Did Christianity cause the crash?
Monday, November 16th, 2009There’s a fascinating and disturbing new article by Hanna Rosin in The Atlantic that wonders if popular Christian teaching about money and finances contributed to the recent economic crash.
I’ve read many critiques of “prosperity theology” over the years, and tend to agree with claims that it’s a dangerous and unbiblical twist on the Gospel message. And most of the critiques I’ve read have focused on the phenomenon’s theological merits. But what are the real-world results of applying prosperity theology to your life? Are you more likely to take out a mortgage you can’t afford? Are you more likely to live beyond your means? The Atlantic piece finds some evidence that there’s more than just theology at stake:
More recently, critics have begun to argue that the prosperity gospel, echoed in churches across the country, might have played a part in the economic collapse. In 2008, in the online magazine Religion Dispatches, Jonathan Walton, a professor of religious studies at the University of California at Riverside, warned:
Narratives of how “God blessed me with my first house despite my credit” were common … Sermons declaring “It’s your season of overflow” supplanted messages of economic sobriety and disinterested sacrifice. Yet as folks were testifying about “what God can do,” little attention was paid to a predatory subprime-mortgage industry, relaxed credit standards, or the dangers of using one’s home equity as an ATM.
In 2004, Walton was researching a book about black televangelists. “I would hear consistent testimonies about how ‘once I was renting and now God let me own my own home,’ or ‘I was afraid of the loan officer, but God directed him to ignore my bad credit and blessed me with my first home,’” he says. “This trope was so common in these churches that I just became immune to it. Only later did I connect it to this disaster.”
The article also points out some truly disturbing instances in which banks and churches collaborated to pitch “financial empowerment.” The article is worth reading in full; it does not leave one feeling very positive about the prosperity gospel, but it does give adherents a chance to defend their beliefs.
After you’ve read the article, I also recommend a follow-up post at the Kruse Kronicle blog which cautions that Christians shouldn’t pin all of the blame on prosperity teaching. Mainstream churches too have failed to help Christians discern and follow Biblical teachings about money and finances.
What do you think? Does the church bear any blame for Americans’ poor financial habits and the economic crisis that continues to exact its toll on millions? What could or should the church be doing to help, now that the crisis is here?



