevail over the intellect
Actually, the reason why the economy plummeted was because people let the emotions prevail over the intellect. People trust people who don’t deserve the trust with credit.

Rebbe Rashab writes in “Kuntres U’mayon” that even a person doing kindness to those that don’t deserve it is somewhat like an animal — he does kindness with his emotions, not his intellect. In the economy or politics, first of all, one has to use the intellect — even when using emotions looks and feels good. Always, in all situations, “brain [must] prevail over the heart”.
Posted By AF, Boston, MA

Posted: Sep 27, 2008
Interesting thought Rabbi. I recently noticed something:
JPS vs christian of Psalm 26:
Vindicate vs. Judge
Probe vs Examine
Test/Try vs Prove

Standing bare before God as you describe has to be an unsettling experience. At that moment, I think I would rather be vindicated than judged! I do not understand the w/out blame part. Can one do any of what you described above and be w/out blame? And if not, is it safe to stand naked before God and request that He vindicate or judge you? If so, then standing before God should be no problem.

And if He were to probe vs examine, it appears to be even more unsettling because then He would not just find that one was thoughtless, preferred not to pray or put the needs of others above one's self but He most likely would find something worse as all Drs do when they probe vs. examine.

If your intention was to be a little unsettling, you succeeded!
Posted By Anonymous


 



By Naftali Silberberg   More by this authors...  |   RSS Listing of Newest Articles by this Author
Rabbi Naftali Silberberg resides in Brooklyn, NY, with his wife Chaya Mushka and their three children.

The content on this page is copyrighted by the author, publisher and/or Chabad.org, and is produced by Chabad.org. If you enjoyed this article, we encourage you to distribute it further, provided that you comply with the copyright policy.